Date Received: 2023-12-07
Issue: Trouble during payment process
Subissue: Paying off the loan
Consumer Complaint: To Whom it May Concern, XX/XX/XXXX of XXXX, our Business was forced to pause operations due to the XXXX XXXX plandemic. We had Zero income because of the shut down. Which at that point noone knew how long it would be. I contacted our Mortage Company " Wells Fargo '' to see if there were any options to pause or suspend payments until the world reopened. They were delightful and understanding and provided information about the " Cares Act '' which provided solutions for families such as ours during this immediate financial crisis. They explained to me that I could skip 3 paymets and enter into a " forbearance period '' and these payments could simply be added to the end of the loan. For example if we had 50 payments remaining it would then be 53. Once we restablished we could simply keep paying until the mortage is satisfied. Additionally they relayed that they were allowing a 3 month forbearance but would revisit our financial situation in 90 days and if we were still shuttered we could request additional forbearance consideration. Again I inquired about the missed paymnets and the relayed again that they would be added to the end of the loan and we could just keep paying. Original Letter enclosed. XX/XX/XXXX Forbearance was extended again for an additional 3 months. XXXX enclosed. Again I asked about the missed payments and was told that the payments would be added to the end of the loan. XX/XX/XXXX Forbearance was extended another 3 months- Letter enclosed. I inquired about the missed payments as the letter explained a different option with the end of the mortage than what was originally agreed upon. Again I was told that the amounts would simply be added to the end of teh loan and we would continue making payments until the loan was satisfied. XX/XX/XXXX We requested additional forbearance as we were still ordered to shut down. Wells granted this again with any challenges. XX/XX/XXXX I requested additional forbearance and Wells Granted another 3 months. XX/XX/XXXX We were granted an additional 3 month forbearance. XX/XX/XXXX XXXX from Wells Fargo Explaining that they can no longer extend the forbearance and that XXXX is the final month that I was elidgible and that we needed to start making our regular payments again. The program was ending and we exhausted all of our 18 month forbearance period. XX/XX/XXXX We resumed making our regular Mortage Payments bi-weekly, on time and with a {$1000.00} Additional Monthly payment towards our balance. To my knowledge all of our payments were done elctronically, so there should be a record of each and every one. The Wells Fargo online portal does not provide a solution for paying of the " forbearance period payments '' There are 2 options on the website- one for the payment and one for additional principal payment. Nothing in the payment portal on Wells Fargo seperates, identifies or allows a specific payment to these amounts due. However, it does show the 2 amounts seperatly under the same account. Since I was instructed on each occurance from the inital agreement that everything would be on the back end and there was no option to pay the other sums I went on and resumed making payments and an additional {$1000.00} per month towards my balance as we recovered from financial devastation. XX/XX/XXXX I recieved a letter in the mail for a payoff quote. I did not request the payoff quote so I did not read it carefully as I assumed it was just another end of year statement of some sorts about the loan. XX/XX/XXXX Recieved the actual letter on XX/XX/XXXX. The letter indicated that my automatic payments have stopped since my mortage amount was less than the automatic payment amount. I called as soon as I recieved the letter that evening because I knew that our auto pay was $ XXXX every 2 weeks and that my balance was nearly XXXX. So there had to be a mistake. The loan servicing Department informed me that I had 2 loans under this account and that since the primary loan was nearing maturation ( {$790.00} ) the 2nd loan of {$53000.00} was due to be paid by XX/XX/XXXX. I repeated that that was not the agreement and that I was told since day 1 that the amounts could be added to the back end of the loan and we simply keep paying the payments until both are satisfied. The Rep indicated that was not the case and if I was unable to make my payment they could offer some alternative solutions to possibly to save my home! I relayed that at no point was the original agreement to be a " Lump Sum '', " One Time '' or " Ballon Payment '' and when I inquired about this I always recieved the same answer. We will add it to the end. I did make additional payments towards the " overall balance/s '' since we returned to regular payments in XX/XX/XXXX. These additional payments were applied to the original mortage account and based on what I was told since day 1, I had no reason to question why the reduction of the 1st opposed to the second account. Seems intresting that Wells has no mechanism to process payments towards the forbearance period in the online portal. Screenshot