Does this sound like you? If so, look out!
A few months ago I refinanced my mortgage with Wells Fargo. I had a line of credit (with Wachovia, and they had bought Wachovia). I was told that if I wanted to keep access to the line of credit, I could not get the interest rate which would otherwise be available to me. However, if I was willing to pay a full point of interest more per month, then I could keep the line of credit. I was told that it would be at least 10-15 years before there was any chance of it being closed. I was unhappy with this, but decided that access to the line of credit was important enough, so I went for the higher interest rate of 5.25% instead of the 4.2% I qualified for otherwise.
Now it is a few months later, the ink on the contract is barely dry, and Wells Fargo has canceled my access to the line of credit because housing prices are low (they knew THAT when they did the refinance). I am STILL paying significantly more on my mortgage EVERY MONTH to have access to that (still unused) line of credit, but in spite of paying for the privilege, I do NOT have that access.
I have called to try and get this resolved, but it appears that there is no way of getting the two pieces -- the mortgage and the line of credit -- together in one room to see what is going on, so I have instead been given an unending stream of different people to call, and different voice mail messages to reach.
To me this seems extremely dishonest. I do not know how many people Wells Fargo has done this to, but it appears to me that this is the latest bank scam. They talk you into a higher interest rate on your mortgage in order to keep the line of credit, and once you are locked in to the higher rate they take away access to the line of credit.