To accomplish this, card issuers may consider things like the ratio of the customer’s debt obligations to their income. “A card issuer must not open a credit card account for a consumer under an open-end (not home-secured) consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the consumer’s ability to make the required minimum periodic payments under the terms of the account based on the consumer’s income or assets and the consumer’s current obligations,” states this ability-to-repay rule. Is This Legal?Īlthough Sean felt Capital One was being intrusive, it’s not only legal for credit card companies to ask for income information, they’re also required by law to keep records of that info current: According to federal regulations, credit card issuers have to make an “ability to repay” evaluation when considering potential customers, or when contemplating credit increases to existing customers. “Maybe it was just an error because I have a credit card with them too, but this feels really unethical,” Sean wrote, wondering if it was legal to require that information before allowing him to log in to see any of his accounts. He was frustrated that he couldn’t access his non-credit card accounts without entering something in that field. He said he suspected it had something to do with him having a Capital One credit card, and acknowledged that other financial institutions had asked for such information in the past, but that he’d never seen anything “so intrusive” because there was no option to opt out. That’s what happened to Consumerist reader Sean, who was just trying to log on to, where he has both a savings account and a credit card, only to be faced with a demand for his latest income info: ![]() ![]() But have you ever gone to your bank’s site only to be told you must update your income with the bank before going any further? Account fees (e.g., monthly service, overdraft) may apply to Wells Fargo account(s) with which you use Zelle ®.By now you’re probably used to going to your bank’s website and being upsold on everything from car loans to mortgages to retirement accounts before you can move on to see how your money is doing. Your mobile carrier's message and data rates may apply. For more information, view the Zelle ® Transfer Service Addendum to the Wells Fargo Online Access Agreement. To send or receive money with a small business, both parties must be enrolled with Zelle ® directly through their financial institution’s online or mobile banking experience. Payment requests to persons not already enrolled with Zelle ® must be sent to an email address. The Request feature within Zelle ® is only available through Wells Fargo using a smartphone. Neither Wells Fargo nor Zelle ® offers a protection program for authorized payments made with Zelle ®. ![]() For your protection, Zelle ® should only be used for sending money to friends, family, or others you trust. Transactions between enrolled users typically occur in minutes. checking or savings account required to use Zelle ®. Enrollment with Zelle ® through Wells Fargo Online ® or Wells Fargo Business Online ® is required. Wells Fargo and Fair Isaac do not provide credit repair services or advice or assistance with rebuilding or improving your credit record, credit history, or credit rating.įICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.Ģ. Wells Fargo and Fair Isaac are not credit repair organizations as defined under federal and state law, including the Credit Repair Organizations Act. Wells Fargo looks at many factors to determine your credit options therefore, a specific FICO ® Score or Wells Fargo credit rating does not guarantee a specific loan rate, approval of a loan, or an upgrade on a credit card. ![]() Please note that the score provided under this service is for educational purposes and may not be the score used by Wells Fargo to make credit decisions. Availability may be affected by your mobile carrier’s coverage area. Eligible Wells Fargo consumer accounts include deposit, loan, and credit accounts, but other consumer accounts may also be eligible. You must be the primary account holder of an eligible Wells Fargo consumer account with a FICO ® Score available, and enrolled in Wells Fargo Online ®.
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