Report: #598469

Complaint Review: Wells Fargo - Wells Fargo Bank - WFB

  • Submitted: Fri, April 30, 2010
  • Updated: Fri, April 30, 2010
  • Reported By: zencow — Nahcotta Washington United States of America
  • Wells Fargo - Wells Fargo Bank - WFB

    San Francisco, California
    United States of America

Wells Fargo - Wells Fargo Bank - WFB Flood Insurance Scam San Francisco, California

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I was shocked when Wells Fargo Bank, my mortgagor, demanded a tenfold increase in my flood insurance premium from around $300 per annum to over $3000.  They claimed the flood zones had been revised when even the flood insurance company, American Banker's (Florida) admitted a mistake.  When I complained of this to the usual faceless Wells Fargo customer service rep, their statement was, "The flood zone is what we say it is."

I then realized something funny was going on, as with an education in science and some experience with the US Geological Survey's Water Quality Division, I knew full well the flood risk is almost nonexistent where my house is sited.  In fact, to my knowledge, the bay I live on has never flooded (local rivers do not have enough volume even when they spill over their banks).  The entire huge bay would have to rise by TEN FEET over the high tide to flood my home! Thanks to a report on Ripoffreport, I am now informed of the nature of this scam.

One comment is that flood risk is determined by scientific information (stream, bay and ocean hydraulics) not the fiat of a bank.  Premiums in insurance are supposed to be set to balance possible losses.  A third comment is, "The banks have not stopped stealing, folks, and we have to get organized to stop them."

I am very interested in a class action lawsuit.


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This report was posted on Ripoff Report on 04/30/2010 04:11 AM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-wells-fargo-bank-wfb/san-francisco-california-/wells-fargo-wells-fargo-bank-wfb-flood-insurance-scam-san-francisco-california-598469. 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. READ: Foreign websites steal our content

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