Last edit by: Father-of-3
Churnable to get repeated 5x rewards?
Not possible
http://www.flyertalk.com/forum/22871522-post710.html
How to pay down CL quickly?
Use WF account to pay
Likely to get shut down if...?
- Cycling several times through your CL
- Cause a negative balance
- Have a really high balance
- Calling in and getting caught by human eyes on bestiality activities.
To check what your 5X/5% window is:
In your account summary page on WF website, go into the CC, and click "show my rewards" on the left side, then click "Visit Wells Fargo Rewards"
From there go to "Earn Rewards" on the top and click "My Offers" and go into the "Promotional Offers-Usage" tab.
To check which transactions get 5X/5% before your statement posts
To check if new transactions are eligible, go to "My Rewards" on the top, click "Activity", and set the start/end dates. You should see a "bonus earning" 4% for anything that's eligible.
What to do when transaction not going through due to FA?
Human @ fraud prevention line is 877-575-0462 (to verify charges if locked out) (Update 3-3-15 - Phone number no longer in service per this post)
Automated response number: 800-446-0664
Not possible
http://www.flyertalk.com/forum/22871522-post710.html
How to pay down CL quickly?
Use WF account to pay
Likely to get shut down if...?
- Cycling several times through your CL
- Cause a negative balance
- Have a really high balance
- Calling in and getting caught by human eyes on bestiality activities.
To check what your 5X/5% window is:
In your account summary page on WF website, go into the CC, and click "show my rewards" on the left side, then click "Visit Wells Fargo Rewards"
From there go to "Earn Rewards" on the top and click "My Offers" and go into the "Promotional Offers-Usage" tab.
To check which transactions get 5X/5% before your statement posts
To check if new transactions are eligible, go to "My Rewards" on the top, click "Activity", and set the start/end dates. You should see a "bonus earning" 4% for anything that's eligible.
What to do when transaction not going through due to FA?
Human @ fraud prevention line is 877-575-0462 (to verify charges if locked out) (Update 3-3-15 - Phone number no longer in service per this post)
Automated response number: 800-446-0664
Wells Fargo Platinum 5X Grocery-Gas-Drugstores(2014-2015)
#346
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
IRS and the Justice dept (DOJ) are not related. DOJ has nothing to do with 'audit and collecting the taxes', it enforces the laws (tax related or not, banking regulation, money laundering?....)
#347
Join Date: Jan 2015
Location: LAX
Programs: AA, DL, Hyatt, Hilton
Posts: 127
I use the IRS as an example to show that government may have an incentive to investigate even where there are no high stakes as a means of making an example out of somebody.
#348
Join Date: May 2013
Posts: 1,152
Amex and Discover own their transaction networks and act as both the card issuer and the merchant bank. That's why they can see your transaction detail.
Visa and Mastercard do not own their transaction networks. They have contracts with their merchant banks. When you dispute a charge a request is placed through the MasterCom system to request a copy of your charge detail. MasterCom's rules require a reason code within contract stipulations be provided to turn over this information which is stored at the merchant bank level. A code exists for Fraud but MS does not meet that criteria and exposes the issuers to sanction and legal recourse if they request charge detail outside the contract parameters.
There is a lot of chatter about Level 2 and 3 data from the merchants but I've never heard of this used for charge detail outside of certain merchant codes like hotels and airlines which may pass your itinerary to the issuer.
Visa and Mastercard do not own their transaction networks. They have contracts with their merchant banks. When you dispute a charge a request is placed through the MasterCom system to request a copy of your charge detail. MasterCom's rules require a reason code within contract stipulations be provided to turn over this information which is stored at the merchant bank level. A code exists for Fraud but MS does not meet that criteria and exposes the issuers to sanction and legal recourse if they request charge detail outside the contract parameters.
There is a lot of chatter about Level 2 and 3 data from the merchants but I've never heard of this used for charge detail outside of certain merchant codes like hotels and airlines which may pass your itinerary to the issuer.
What you described is when chargeback stuffs get initiated. And, yes to that; but people reported that banks had told them the cardholders what they have bought, not limited to just AMEX/Discover, when the banks saw something they don't like.
#349
Join Date: May 2013
Posts: 1,152
Maybe just maybe, when the IRS sees some are generating $20k/month from CC cashback, they may change their mind about not taxing.
#351
Join Date: Feb 2012
Posts: 396
I'm in a strange spot. I wrapped my initial 5% card's 6 months last year, and applied earlier this month for 5x and was approved for a slightly higher credit limit than originally. I went for a Propel card to combine pulls and was approved again. The next day my checking account is closed. Called up and was told status shows I requested a closeout payment (I did not) and that the credit cards are still fine and I'm free to apply for a new checking account.
Couple weeks later the cards are still fine, earning rewards but mail arrived that says my new checking account was not opened due to "Adverse Action." Am I doomed?
Couple weeks later the cards are still fine, earning rewards but mail arrived that says my new checking account was not opened due to "Adverse Action." Am I doomed?
