Complaint Review: WELLS FARGO MORTGAGE ENHANCEMENT PROGRAM

I have taken advantage of Wells Fargo Mortgage Enhancement Program. How this works is you pay 1/2 your mortgage every two weeks instead of one payment a month. You make an extra payment a year that is directly applied to your principal; therefore you pay off your loan faster. Good deal, right?

Well, what Wells Fargo does not tell you is they "farm out" this service to a subsidiary that charges $4.00 a transaction, or $8.00 a month.

My problem with this is I was NOT informed of this when signing up for the program. WF did not inform me that another company would be handling my payments. A company that I did not know about has access to my checking acct. BIG PROBLEM

I am on a VERY tight budget now and I am trying to save all the money I can. When I called WF to ask if I can just set up through online banking to send in bi-weekly payments myself, I was quickly informed that when the whole pymt. is not sent in that funds are put into a suspense acct. So you are forced to pay $8.00 a month for bi-weekly pymts. A RIP-OFF

Tracey
New Caney, Texas
U.S.A.