My Mother, Madeline Friedlander, borrowed $11,000 from the Wells Fargo Bank in Grover Beach, CA. My Mother, depended on Wells Fargo Bank to make automatic payments for her on this loan.
My mother paid on this loan without incident, in fact she has NEVER made a late payment on a loan in her entire life.
My mother signed up with Wells Fargo Bank for a PMA account. Part of the account services included automatic payments for loans. Wells fargo made the automatic payments every month as promised.
UNTIL one day, my mother went to the bank to change her account. She wanted to remove my name from this account. Wells Fargo insisted that she open a NEW account, and transfer all the services over to this new account.
After my mother opened this new account, and transferred all the services, we were assured IN PERSON that everything was taken care of, and that all services had been transferred, from the old account.
BUT all the services were NOT transferred as PROMISED by Wells Fargo.
My mother was asked when she opened this new account: "do you want automatic payments?" She answered: "Yes." My mother was asked when she opened this account: "do you want overdraft protection?" She answered: "Yes." But Wells Fargo never followed through as promised.
Wells Fargo shut off the automatic payments to the loan, failed to notify my mother, instead sent NO payment invoices. My mother had NO IDEA and NO information that this loan payment would be missed.
After the load payment was missed, Wells Fargo jacked up the interest rate to 126%!!! But of course, never notified my mother that the payment had been missed, never notified her that the interest rate had increased 500% higher than the original loan agreement..
Not knowing any of this, I went and paid off the loan. How could I know? I relied on Wells Fargo On-Line Statements, which were deceptively inaccurate.
Wells Fargo kept us in the dark every step of the way.
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. Surprise, surprise surprise!!!
My mother has now been screwed out of THOUSANDS of dollars. Thanks Wells Fargo. Thanks for shutting off the automatic payments without telling her.
Thanks for making the interest sky high, due to your own banking error. Thanks for evading us every step of the way. You have our money, you overcharged us, now you will keep it.
Thanks for blaming this banking error on the customer. After all, it's ALL our fault that Wells Fargo gives customers assurances, and then fails to follow through.
Thanks for ignoring this. After all, it's ALL to your advantage.
Thanks for evading ALL attempts to recover the money you SCREWED my mother out of.
When Wells Fargo makes a "banking error," it's ALWAYS to the banks advantage.
"Banking errors" never fall in the customer's favor at the Wells Fargo Bank.
Since errors NEVER are in the customer's favor at Wells Fargo, is it possible that these "errors" are not errors at all, but just attempts to take advantage of 90 year old ladies?
Michael F, Grover Beach CA.