Wells Fargo's Credit Defense Is a Scam

J. Wellington Wimpy:
"I will gladly pay you Tuesday for a hamburger today."
Because I am a "valued customer" with the Wells Fargo Bank, so to speak, the latter issued me a free Visa card, an ATM card, and a host of other nice-to-know but not very useful services.

Recently, I used the new Wells Fargo Visa card while traveling through the southwest. When I received my monthly statement, I noticed a strange item billed as Credit Defense. After some inquiry, I learned this billed item was an insurance of sorts. If for some reason (e.g. illness or unemployment) I weren't able to pay off the credit card charges owed, Credit Defense, as claimed, would, could, or should protect my Wells Fargo credit standing for up to nine months. The Credit Defense insurance fee is determined by the amount owed, or $0.69 per $100.00. The details are sketchy as to what this Credit Defence insurance is and how the policy works.

This Wells Fargo scam is analogous to Wimpy's hamburger scheme: I am billed for a service I neither need nor want to pay in the first place. Then it is up to Wells Fargo to guarantee my Visa card credit worthiness - however, whenever, and if.

Look at it my way. The more times (even one time) I use the Wells Fargo Visa card to make purchases, I will be penalized accordingly - protected as Wells Fargo would want me to think and thank them - by the Credit Defense fees. Relative to the recently enacted profit limiting credit card law, Wells Fargo is looking for ways to make money through other ancillary services. By unscrupulously adding the unauthorized Credit Defense fees to credit card charges, the bank schemes to squeeze more revenues from its customers. As for me, there is no incentive whatsoever now of my using the Wells Fargo's Visa credit card. I will stick with my other credit cards.

It's presumptuous and patronizing of Wells Fargo to add this unwanted Credit Defense fees at MY expense. I called Credit Defense (a third party insurer or insurance administrator working for Wells Fargo) and the bank's customer service. I gave them the "what for", and voiced my utmost displeasure about this unethical practice. Wells Fargo, not admitting to any faults, agreed to cancel the Credit Defense fees.

What a farce and a ripoff is this Credit Defense. If I see Troy Aikman and Hulk Hogan together doing a Wells Fargo television commercial on Credit Defense anytime soon, I'll change my banking services. I have already stopped using my Wells Fargo's Visa card. To boot, I also shredded its ATM card for safe measure.