enclosed. Wells has not offered a solution other than a re-finance possibility, foreclosure or other solutions normally earmarked for folks that cant pay thier normal monthly mortage payment. None of these solutions are beneficial to my family and would certainly cost additional money, time and or negativley effect my credit standing. I have spent the better part of the last 2 days on the phone with various reps who have not been able to solve this with any satisfaction. We have made all of our payments on time since XXXX other than the shut down. We have consistently paid additional amounts towards our principal/s. To expect a homeowner to be able to absord a XXXX one time payment is unreasonable. Especially when that was not the original agreement. To take the additional monthy payments that were paid and apply them in a manner that accelerates this doomsday clock for the unsuspecting homeowner is egregious. Every letter mentioned that we would be contacted with solutions once the forbearance period was over. We were never contacted and based on our understanding there was no reason to contact us. This has certainly blindsided me and my family. We are now faced with a significant crisis as Wells is expecting to have us resolve the {$53000.00} balance the day after XXXX! All we are asking for it to continue to make our reguarly scheduled payments until the conclusion of the mortage. No more and no less. While I appriciate Wells working with us during the COVID XXXX financial crisis, I can see that this forbearance has placed them in a position to inflict a serious hardship to me and my family. They I am certain wish to divest themselves of a loan that is at a low intrest rate and that they have already made all that they are going to make off of. I do not believe that they are operating in good faith with how this agreement was communicated and executed. I have made additional XXXX towards the balances/s since we re-established our payments as agreed. I have enclosed all documentation to support my opinion. Thank you for hearing my complaint and I am available to discuss anything anytime. I look forward to your response. Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 211XX
Submitted Via: Web
Date Sent: 2023-12-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-07
Issue: Closing on a mortgage
Subissue: Changes in loan terms during or after closing
Consumer Complaint: AS I HAVE REQUESTED several times that you provide me with proof that my loan was delinquent. i also asked for you to provide a payment schedule from the XXXX from XXXX that was paid on my account. where did those monies go. also i asked for monthly payout after you received funds and all payments from XXXX XXXX XX/XX/XXXX. Again i was not in default of any payments because the XXXX brought me current. prior to the first loan modification that was signed in XXXX from WF, why would i have needed another one in XXXX. Again i regain employment XX/XX/XXXX and made every payment on time prior to the partial claim XXXX i never needed a mod. WF submitted this paperwork in an attempt to scam like they have in the past. WF has a very lengthy name of scamming homeowners out of their home by not approving their loan mod. they denied my mod i know 10 times or more before they approved it back in XXXX, when the NCHFA send them monies. Here 's my questions again 1. what happen to all the monies i received form the XXXX ( i am requesting your copy of payout ) 2. If i wasn't current what happened to all my payments from XXXX before the partial claim, where you said i was only making interest payments. all lies and 3. show myself and the CFPB proof that i was delinquent when i was making payments. 4. i would like all payment hx from XXXX showing where monies was giving on my behalf to settle my acct and bring me current. please provide proof and not just answering questions WE WANT PROOF OF YOUR CLAIM where was this money applied
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 29209
Submitted Via: Web
Date Sent: 2023-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-07
Issue: Problem caused by your funds being low
Subissue: Non-sufficient funds and associated fees
Consumer Complaint: Wells Fargo Had taken back a provisional creit after a police report was shown.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MS
Zip: 396XX
Submitted Via: Web
Date Sent: 2023-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-07
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue: Application denials
Consumer Complaint: Wells Fargo denied my HAMP modification. I have already filed this complaint twice each time I have received a response back from Wells Fargo does not make sense, is incorrect and inconsistent. The last response I received basically said that they denied me because I was in bankruptcy. According to the guidelines for Hamp, being in bankruptcy does not disqualify you from being approved for the modification. Wells Fargo is doing the exact same thing they did to me in the past. They did everything they possibly can to deny me of a modification. And today they are doing everything they can to keep from paying me from the class action lawsuit..