#352
Join Date: Mar 2015
Programs: "You are now known as the Lebron James of DYKWIA/Delta/FT" -Thoiboi
Posts: 59
My checking and then Visa were closed by Wells Fargo due to an internal "business decision". Particularly displeased with Wells Fargo's actions relative to closure of my Visa Signature account due to the fact that Wells is attempting to forfeit a large $ amount of my pending rewards.
My argument to Wells via their Board & CFPB mediation against forfeiture of my pending cash back rewards balance is as follows:
Wells Fargo informed me that they made a "business decision" to close several of my accounts. I have serious concerns related to the credit card account and associated cash back rewards account which were closed, with that said:
I have concerns in that the $XXXX.XX in earned cash back rewards (see attached .xls) which were part of the promotional offer extended to me in exchange for account opening will not be honored. The referenced $XXXX.XX in pending cash back rewards were earned by me and due to vest on May 15th 2015 in conjunction with the advertised promotional offer. The subject 5% cash back promotional offer extended to me had several conditions which were required for the account holder to qualify for the promotional payment. I fulfilled all of the required obligations to meet the requirements outlined by Wells Fargo under the terms and conditions to qualify for and earn under the 5% promotional offer, curiously however Wells Fargo asserted in their initial CFPB response dated May 13th that
"as of the date of this letter, this account does not have any cash rewards that are eligible for redemption and we respectfully decline to fulfill your request to credit $XXXX.XX to your account"
After carefully considering my objections below I respectfully request that Wells Fargo review their prior response dated May 13th 2015 for accuracy and legal standing to address the issue of my pending cash back rewards balance of $XXXX.XX which was set to vest on May 15th 2015. These cash back rewards funds were earned and are rightfully owed to me. Account limitation and closure appears to be an action taken as direct retaliation for my insistence that Wells Fargo honor their promotional agreement. Denial of full payment on the cash back rewards balance related to the promotional offer is ill advised, unethical, fraudulent & entirely unacceptable behavior which will not be tolerated.
Wells Fargo's actions with respect to the aforementioned account closure & denial of payment on the cash back rewards balance constitute fraud in the inducement, bait and switch and failure of specific performance related to the terms and conditions of the promotional offer which all parties expressly agreed to be bound by and was the basis for the bargain at the time of account opening.
Wells Fargo is within it's rights to close my account, however to allow me to complete all of my responsibilities with respect to the promotional offer and then arbitrarily seek to avoid payment on a previously earned cash back rewards balance is a procedural and substantive unconscionability on Wells Fargo's part. Unconscionability is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience. Furthermore, under common law an offer cannot be revoked after it has been accepted. Moreover, in this instance performance remains and consideration is due so Wells Fargo has a duty and obligation to pay the full amount of my earned cash back rewards balance related to the promotional offer. Wells Fargo's failure to pay the full amount of my cash back rewards balance related to the promotional offer for which I had fully qualified and Wells Fargo's refusal to state a valid reason for account closure constitutes bad faith as it would appear that the account was closed solely with the intention of depriving the account holder of the promotional payment.
It is undisputed that a valid contract with acceptance and performance exists which lacks consideration and justice so requires Wells Fargo honor it's obligation under the contract to provide payment in full ($XXXX.XX) on the disputed cash back rewards balance related to the promotional offer for all of the reasons outlined above.
Wells responded with the following:
Subject: Rewards Points inquiry for your Wells Fargo account number ending in XXXX
Consumer Financial Protection Bureau (CFPB) case #:xxxxxxxxxxxxxxx
Dear XXXX:
Were writing to respond to your recent email to Wells Fargo and also to correspondence sent to
the CFPB about your VISA account above.
Rewards points
The terms of the Rewards Program in which this account was enrolled indicate that any accumulated points are immediately forfeited in the event of an account closure for any reason.
As a result, we are unable to reinstate your points as requested. We regret any inconvenience this may cause.
by mostly avoiding all the legal arguments I presented...
My argument to Wells via their Board & CFPB mediation against forfeiture of my pending cash back rewards balance is as follows:
Wells Fargo informed me that they made a "business decision" to close several of my accounts. I have serious concerns related to the credit card account and associated cash back rewards account which were closed, with that said:
I have concerns in that the $XXXX.XX in earned cash back rewards (see attached .xls) which were part of the promotional offer extended to me in exchange for account opening will not be honored. The referenced $XXXX.XX in pending cash back rewards were earned by me and due to vest on May 15th 2015 in conjunction with the advertised promotional offer. The subject 5% cash back promotional offer extended to me had several conditions which were required for the account holder to qualify for the promotional payment. I fulfilled all of the required obligations to meet the requirements outlined by Wells Fargo under the terms and conditions to qualify for and earn under the 5% promotional offer, curiously however Wells Fargo asserted in their initial CFPB response dated May 13th that
"as of the date of this letter, this account does not have any cash rewards that are eligible for redemption and we respectfully decline to fulfill your request to credit $XXXX.XX to your account"
After carefully considering my objections below I respectfully request that Wells Fargo review their prior response dated May 13th 2015 for accuracy and legal standing to address the issue of my pending cash back rewards balance of $XXXX.XX which was set to vest on May 15th 2015. These cash back rewards funds were earned and are rightfully owed to me. Account limitation and closure appears to be an action taken as direct retaliation for my insistence that Wells Fargo honor their promotional agreement. Denial of full payment on the cash back rewards balance related to the promotional offer is ill advised, unethical, fraudulent & entirely unacceptable behavior which will not be tolerated.
