• Report: #767613

Complaint Review: Wells Fargo Bank

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Sat, August 20, 2011
  • Updated: Sat, August 20, 2011

  • Reported By: Unsatisfied custorm — Carlsbad California United States of America
Wells Fargo Bank
700 Garden View Ct. #208 Encinitas, California United States of America

Wells Fargo Bank Wells Fargo's doesn't take responsibility for their errors. Encinitas, California

*Consumer Comment: No Question - Not a Ripoff

*Consumer Comment: Let's see if I have this right...

*Consumer Comment: What?

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

We refinanced our home and at the time of this we asked our sales representative to include an escrow account, or better known as an impound account for taxes.    In june of this year, we received a late notice from the County of San Diego tax assessor.  Stating that we had not paid our taxes.  I took the letter into the bank and spoke with our loan represenative, much to his surprise, he informed me that they did not set up a impound account.  He informed the woman on the phone from the bank, that there must be some mistake, that we definatly requested an impound be set up.  The loan representative was very well aware that we requested this.  Wells Fargo agreed to advance the taxes and informed me that they would pay the LATE PENALTIES.  So now Wells Fargo sets up the impound acct, because they need to so, that we can pay the loan from Wells Fargo back. But we have informed them that now, we do not want this because-it is going to raise the payment monthly because of all the back tax money they want to bring the impound account current. THEIR ERROR.  This was Early June, when we received the late notice.  We paid the money back to the bank, less the penalties.  SO now they want us to continue with this impound account, now increasing our monthly payment.  THey owe us $272.00 penalties. They will not pay us, nor will they close the account.  Oh by the way.  We apparently signed a document, stating that we did not want the excrow account, but as we have found out, this document should have never been in the file.  I have requested this money back, or they could just zero out the impound account, so that we may close it.  They will not do either.  What Wells Fargo does is pass the buck.  The sales representative will not answer calls from us, his supervisor just sends letters telling us to contact Customer service.  The managers, manager will not return calls. 

We are being held hostage- now we will be stuck to pay extra money each month that is not what we agreed upon, and if we don't we will incur late fees on our home loan.  We want them to just either refund the penalty to us, or Zero out the Impound or Escrow account. 

This report was posted on Ripoff Report on 08/20/2011 02:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank/Encinitas-California-92024/Wells-Fargo-Bank-Wells-Fargos-doesnt-take-responsibility-for-their-errors-Encinitas-767613. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Wells Fargo Bank

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

No Question - Not a Ripoff

AUTHOR: Jim - (U.S.A.)

I don't understand how people can sign documents and then when something they signed is enforced, it becomes someone else's responsibility.  The monthly payment you received from the bank the very first month should have raised red flags to you that there was no money going to the escrow account.  It was at that point you had the opportunity and obligation to bring that to the bank's attention and the matter would have been corrected, with no harm done. 

So now you create the escrow account, and the bank is going to fund your past and present taxes and other fees from that fund.  I'm not certain why your complaining then.  You can either pay the taxes due or let the impound account collect the full amount over time.  Those taxes and associated penalties are your responsibility, not the bank's, because it should have been clear in the first month nothing was being funded to the escrow account.  Asking for the escrow account to be cancelled simply because your payment is now increased to a point where payments become unaffordable... indicates a true lack of understanding on your part as to how an escrow account functions and possibly indicates you bit off more than you can chew.

This is not a ripoff....
Respond to this report!
What's this?

#2 Consumer Comment

Let's see if I have this right...


You refinanced and requested an escrow account be set up, but the bank didn't set it up.  Then you were surprised when the taxes weren't paid.  The bank owned up to the error and went out of their way to make it right, even setting up the requested escrow account......

Then, YOU decided you didn't want the escrow account...right?

You do know, that if the escrow account isn't set up, YOU have to save up the tax amount yourself and pay it yourself....there is no free lunch.

I know this is silly, but you should read contracts before signing them.  Maybe you'd be better off renting.

NO Ripoff, whatsoever, here.
Respond to this report!
What's this?

#3 Consumer Comment


AUTHOR: Robert - (U.S.A.)

You signed something that wasn't supposed to be in the file..then why did you sign it?  Do you make it a habit of signing thing you don't want? 

But beyond that it looks like they tried to help you and said that they were willing to pay your penalties and set up the Escrow Account for you.  But then once you found out it would increase your payments you don't want it anymore and are now saying that they should not keep one for you.

It does not even look like you understand how an Escrow Account is funded or works.

If your Mortgage Payment is $1000 a month without an Escrow Account you are going to pay $1000 a month.  If you want them to set up an Escrow Account and the estimated taxes are $2400 a year, they are going to put $200 a month in the Escrow Account.  This does NOT come from your $1000 Mortgage Payment, you now pay them $1200 a month.  With $1000 going to the payment and $200 going into Escrow.  When the taxes are due they take the money out of your Escrow Account and pay the taxes.  If there is not enough for the taxes they will either have you pay the difference or increase the Escrow Amount in future payments to make up for it. 
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.