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 27519
Submitted Via: Web
Date Sent: 2023-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I had a deposited check returned. I made another deposit to cover funds so I do not acquire additional fees. When I made the deposit, I received an email message that XXXX would be available the next day and the following XXXX on the XXXX. This morning I checked my messages in my bank account that said all funds would not be available until to the XXXX. I called and was given a supervisor who told me there was nothing they could do. I was angry. Additionally, I was never sent a message letting me know the first check was returned which they resubmitted and has cleared the issuing bank. Wells Fargo has yet to credit my account regardless of the cleared check. I will continue to incur charges because of this. Wells Fargo has played games with my mortgage, opened a fraudulent checking account in my name, sent me a letter asking if I received a check they never sent, and now this. At this point, their treatment screams abuse and shows their lack of concern or care for their customers.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MN
Zip: 55449
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: This complaint is about the lack of customer service at WELLS FARGO BANK. Wells Fargo Has XXXX working to serve the customers but they do not have customer service to provide resolution for the customers issues. I DO NOT WANT THOSE XXXX and XXXX XXXX TO ANSWER MY COMPLAINT, I WANT A REAL WELLS FARGO MANAGER All I get from those XXXX are XXXX The XXXX are the only resolution can be provided by the XXXX XXXX XXXX IS THE LAST EMPLOYEE WHO IS WORKING FROM THE COMFORT OF THEIR HOME WITHOUT ANY SUPERVISION AND NOT UNDER ANY MANAGEMENT AND LABELED XXXX RESPONDED TO MY COMPLAINT BY THIS STATEMENT ( .We have determined we previously addressed your concerns ) they never address my case properly and never provided a solution AND THIS XXXX XXXX responded by a COPY AND PASTE of another XXXX XXXX wHO IS XXXX XXXX WHO NEVER EVEN READ MY COMPLAINT, THEIR ANSWER WAS A COPY AND PASTE STANDARD ANSWER. WAS THE RESPONSE OF XXXX XXXX, A SOLUTION FOR MY ISSUE?. I REQUESTED A REAL WELLS FARGO MANAGER TO DEAL WITH MY ISSUE BUT THIS XXXX XXXX STATED IN THE RESPONSE : ( We respectfully decline your request to email you to set up an appointment to talk to you by phone. We do not arrange appointments by email. ) FROM XXXX XXXX STATEMENT I UNDERSTAND XXXX WELLS FARGO MANAGERS DO NOT USE EMAILS.WELLS FARGO IS THE ONLY BANK THAT DO NOT USE ELECTRONIC COMMUNICATIONS AND EMAILS. XXXX XXXX stated that the XXXX mailed the letter to my mailing address on file. That was a XXXX because the letter was mailed to my residence and the attached address on the attached letter proved the XXXX of the XXXX. XXXX DO NOT SOLVE THE PROBLEMS. TELL ME HOW YOUR XXXX ARE GOING TO SOLVE MY ISSUE YOU CLOSED THE CASES AS XXXX WHEN ALL YOU PROVIDE ARE COPY AND PASTE AND XXXX AND THE ISSUE IS NOT SOLVED. I WANT THIS COMPLAINT TO BE FORWARDED TO A REAL WELLS FARGO MANAGER AND NOT TO THE XXXX LABELED XXXX. When I filed 121 complaints about the same issue and none of the XXXX provided a solution they provide XXXX after XXXX only, The XXXX complaint management should be called XXXX XXXX management. The people who answer the complaints for Wells Fargo are labeled XXXX, Those are inexperienced people who are NOT WELLS FARGO EMPLOYEES, they are working for the XXXXXXXX XXXX from the comfort of their homes without any supervision not under Wells Fargo 's Management. I tried to speak to a manager or supervisor, but I was told that Wells Fargo employees who answer the complaint are working from their homes and there have no way to connect me to a manager or supervisor because they are independent contractors, they do not work under the supervision of Wells Fargo bank they are working for the XXXX XXXX XXXX XXXX answers the complaints by just copying and pasting the answers from their computer screen and denied me the right to speak to a REAL wells fargo manager Falsely making an excuse that recently a manager tried to contact me ( what a XXXX ). They XXXX because no one is monitoring their jobs and the other XXXX labeled XXXX XXXX XXXX stated on XX/XX/2023 We respectfully decline your request to email ME to set appointment to speak to a manager because they do not want anything in writing because it will be easy to prove the XXXX they provide to the customers.