Wells Fargo Bank
Refinancing experience: be careful

Wells Fargo is avoiding refunding a good faith charge on my credit card by claiming the $666 is non-refundable.

I contacted Wells Fargo about my existing mortgage statement where there was a mix up. Since I have been overpaying my monthly mortgage, the agent asked if I had considered refinancing.

I was willing to talk. The agent offered a lower rate but would not commit Wells Fargo. I also was not willing to commit due to new fees. To show that I would take their offer seriously, I agreed to a $666 cc charge, but no commitment until closing date.

Their nine page fax showed they wanted the right to sell my mortgage; that stopped my, so I did not return or sign anything.

I also took time to figure out the difference in my accelerated payments of my existing mortgage. Then compared total interest to the lower rate's total interest plus the additional $5500 interest they wanted in new fees.

In my second phone call, the agent could not address the two concerns I had; I rang off, then decided to cancel the process by calling back and leaving a message of that decision.

The agent called back to say the $666 was nonrefundable because a credit check and appraisal was done. I explained I also ran a business and if the sale is not made, I do not expect the prospect to pay anything.

I stopped my cc payment; I contacted the Consumer Protection Agency and I forward my request for a refund to Wells Fargo.

To this point, I was satisfied with Wells Fargo—this incident suggests that refinancing with Wells Fargo is to be avoided.

Company: Wells Fargo Bank
Country: USA
State: Arizona
City: Tempe
Address: 1150 W. Washington
Phone: 8005579965

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