Complaint Review: Wells Fargo Bank - Grover Beach California

We could have gone to the bank after the default?
Wells Fargo hid the default from us, and provided no communication of any kind. This is one of Wells Fargo's favorite scams.

Mother is responsible for making the payment?
Wells Fargo promised to make an automatic payment, then did not.
I am amazed that the bank is still trying to pin blame on the customer, after they made an obvious banking error.
But this is typical of a greedy dishonest corporation...that only exists to take advantage of people (especially elderly people)
It had nothing to do with the customer,
The problem happened because the customer trusted the bank, big mistake.

And let me make it clear, if you think this bank is being honest with you, boy are you stupid.

I'm sort of confused by this.  You indicate that you had to take out a PMA loan at 25% interest which is pretty high to begin with on a secured loan, and then once the loan switched to default % (which is not a loan shark rate, since there are no limits by law on what anyone can charge in interest, and mom contractually agreed to the loan), you then paid off the loan??  You didn't indicate you had to take another loan out to pay off the PMA loan, so why get a loan for her in the first place?  Any capital you would have been out instead of investing would have earned less than 25% ROI.  I mean the whole thing doesn't make sense; maybe you could clarify?

I also don't understand the whole stealing or theft description either.  There is nothing in your story indicating theft by a bank, an individual in a suit, or anything of the sort.  The responsibility for making payments rests with you or your 90 year old mother.  I also would not blame the online reporting system; there is nothing deceptive there either.  Either there is a disbursement against the loan reflected online, or there isn't.  You probably could have gone to the bank the day after you or mother realized the online disbursement didn't happen, made a payment, appealed to the bank that they made an error in not setting up an auto-pay, and default would have been waived.  On the other hand, I probably would not have signed up for a 25% secured loan....

Make sure you update us on the charges you press against them for theft. After all, they ARE stealing, right?

Digest that for a moment...then reflect upon the absurdity that is your assertion in this thread.

I would think that it would be more accurately stated as thousands of people. You see, if a thief mugs me and steals my money on the street, then the police might arrest them. But since the thieves are dressed in three piece suits, and work at Wells Fargo, they steal from people legally, and there is very little an avaerage person can do.

And so, whether Wells Fargo is illegally foreclosing on peoples homes, or whether they are robbing a 90 year old woman with loan shark interest rates, they maintain their profit, and the rest of us suffer. There is nothing more important than Wells Fargo's profit margin, even if they have to steal the money from old ladies. This bank is despicable.

It seems that when a payment is missed, the loan interest skyrockets. Since Wells Fargo failed to make the payment automatically, as promised, they then raised the interest to 126%.
They then claimed that we were at fault for missing the payment, and took no responsibility for shutting the automatic payment off.
It was my decision to ask my mother to remove my name from her account, because I was starting a business, and did not want her to be targeted for my business debts.
I know so much about it because I monitor her finances. I knew nothing about the overcharge in interest because Wells Fargo did not disclose the true interest until weeks after the loan was paid in full.
And yes it really did happen.
It was caused entirely by the banks errors, and had nothing to do with the customers actions.
The customer was completely unaware what had transpired until some time later.
I paid off the balance in good faith, assuming that the amount was accurate. I had no idea she was being screwed.

I have contacted the bank several times about this. It's my tough luck.
Wells Fargo knows they overcharged her. They are fully informed.
Yet they make absolutely no effort to resolve the overcharge.

You have just now joined the ranks of the other 1692 (at least) UNhappy Wells Fargo Customers today!

THANK YOU!

I find it odd that you are claiming a RipOff on your Mother who decided to remove YOU from her account.   Yet you claim to have paid it off without knowing anything about the late payments.  You also seem to know quite a bit about the interaction between your mom and the associate in opening the new account even though you say it was only her that went to the bank.

Now, your 90 Year old mother seems quite "with it".  "With it" enough that after the first month where the payment didn't get removed that she would notice her account had more money than it should.

The Wells Fargo PMA statement told us we were paying a loan with 25% interest.  After I paid the balance of the loan, Wells Fargo sent a PMA statement that disclosed that I had paid 126% interest on the loan....Not knowing any of this, I went and paid off the loan.
- So if you didn't know this and paid off the loan, exactly what is the RipOff and how did it cost her THOUSANDS of dollars?


By the way where in the world are you getting your interest calculations.  Can you give some details.  Such as Balance, Payment Amount(before and after the late payment), Interest Rate(before and after the late payment), also what type of loan this is.  Because I have never seen any loan(that wasn't a payday or title loan) that high even with a penalty(default) rate.  So are you calcuating the "effective" rate with the late payment fee added?

"Wells Fargo Screwed My 90 Year Old Mother"

Wells Fargo is 159 so a 90 year old probably looked pretty hot.