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: I am filing this complaint regarding a branch manager for the 24th times last 7 months and till now I did not receive the answers to my questions in my complaint. for that I have to keep refiling my complaint till I receive the answers. This complaint is number 24, I am re-filing my complaint because Wells Fargo is still refusing to answer to the questions in my complaint and refusing to investigate. Because AGAIN the previous contractor XXXX XXXXXXXX who is working from the comfort of their home without any supervision and are labeled XXXX REFUSED to address my complaint and REFUSED to answer the questions in my complaint and IF they REQUESTED an investigation about this issue., they should have answers to my questions. ALL THIS XXXX DID ANSWERED ARE VAGUED that is why I am refiling complaint for the XXXX time. This complaint is # 16 ABOUT THE SAME ISSUE, against the same branch manager and AGAIN Wells Fargo failed to respond PROPERLY, HONESTLY AND CLEARLY TO MY COMPLAINT AGAINST the BRANCH MANAGER WELLS FARGO 's XXXX lack of responsibility and lack of knowledge on how to deal with such issue is demonstrated by the response provided Wells Fargo here. The Wells Fargo employees who are answering the complaint are working from the comfort of their home without any control from a Wells Fargo management and without any supervision and the response of Wells Fargo here is null and demonstrates the un-professionalism of the Wells Fargo XXXX employees and their disrespect to the customers and to the CONSUMER FINANCE PROTECTION DEPARTMENT. For that I re-filed a new complaint here hoping that Wells Fargo will open their eyes and ear to my complaint and do the necessary investigation and answer the questions in this complaint properly. and not telling me the answers to your question is a secret we can not share it with you and so is the invisible investigation. AND MY RESPONDING THAT THE BRANCH MANAGER CAN NOT ORDER AN ATM CARD AND CAN NOT INFORM THE CUSTOMERS THAT THEY CAN ORDER THE ATM CARD BY PHONE AND ONLINE!! Did the XXXX XXXX XXXX who answered the previous complaint # 11 about this issue really thought the customers would believe her previous answer to this complaint!! here is my complaint # 24 ON XXXX XXXX XXXX XXXX XXXX XXXX was the first time I entered a Wells Fargo branch since XXXX. At my visit to branch XXXX XXXX XXXX XXXX XXXX, I was the only customer at the branch. I found out that my ATM card was expired, I requested from the teller employee at the window to order my replacement ATM card, the employee requested help from the BRANCH MANAGER, who, after looking at my account, told me that he can not order the ATM card from his computer and that in order for me to order a new card, I MUST MAKE AN APPOINTMENT AND SIT WITH A BANKER. He then proceeded to tell me that no appointments are available soon, but he can put me on a waiting list and get me to meet a banker faster than making an appointment. which I found it ODD because I have been with Wells Fargo for more than 35 years and I have renewed my ATM cards before at the teller window. Usually, they want you to sit with a banker to try to convince you to open more accounts that you do not need and to make investments that profit the bankers. I want from Wells Fargo answers to my questions, to verify if Wells Fargo is turning to a circus or is it still a financial institution 1- WHY THE MANAGER AT THE BRANCH TOLD ME THAT I NEED AN APPOINTMENT TO SIT WITH A BANKER JUST TO RENEW MY ATM CARD? It must be a hidden reason behind it that benefits the banker. 2- DOES THIS MANAGER THINK I AM STUPID TO TELL ME THAT HE CAN NOT RENEW MY ATM CARD ON HIS COMPUTER? 3- HOW COME WHEN I WENT OUTSIDE OF THE BRANCH AND CALLED CUSTOMER SERVICE , THE CUSTOMER SERVICE RENEWED MY CARD IN 30 SECOND PHONE CALL? 4- WHY DOES THE MANAGER OF THE BRANCH DOES NOT HAVE EXPERIENCE AND DOES NOT KNOW HOW TO RENEW AN ATM CARD? 5- WHY DID THIS BRANCH MANAGER NOT TELL ME THAT I CAN ORDER THE REPLACEMENT ATM CARD ONLINE AND OVER THE PHONE? 