I have a business line of credit from March 2000. It was originally threw First Union. Wells Fargo recently raised the interest from prime plus 1% to prime plus 3.5. I requested a copy of the note. When I received it, I found this was a fixed interest amount. When I called to complain, they said when they acquired Wachovia, (which got First Union) they could change the terms of the note.
Normally, when you buy a business, you cannot change the rights of a third party. Wells said they can change interest on a all notes that they acquired from a bank they acquired. That is BULL.
If anyone has had this happen to them, I would like to know.
Reviewer is in unhappy mood. Please immediately contact the author of this review to discuss "change interest" of credit interest and associated monetary loss in the amount of $5000. Wells Fargo needs to issue a partial refund according to poster's claims.
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