Usacomplaints.com » Business & Finance » Complaint / Review: Wells Fargo Bank - Home Equity Mortgage Wells Fargo chose to not honor the overdraft protection set up on a Wells Fargo account, to cover a Wells Fargo home equity mortgage payment, where there was clearly enough funds to cover. #833392

Complaint / Review
Wells Fargo Bank
Home Equity Mortgage Wells Fargo chose to not honor the overdraft protection set up on a Wells Fargo account, to cover a Wells Fargo home equity mortgage payment, where there was clearly enough funds to cover

We have overdraft protection on Wells Fargo accounts to make sure that all our automated online bills will be paid in full. However, on Feb 22, I was informed by Gabielle Carranza, Collection Supervisor, Wells Fargo, Tel: 602 328 5502, that our Wells Fargo Mortgage was 10 days overdue, accumulating an extra $170 in interest payments. I was informed that Wells Fargo will not use the overdraft protection that is set up by a Wells Fargo customer to cover any Wells Fargo bills. After further discussion and follow up calls with Mr Carranza, it was suspected that this may have been a mistake and he told me that Robert Ortiz, Sand Lake Orlando, FL Branch Manager at 407 812 000 or Cherie Anif at 407 649 5158 at my local branch, will call me to fix the problem. I have not heard back from Mr Ortiz nor Ms Anif and now no one picks up the phone and several repeated follow up calls to learn the status of this possible mistake.in the meantime, I immediately had Mr Carranza paid the mortgage out of my Wells Fargo account that is used for overdraft protection, as there was more than enough funds. However, after review, I noticed that the break down of my payment was: Principal $93.42 and Interest: $924.34. Where Dec 30 payment breakdown was Principal $500.18 and Interest $517.58. Therefore, because Wells Fargo choose to not honor the overdraft protection on a Wells Fargo account, to cover a Wells Fargo home equity mortgage payment, (where there was clearly enough funds to cover and even though Wells Fargo used the balance transfer to cover all other non-Wells Fargo bills that month), this translates to Wells Fargo gaining $406.76 in extra interest payment. How can this be ethical? This is clearly a conflict of interest and unfair practice by Wells Fargo. We have had nothing be problems with our mortgage since the take over from Wachovia to Wells Fargo, where they seem to repeatedly find ways to get extra interest payments.


Offender: Wells Fargo Bank

Country: USA
Phone: 6023285502
Site:

Category: Business & Finance

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