6- IS WELLS FARGO HIRING MANAGERS FOR THE BRANCHES WITH NO EXPERIENCE SIMILAR TO THE ONES WHO ANSWER MY COMPLAINT AND THE ONE WHO TOLD ME HE CAN NOT RENEW MY ATM CARD ON HIS COMPUTER? 7- WHY IS WELLS FARGO IS REFUSING TO INVESTIGATE THIS POSSIBLE MISCONDUCT? I am not getting answers to my questions even after re-submitting my complaint more than 16 times in the last 7 months because Wells Fargo contracted the customer service duty to a company called XXXX XXXX XXXX XXXX XXXX XXXX XXXX. This company labeled the employees XXXX The XXXX employes are without any banking experience to resolve the customer 's issues, Those employees are labeled XXXX.are Working from the comfort of their homes without any supervision and NOT under the Wells Fargo management they are independent contractors. their responses are just a copy and paste of generic replies that they send to everyone or a vague response as the response I received from the XXXX working from the comfort of their home Refused to address my complaint properly and they switch the case from a case against the MANAGER to a case against the window teller employee or about opening a new account or about checking and saving or about lack of appointments which I am not complaining about. Those Employees of the contractors XXXX, refused to forward my complaint to a REAL Wells Fargo manager, and refused to answer and investigate my complaint. I was told in writing by the Wells Fargo 's contractors XXXX that Wells Fargo has no email or website for online complaints and has no managers or supervisors and that was confirmed by the last response of the XXXX XXXX as they think they are the highest level in Wells Fargo or they are the XXXX ay Wells Fargo and no magers above them. So the Customers like me find no REAL Wells Fargo site to complain but here. Notice : because in my experience, Wells Fargo Employees do not tell the truth. You can reviews the security cameras at the branch to verify that the branch was empty of customers except myself and 4 tellers at the windows had nothing to do and the manager was telling jokes to the employees. XXXX XXXX XXXX XXXX XXXX XXXX What do you expect from this bank who does not even have an email address for their customer service in this XXXX XXXX! I WANT THIS COMPLAINT TO BE FORWARDED TO A REAL WELLS FARGO MANAGER AND NOT TO THE CLOWNS LABELED XXXX. NOTICE : NO PHONE CALLS ARE ACCEPTED ALL RESPONSES MUST BE IN WRITING EMAILS OR MAIL BECAUSE IN MY EXPERIENCE, THE WELLS FARGO EMPLOYEES DO NOT TELL THE TRUTH. I AM REQUESTING FOR THE 16 TIMES THAT THIS COMPLAINT TO BE FORWARDED TOP A REAL WELLS FARGO MANAGER AND NOT THOSE LABELED XXXX WHO FROM MY EXPERIENCE DO NOT TELL THE TRUTH. A MANAGER CAN CONTACT ME BY EMAIL TO SET AN APPOINTMENT FOR A PHONE CONVERSATION. IF YOU ARE PROFESSIONALS, YOU CAN NOT CALL THE CUSTOMERS ON YOUR OWN CONVENIENCE AND DISREGARD THE CONVENIENCE OF THE CUSTOMERS. DO NOT TELL ME WELLS FARGO HAS NO MANAGERS AND NO EMAILS! I AM REQUESTING FOR THE 16 TIMES THAT THIS COMPLAINT TO BE FORWARDED TO A REAL WELLS FARGO MANAGER AND NOT THOSE LABELED XXXX, WHO FROM MY EXPERIENCE DO NOT TELL THE TRUTH. A MANAGER CAN CONTACT ME BY EMAIL TO SET AN APPOINTMENT FOR A PHONE CONVERSATION. IF YOU ARE PROFESSIONALS, YOU CAN NOT CALL THE CUSTOMERS ON YOUR OWN CONVENIENCE AND DISREGARD THE CONVINIENCE OF THE CUSTOMERS.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: I filled out a credit consumer application with Wells Fargo from the offer of the company website and extended my credit to them and was denied my own credit of {$1000.00}. According to law this is discrimination, securities fraud, violation of the equal credit opportunity act and the consumer credit protection act. I have asked the company to retract my application and they have refused to do so. They have obligation to credit the account for the amount of value that they are receiving upon the tender of the application stated in XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 91367
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-06
Issue: Problem caused by your funds being low
