Why I will no longer do business with Wachovia Bank

So yesterday I received a letter from Wachovia Bank. The envelope stated “It feels good to be PREFERRED…”, which warned me that this was another one of those pre-screened credit offers. When I opened it, the first thing I saw was:

$1,200.00 check from Wachovia bank - what's the catch?

$1,200.00 check from Wachovia bank - what's the catch?

Now, I wasn’t born yesterday. If banks handed out $1,200 to random people all the time, they’d soon go out of business. There must be a catch. So I looked at the accompanying letter, and saw this:

Header of the Wachovia letter

Header of the Wachovia letter

Sure enough, this wasn’t a gift, but a loan. And what were the finance terms? I turned the letter over and looked at the other side:

$600 interest on a $1,200 loan? Do they think I'm stupid?

$600 interest on a $1,200 loan? Do they think I'm stupid?

An APR of more than 50%? Almost $600 in interest… on a $1,200 loan? Do they think I’m stupid? Those are finance terms more commonly associated with loan sharks than with respectable financial institutions. I can only conclude that Wachovia Bank has decided they no longer want to be a respectable financial institution.

Furthermore, who do they think is going to fall for this? The answer, clearly, “people with more greed than sense.” And do they really believe such people are going to repay their loans? I mean, come on, this is the subprime mortgage fiasco all over again! It would seem that the Wachovia Bank lending people have not learned from history.

Finally, it’s my opinion that a bank that has so little respect for people as to offer loan-shark interest rates wouldn’t hesitate to take advantage of them in other ways as well. Therefore, I will avoid doing any business with Wachovia Bank, and would urge you to follow my example.