• Report: #740104

Complaint Review: Wells Fargo Bank

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  • Submitted: Mon, June 13, 2011
  • Updated: Sat, June 18, 2011

  • Reported By: Nicola.madscientist.tesla — Grover Beach California U.S.A.
Wells Fargo Bank
1580 West Grand Avenue, Grover Beach CA. 93433 Grover Beach, California United States of America

Wells Fargo Bank Bank Error: How Wells Fargo Screwed My 90 Year Old Mother Grover Beach, California

*Author of original report: ALL the banks fault, not customer!

*Consumer Comment: Why Did You Need Another Loan In the First Place

*Consumer Comment: File a police report...

*Author of original report: Maintain a Profit

*Author of original report: Screwed, continued

*Consumer Comment: Thanks for sharing YOUR Wells Fargo Story!

*Consumer Comment: What is the whole story

*Consumer Comment: Most prefer younger

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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.


This report was posted on Ripoff Report on 06/13/2011 09:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank/Grover-Beach-California-93433/Wells-Fargo-Bank-Bank-Error-How-Wells-Fargo-Screwed-My-90-Year-Old-Mother-Grover-Beach-740104. 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.

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REBUTTALS & REPLIES:
3Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

ALL the banks fault, not customer!

AUTHOR: Nicola.madscientist.tesla - (U.S.A.)

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.
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#2 Consumer Comment

Why Did You Need Another Loan In the First Place

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

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....
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#3 Consumer Comment

File a police report...

AUTHOR: Truth Detector - (USA)

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.
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#4 Author of original report

Maintain a Profit

AUTHOR: Nicola.madscientist.tesla - (U.S.A.)

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.
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#5 Author of original report

Screwed, continued

AUTHOR: Nicola.madscientist.tesla - (U.S.A.)

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.
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#6 Consumer Comment

Thanks for sharing YOUR Wells Fargo Story!

AUTHOR: mr rik - (USA)

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

THANK YOU!
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#7 Consumer Comment

What is the whole story

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

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?
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#8 Consumer Comment

Most prefer younger

AUTHOR: coast - (USA)

"Wells Fargo Screwed My 90 Year Old Mother"

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