I have been a customer with Wells Fargo for eight years. I purchased my first home and financed it through Wells Fargo, bought my second house, and I am currently financing through Wells Fargo, additionally I have had two credit cards, two checking accounts and a savings account with them. For seven years I have not ONE problem with them. I was approached by a banker with an offer on an open line of credit. At the time I had a Wells Fargo Platinum card that had a higher interest rate than what they were advertising the open line of credit at. My wife and I were told the application process would take 25 min, It ended up taking over an hour.
After sitting there for an hour we were told we were approved for 15,000 @ 9.9%. I called the next day to see if the funds were available, and the manager said it would be ready by the end of the day. Well after the end of the day no call, I called the next day, and was told the same thing... The end of the day. This went on for almost two weeks. I was finally told that the funds were available, when I stopped in at the branch where I opened the account I asked what the availavle balance was, the manager proceeded to tell me that I was approved for 10,900 @ 15.76%! This was the same rate as the credit card I was paying on! Feeling like I went this far, I decided to take out $7599 to pay off the credit card, and redeem my rewards program points.
When I tried to log onto the web site, I found that they had un-enrolled me, and the 26,234 points that I had acquired! I complained to the manager, and the district manager, but they said they could not do anything. The first payment I made, the branch dispursed the pricipal and interest incorrectly, and this caused a fiasco, and I was charged late fees, I talked to wells fargo online, and they took care of it.
From Jan 14th to Oct' 14 2008 I payed aggressively to pay this dept down. On October 14th I called the branch to get a payoff amount, the banker stated that the current payoff amount was $1,590.20. I got home that evening, and the statement online was the same 1,590.20. I paid off the account, and that should have been the end of it. From Oct-Jan my account "balance due" showed $0.00. I plan on buying a boat in the next 60 days, and was curious to check my FICO score, I logged on to Experian to check my current FICO score. Much to my amazement I found that Wells Fargo had derogatory information on me.
Immediatly I called wells fargo, and come to find out that banker that I asked the payoff amount on Oct 14th shorted my amount by $3.02! Well this started a snowball effect, with my statement showing zero balance for three months I had no reason to suspect foul play. So for three months I was accruing late charges of $35.00 a month, and getting reported to the three credit angency as being delinq. For over 90 days! I have all the documentation, written letters to all three reporting agencies, and even a recording of the senior litigation manager from wells fargo stating that both the branch messed up, and the computer for showing zero balance for the last three months. Also he stated on the recording that he would be sending a letter to all three reporting agencies. Is there anything else I need to do?
Thank you
Brian
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