Wells Fargo Financial National Bank is also in violation of The Credit Card Accountability Responsibility and Disclosure Act, as Wells Fargo is billing me for interest on interest (double cycle billing) in addition to the alleged principle of $3,050, which is now an alleged balance of $4,600.70, that minimum payments will increase to $6,000 in 3 years.

Wells Fargo Financial National Bank has violated The Fair Credit Reporting Act by reporting a disputed, unproved debt to a credit reporting company.

Ralph M. Hawtrey , secretary of the British Treasury, States: “Banks lend by creating credit. They create the means of payment out of nothing.” Wells Fargo Financial National Bank “paid” for my $3,050 purchase with credit created out of nothing with a bookkeeping entry before I accepted any terms by activating their credit card. Wells Fargo has paid no money and cannot prove a money loss (debt).

Activating the credit card to approve of Wells Fargo‘s transfer of bank credit (not money funds) to the seller to be used as money (when it is not money) would make me complicit in passing counterfeit money. Using a manufactured credit card as money when it is not money is passing counterfeit money which results in a double payment for each purchase (one to the seller and one to the bank).

This doubling of purchasing power for each credit card purchase and mortgage loan causes ongoing inflationary devaluation of the dollar. Bankers double-purchasing-power loans resulted in middle class savings and job losses with a mortgage bubble. The panic is now being followed by a growing credit-card-debt bubble for which Wells Fargo can collect another $25 Billion of taxpayer money (with paid for congressmen) to keep financing banker exploitation of We The People.
Darrell Miller

It confuses me that “balances and APRs” on my credit card were responsible for raising the APR for check cash advances 21.99% to 24.99%: I hadn’t used the card since 2004, hadn’t been late making a payment, had a $0 balance.

It’s one thing to raise rates on risk pricing or poor credit history: it’s perplexing to see rates and more restrictive terms applied to near-stagnant cards: how does F.I.A. (the credit card division of Bank of America) think these terms and conditions will attract more frequent usage?

I pay no yearly fee on my credit card and pay off the balance every month. That’s the equivalent of getting a 30 day interest free loan while the cash I could have used instead of the card accumulates interest in a savings account.

A month’s interest is only a few cents, but if you watch your pennies your dollars will take care of themselves.