In November I paid off my credit card with Wells Fargo (WF) and closed the account. Later that month I received a negative balance on a statement for nearly the exact amount of my last payment. Concerned, I phoned WF who said the negative balance of about $900 was my money. I asked if they were sure:
1) That I made a double payment
2) If the credit was truly my money
3) If I could cash the $900 credit without repercussions and
4) That I could safely re-close the account with a zero balance
In April I received a statement from WF for the card that I closed disclosing a $900 dollar balance. Surprised that I now owe $900 on a card that I closed 4 months prior with a zero balance, I called. They informed me that the $900 credit was their error and that I need to pay it back or it would go
into "collection." I agreed to pay the money but because I was (and am still) a student I would only agree to pay this big balance if I could do it in whatever increment I could when the statement came, and that WF would not charge me interest. I mentioned these terms because this was their mistake, I relied on the $900 credit that they assured was truly my money, and that it seems wrong that I should be particularly burdened by making large payments and paying interest on their mistake.
Since then the statements have been sent to Alaska (my home) where my father manages my financials during the school year. He began to notice that interest was showing up on the account around November. So, I called up WF and they said they would waive the interest in the form of a credit on my next statement. That never happened. The interest has continued to show up, it shows up in an inconsistent amount every month, and the last time I called them about it, about a week prior to today's date which is 03-25, they said they would no longer be waiving interest on the account and that I would be forced to pay the standard minimum balance.
I called their customer service again on 03-20 to get more information about the situation and ended up speaking with Alec's Supervisor, Paul Covill. He confirmed that I would be forced to pay their standard minimum payment with interest or the account would to into collection. He also informed me that the $900 credit was from a fraudulent check and was misapplied to my account which was closed... Meaning the account was closed when the fraudulent check was applied.
I am a student, still. I do not have much money, neither does my family and they gave me $900 and assured me that it was truly my money despite my protest in reference to my own records. Being assured, I cashed the check they sent me for the amount of that credit and applied it to other pressing matters. Now they are saying that even though I relied on their assurance I need to:
1) pay it back
2) by making their standard minimum payment or more
3) and pay interest.
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