Wells Fargo's actions with respect to the aforementioned account closure & denial of payment on the cash back rewards balance constitute fraud in the inducement, bait and switch and failure of specific performance related to the terms and conditions of the promotional offer which all parties expressly agreed to be bound by and was the basis for the bargain at the time of account opening.
Wells Fargo is within it's rights to close my account, however to allow me to complete all of my responsibilities with respect to the promotional offer and then arbitrarily seek to avoid payment on a previously earned cash back rewards balance is a procedural and substantive unconscionability on Wells Fargo's part. Unconscionability is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience. Furthermore, under common law an offer cannot be revoked after it has been accepted. Moreover, in this instance performance remains and consideration is due so Wells Fargo has a duty and obligation to pay the full amount of my earned cash back rewards balance related to the promotional offer. Wells Fargo's failure to pay the full amount of my cash back rewards balance related to the promotional offer for which I had fully qualified and Wells Fargo's refusal to state a valid reason for account closure constitutes bad faith as it would appear that the account was closed solely with the intention of depriving the account holder of the promotional payment.
It is undisputed that a valid contract with acceptance and performance exists which lacks consideration and justice so requires Wells Fargo honor it's obligation under the contract to provide payment in full ($XXXX.XX) on the disputed cash back rewards balance related to the promotional offer for all of the reasons outlined above.
Wells responded with the following:
Subject: Rewards Points inquiry for your Wells Fargo account number ending in XXXX
Consumer Financial Protection Bureau (CFPB) case #:xxxxxxxxxxxxxxx
Dear XXXX:
Were writing to respond to your recent email to Wells Fargo and also to correspondence sent to
the CFPB about your VISA account above.
Rewards points
The terms of the Rewards Program in which this account was enrolled indicate that any accumulated points are immediately forfeited in the event of an account closure for any reason.
As a result, we are unable to reinstate your points as requested. We regret any inconvenience this may cause.
by mostly avoiding all the legal arguments I presented...
#353
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
The terms of the Rewards Program in which this account was enrolled indicate that any accumulated points are immediately forfeited in the event of an account closure for any reason.
As a result, we are unable to reinstate your points as requested. We regret any inconvenience this may cause.[/I]
by mostly avoiding all the legal arguments I presented...
As a result, we are unable to reinstate your points as requested. We regret any inconvenience this may cause.[/I]
by mostly avoiding all the legal arguments I presented...
In other words they are saying if u had a million $s, and one day wake up and close your account, the $s in the account instead of sending u the check for the balance simply forfeit? Banksters, banksters?
What was your monthly volume? how many months?
how many reward $s are we talking about?
File a claim under 'breach of contract'
#354
Join Date: Dec 2011
Posts: 253
My checking and then Visa were closed by Wells Fargo due to an internal "business decision". Particularly displeased with Wells Fargo's actions relative to closure of my Visa Signature account due to the fact that Wells is attempting to forfeit a large $ amount of my pending rewards.
#355
Join Date: Aug 2014
Location: Dallas
Programs: AA, Southwest
Posts: 175
I know really. I cycled this card like crazy during my 6 months of 5% and WF always paid. I never did deposit MO into a WF checking though. Maybe that was the trigger.
#358
Join Date: Dec 2011
Posts: 253
For four months, I have deposited a couple of MOs a week via the WF ATM and have never had an issue-- they post and the money is available the next day. Funny thing is there was one time the ATM was broken so I walked in the MO for a deposit via the teller. When I did this, there was heightened suspicion with multiple bank personnel called over, and I was told they would take the deposit but it would be held for five days before most of the money would be made available.
#359
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
I read many posts, try to hide things that are totally legal (paranoia?), overdoing draws attention makes more suspicious....
I always keep CC balance (0%) they can block the activity but have to wait until I pay off the balance to '0' to close the account(last year AmEx obc?)
#360
Join Date: May 2015
Posts: 441
If you are pooping at other banks/cu's, ecoli spreads 'everywhere'....nowhere to eat?
I read many posts, try to hide things that are totally legal (paranoia?), overdoing draws attention makes more suspicious....
I always keep CC balance (0%) they can block the activity but have to wait until I pay off the balance to '0' to close the account(last year AmEx obc?)
I read many posts, try to hide things that are totally legal (paranoia?), overdoing draws attention makes more suspicious....
I always keep CC balance (0%) they can block the activity but have to wait until I pay off the balance to '0' to close the account(last year AmEx obc?)
Accounts can most definitely be closed with balances on them and if you keep a balance for more than a month then you are paying interest, which is a major taboo.