Subissue: Non-sufficient funds and associated fees
Consumer Complaint: Monthly social security deposit made available anywhere from the XXXX through the XXXX of every month. It shows up in my online account and Im given access to it. Never do I usually see my ending daily balance in the negative until I scroll through. So Im given access to my money on the XXXX but Wells Fargo isnt posting it until the third so anything I spend between the XXXX and the third is technically looking like Im over drawing. This month my deposit of XXXX was made available on the XXXX. My ending daily balance on the XXXX th was XXXX i paid bills spent money and on the XXXX I was negative XXXX was my ending daily balance. So on XX/XX/XXXX they posted my deposit of XXXX but with deposits that still dont equal to my ending daily balance on XXXX of XXXX. I rented a car and saw the transaction post the same day when I turned the car in I waited for my deposit hold to be returned and when it wasnt I checked my online account to find the transaction and could no longer find it post. I called and spoke to a representative. I was told that the rental car company hadnt charged me a hold and never took it outta my account. That they would debit my account after I turned the car in which is untrue. I tried to rent the car for a week and with the deposit hold and the actual amount being put on hold was more then what reflected in my account so my card was declined due to insufficient funds. I have the text that it sent me. I shorted my time and ran my card again. XXXX was taken to put on hold. When I turned the car in my final charge was XXXX. XXXX told me my remainder was released on the XXXX of XXXX. Wells Fargo finally posted the withdrawal on the XXXX. I have gone back through my bank statements and have noticed a lot of things that dont add up. I have on income and thats XXXX every month some of my statements reflect total monthly deposits of XXXX and total withdrawals will be just a few dollars short of this deposit transactions through the month. Im now negative XXXX and am being charged XXXX dollars for each transaction they say was overdrawn. When I get my check again all of it will be gone. Ive called Wells Fargo and made a fraud claim when I was transferred to an investigator I was hung up on.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: 28405
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-28
Issue: Struggling to pay your loan
Subissue:
Consumer Complaint: From : XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, NC XXXX, XXXX, XXXX Consumer Financial Protection Bureau Office for Complaints P. O. Box 27170 Washington , DC 20038 XX/XX/XXXX RE : Consumer Complaint : Predatory Personal Loan - Wells Fargo ( WF ) Account Number XXXX - Paid in Full XX/XX/XXXX Incurred XX/XX/XXXX, Credit Card Consolidation : Wells Fargo & Sams Club Dear CFPB Director OR Designated Professional : Respectfully, I ask Consumer Financial Protection Bureau for review of the financial information and conditions established for the above-described Personal Loan from Wells Fargo XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NC XXXX XXXX XX/XX/XXXX. [ Application ID XXXX at APR 13.494 % - initially it was 13.492 % ] This loan is paid in full, effective XX/XX/XXXX, without any late payments. I believe that I have been a victim of a Predatory Personal Loan from Wells Fargo. This Personal Loan consolidated my Wells Fargo credit card debt and Sams Club credit card debt, allegedly to lessen the amount of credit card interest debt that I would otherwise pay out over time. The purpose of my visit to Wells Fargo was to inquire about options that may be available to me for increasing my credit score and lowering my buildup of credit card interest amounts. I had recently learned that my credit score of XXXX in XX/XX/XXXX had decreased to XXXX in XXXX XXXX. Always, in my lifetime, my credit score has been above XXXX, and I wanted to keep it that way. On XX/XX/XXXX, I met with XXXX XXXX, Wells Fargo Personal Banker II, Small Business Advocate, with whom I explained my goal to find a way to increase my credit score and to find a way to help lower my credit card interest balance in paying off my Wells Fargo credit