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Wells Fargo- The bank NOT to trust... (Reply to this comment)
by jleb
My Wells Fargo Nightmare!
So, i think i've lost my wells checkcards, having misplaced my wallet.. So, given I'm not interested in subsidizing potential finders mcdonalds and movies, I call the 800 number and cancel the cards requesting new ones.. Great, everything handled right?? Wrong.. Seems like for Wells Fargo, cancellation is only conditional cancellation! No cash in acct till new cards right? (see mcdonalds above). Only way to resolve a questionable transaction is to pay it, then it get's reviewed, and maybe a month later, you get your money back.. so $5.00 balances, and cards canceled... so I think..
This is NOT the case.. everyone I had given that check card to for auto monthly pay, started to hit. I thought the card was cancelled, I thought this wouldn't happen.. Not only did they overdraft my accounts, but they created overdraft charges to the tune of $170.00! But wait.. I thought I'd cancelled.. well that's not what wells fargo calls cancelled.. Conversations with 800 customer service and branch manager were fruitless.. no refunds on overdraft charges.. Not like i wasn't in there the next day to make good on the funds..
So I've written a very objective demand letter to their registered agent here in arizona, shortly to be followed up by my small claims supoena.. We'll see how the judge likes this kind of customer service when I lay it out..
Oh, and if you think this is just me having this problem, go over to complaints.com and search on wells fargo, it'll blow you away how many people have the same problem, and that's just the 1% who bother to write about it!
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Jul 03 '07
12:01 am PDT
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Re: Wells Fargo Financial actually (Reply to this comment)
by sandy12621
I , like an idiot, unfortunately did not read the fine print and recently signed up for the misleading Wells Fargo Equity Enhancement Program. Three months later, when I received my quarterly loan statement, I realized what a huge mistake I had made. My payments were not applied to my mortgage for as long as 17 days after the payment was taken from my bank account. In substance, this is the same thing as a prepayment penalty or a significant increase in the effective interest rate on the loan. Over a short 3-month period, I would have saved over $1,900 (as a reduced principal balance) on a ~$600K mortgage if I had just made the payment directly to the bank and it had been applied to the loan immediately. I consider the advertising and promotion of this Wells Fargo Equity Enhancement Program to be misleading and unethical. It certainly was not enhancing my equity the way I had expected it to. However, it was clearly enhancing the bank's (or its servicing contractor's) profits. Not only do they receive fees, but they have free use of my money in their accounts earning interest for them. Wells Fargo should be required to CLEARLY disclose to the consumer that the effective interest rate on their mortgage will dramatically increase by signing up for this program. A show like 60 Minutes would be the perfect forum for educating the public about these types of programs.
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May 04 '06
5:43 pm PDT
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Wells Fargo Financial actually (Reply to this comment)
by plparsons
I know what company you are discussing here because I work for them currently. They are named Wells Fargo Financial. They used to be Norwest Financial. Everything that you say is true. I will reflect even more in my own review of the company soon.
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Feb 28 '06
2:44 pm PST
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Re: Re: This. Actually, my last two mortgages (Reply to this comment)
by asafono
We also have a mortgage (actually, 2 - current and former, now rented, houses), and their rates were consistently the best, in 1999 and 2003. However, both times we worked through brokers. When I approached WF directly asking for a good rate since we already had a mortgage for 3 years in good standing, the rate and conditions quote we got back was not competitive at all.
Great review. So easy to accelerate payment on a mortgage, hard to believe somebody may need a help with this. Just do the simple math once, and thereafter round up your payment to a nice even number. So, if one's payment is around $1800, pay $2000. If one is still writing our paper checks, that's faster, too...
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Jan 25 '04
8:55 am PST
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Re: This. Actually, my last two mortgages (Reply to this comment)
by jsquarejj
were funded by Wells Fargo Home Mortgage, which according to my mortgage broker, had the best interest rate.
Watch out though. Going directly to Wells Fargo--i.e. without a mortgage broker--seems to yield a poor interest rate.
Furthermore, Wells Fargo has never nickel-and-dimed be on any aspect of my mortgage.
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Feb 26 '03
8:08 am PST
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