• Report: #572433
Complaint Review:

Wells Fargo Educational Financial Services

  • Submitted: Sat, February 20, 2010
  • Updated: Sat, February 20, 2010

  • Reported By: Michael — Simi Valley California U.S.A.
Wells Fargo Educational Financial Services
PO BOX 5185 Sioux Falls, South Dakota United States of America
  • Phone: 1-800-658-3567
  • Web:
  • Category:

Wells Fargo Educational Financial Services Student Loan Payment Allocation Scam Sioux Falls, South Dakota

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I have three student loan accounts with Wells Fargo. The first and second are smaller than the third and I think might have different interest rates than the third one as well. My payments to the first and second accounts (merged into one payment) go through normally. When I schedule an online payment on the third account, none of the money I send in the payment gets allocated to the third account. Instead, WEFS allocates the money to the first and second accounts. They then have the nerve to claim that I'm not paying the third account AT ALL.

This is the third time that Wells Fargo has done this payment allocation scam to me. I have taken screen shots of the payments I have been making being sent to the third account. I have also been taking screen shots of the way Wells Fargo allocates my payments so that not a single penny goes to the account I'm making payments on. Does anyone know of a good consumer protection attorney to send my case to?

(((link redacted)))

This may be an intentional practice designed to prey on college students as it seems I'm not the only victim. I am considering going to my local Wells Fargo branch to file a claim with the Resolution Team. If they do not fix the problem, I intend to contact the House of Representatives, the Senate (especially the banking committie), and maybe even the President and expose this allocation scam to them as additional action to a possible law suit. If anyone else is suffering this same problem, post here.

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This report was posted on Ripoff Report on 02/20/2010 03:07 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-educational-financial-services/sioux-falls-south-dakota-/wells-fargo-educational-financial-services-student-loan-payment-allocation-scam-sioux-fal-572433. 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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