card. As a Banking professional, I thought her to have received specialized education and training. I trusted her to be a knowledgeable, trustworthy, skilled, efficient, honest, and sincere Personal Banker who could thoroughly inform and educate me about the matters for which I sought her help. I believed she was acting in my best interests. Wells Fargos adsorption of XXXX in XXXX signified that Wells Fargo had a recorded history of ALL my finances since XXXX - income ; taxes ; mortgage ; and meager savings, as well as my food, water, heating, and medical care payments. I informed the Personal Banker that all my financial records were available for her reference and consideration in the WF database. I shared everything about my personal financial situation with her, and I was clear to her that I would need her assistance and patience in helping me to understand all available banking options, procedures, and details, including definitions. I felt ashamed for needing support, and I thought being able to tell someone I trust would help. I give CFPB permission to access all my financial and related information in the databases ( XXXX XXXX Wells Fargo ). I explained to her that the monthly payments for the Loan amounted to more than I could afford, and to make the payments, I would need, again, to use my Wells Fargo credit card every month to supplement the cost of my food, medicine, gasoline, and all emergencies that would occur for me over the next 5 years. I thought that all those impending purchases on my WF credit card means that I will eventually end up paying much more interest every month to WF, and I have no savings. I shared all my hand-written notes and calculations with her, knowing that she, being a banking professional, could weigh my income and compare all payments I would be making for the Personal Loan and other expenses via my WF banking records. I had misgivings about the rate of interest ( 13.494 % ), the monthly payment amounts, and I was greatly disappointed that my having a mortgage with WF could not positively be considered towards my interest rate. She appeared to consult her manager on this. I know a home with or without a mortgage is still an asset. The Personal Banker told me that I " did not have enough equity '' in my home- which I am financing through WF - therefore, she said, it would not positively affect my credit score towards the loan. In XXXX the property Taxable Amount was {$93000.00} ; now, in XXXX, the Taxable Amount is {$240000.00}. Yet, I was tired and felt encouraged to sign the papers. In hindsight, of course, I was stupid for signing! My XXXX XXXXXXXX puts me at risk, stalling my focus and concentration, when I am dealing with a time-consuming and thought-provoking matter. I did not realize the impact my XXXX XXXX had on my ability to manage money or the impact poor money management had on my XXXX XXXX. Regardless of those facts, I am aware that I have been victimized- and, perhaps, knowingly. It is my perception that the Professional Personal Banker is liable for negligence in her work, which, in turn, 'set me up to fail ' by contributing to my outrageous and extreme indebtedness for interest paid to Wells Fargo . Today, this very moment, I am indebted more than I was in XX/XX/XXXX, owing Wells Fargo nearly {$25000.00}. Over the past 15+ years, I have paid to Wells Fargo an enormous amount of interest. This solitary Personal Loan gained Wells Fargo much more than {$10000.00}, because I was paying interest on top of interest PLUS I needed to use the WF credit card monthly to supplement the needs that I had told the Personal Banker I would not be able to afford with the loan payments -- - more interest! Eight months later, after much searching, reading, reviewing, questioning, and studying online banking information, I understood that the Personal Banker II, with whom I had spoken for assistance and guidance, had failed to adequately counsel, inform, advise, support, and work with me in any proper, positive way that might benefit me or my financial status. Upon this realization, I emailed her twice, but she never replied to me. Then, I visited my local branch at WF XXXX XXXX ( XXXX XXXX XXXX XXXX XXXX, NC ) , where I had