PSA: Wells Fargo shut down

[rileywiles23]

WF closed my account due to 6 months of inactivity. I had about 70k points in the account.

They refuse to reopen the account, ( all I had was a measly $2k credit line ) and don't want to cut me a check for the value of the points, claiming that they can close an account whenever they want and I forfeit any points I had in there.

I will go after them, as this is total BS.
Just letting y'all all know, to avoid getting into this mess, keep the card active from time to time.

[yelped]

6 months? That's short. Ask them why they didn't open up accounts for you in your name.

[Alexsei]

CFPB?

[srap]

The title scared the living daylights out of me!!  I thought they went insolvent because of the leak they had or something else and my money would be frozen. 

[rileywiles23]

CFPB?

that's step one. If that won't work, them it'll have to be SCC.

[incendia]

The title scared the living daylights out of me!!  I thought they went insolvent because of the leak they had or something else and my money would be frozen. 

if you are talking about money you have on deposit worse case FDIC would cut you a check same day, but most likely they would facilitate a buyout. 

Counter point WF is probably much bigger than anything they have dealt with before.

[shapsam]

The title scared the living daylights out of me!!  I thought they went insolvent because of the leak they had or something else and my money would be frozen. 

That's what FDIC is here for.

[greathummer7]

WF closed my account due to 6 months of inactivity. I had about 70k points in the account.

They refuse to reopen the account, ( all I had was a measly $2k credit line ) and don't want to cut me a check for the value of the points, claiming that they can close an account whenever they want and I forfeit any points I had in there.

I will go after them, as this is total BS.
Just letting y'all all know, to avoid getting into this mess, keep the card active from time to time.

I think past court cases have precedent that rewards are not your property. So it would be hard to go after the points.

Usually keep netflix, laundry, or some small recurring purchase on these low benefit cards to keep it alive for the long credit history.

[rileywiles23]

I think past court cases have precedent that rewards are not your property. So it would be hard to go after the points.

Usually keep netflix, laundry, or some small recurring purchase on these low benefit cards to keep it alive for the long credit history.

Got my points back......

[yelped]

Got my points back......

Great!

[ludmila]

Got my points back......

Good for you.

[Hamavin]

Just got shut down in month number 5 (prob for exceeding credit limit a drop) have 100k pending points. Is there anything to do to be able to redeem points?