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:
We’re 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...