originally met with her to discuss my finances. I did not see her there, and a gentleman told me she was no longer there. So, I accepted that I was trapped in this loan until the last payment, made on XX/XX/XXXX. I am XXXX XXXX XXXX, supporting myself on my fixed income, AND I am paying off a WF Personal Loan that was of NO help to me and served no other purpose for me for the past five ( 5 ) years except to exacerbate my indebtedness, my XXXX XXXX XXXX XXXX, and my XXXX XXXXXXXX. I now know that the Personal Banker had more reasonable options she could have suggested... a balance transfer credit card or, better yet, simply recommend that - in lieu of monthly {$630.00} loan payments - I should use that money to increase my monthly current payments to my two creditors. I did not need that loan. As I stated earlier, for the past five years, I have been reading, inquiring, and educating myself on the US banking structure to prevent me from making future mistakes. The mistake I made in XX/XX/XXXX was : consulting with, listening to, questioning of, and trusting in the Wells Fargo Professional Personal Banker II to perform her job of Personal Banker accurately. I have read recently that CFPB classifies credit scores, i.e., " What Makes Someone a Subprime Borrower? '' It caused me to wonder where exactly my XXXX Credit Score would have ranked in XXXX. The lowest scores from XXXX to XXXX are classified as " near-prime, '' I read. Learning that, I wondered why my XXXX Credit Score - actually a PRIME Credit Score - had not benefitted me in obtaining a lower interest rate in XX/XX/XXXX? I can not afford an attorney, at this time, to review all information regarding this, my official claim to CFPB of Wells Fargo 's negligence or malpractice. If I had the geographical address of the Personal Banker II, I would share a copy of this information with her. Claims against banking professionals are limited in scope due to wide-reaching business judgment rules. Still, to resolve this issue, I respectfully request : [ 1 ] Wells Fargo 's answers or explanation of the situation that occurred in XX/XX/XXXX, such as " Why, did the Personal Banker choose a Personal Loan for me, in lieu of a better choice, specifically when she knew the interest rate was so high? '' " Why did she violate the duty of care or loyalty? '' Making payments on this loan caused me extreme financial, mental health, and emotional hardship. [ 2 ] " Did the Personal Banker make her decision to offer me that unsecured Personal Loan without personal economic conflict? For example, did she and/or her manager later receive a reward in any manner - monetary, job promotion, company car, or other? [ 3 ] Respectfully, I ask CFPB to suggest a fair resolution. Absent that, I request a fair reversal of a fair amount of interest charges that I have paid to Wells Fargo throughout the past 5+ years : ( A ) For the Personal Loan period from XX/XX/XXXX through XX/XX/XXXX, AND ( B ) For the accumulating, ever-increasing interest on my blank WF credit card ( the loan paid it off ) that has accrued from XX/XX/XXXX, to date. That Personal Loan should never have been offered to me under the conditions and circumstances that existed at that time. [ 4 ] If any or all the above three requests are denied, I, respectfully, insist that CFPB or Wells Fargo promptly provide to me a written and itemized explanation for each denial. I may bring a claim against Wells Fargo under the Federal Deposit Insurance Corporation ( FDIC ). I am including a Documents List with Page Numbers for your reference. I did not receive a copy of the document that I signed for the Personal Loan. Please Note - to any extent it matters : I did NOT cash the XX/XX/XXXX {$130.00} Settlement Check Number XXXX from the class action settlement in XXXX v. Wells Fargo & Co., because I no longer trust Wells Fargo in any manner and cashing it may cause me to have signed away some future financial right that I might need. Thank you, for reading this and for your consideration. Sincerely, XXXX XXXX XXXX XXXX cc : File
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NC
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-12-06
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A