Consumer complaint received 2023-11-28
Company: WELLS FARGO & COMPANY
State: NC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
From : XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, NC XXXX, XXXX, XXXX Consumer Financial Protection Bureau Office for Complaints P. O. Box 27170 Washington , DC 20038 XX/XX/XXXX RE : Consumer Complaint : Predatory Personal Loan - Wells Fargo ( WF ) Account Number XXXX - Paid in Full XX/XX/XXXX Incurred XX/XX/XXXX, Credit Card Consolidation : Wells Fargo & Sams Club Dear CFPB Director OR Designated Professional : Respectfully, I ask Consumer Financial Protection Bureau for review of the financial information and conditions established for the above-described Personal Loan from Wells Fargo XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NC XXXX XXXX XX/XX/XXXX. [ Application ID XXXX at APR 13.494 % - initially it was 13.492 % ] This loan is paid in full, effective XX/XX/XXXX, without any late payments. 

I believe that I have been a victim of a Predatory Personal Loan from Wells Fargo. This Personal Loan consolidated my Wells Fargo credit card debt and Sams Club credit card debt, allegedly to lessen the amount of credit card interest debt that I would otherwise pay out over time. The purpose of my visit to Wells Fargo was to inquire about options that may be available to me for increasing my credit score and lowering my buildup of credit card interest amounts. I had recently learned that my credit score of XXXX in XX/XX/XXXX had decreased to XXXX in XXXX XXXX. Always, in my lifetime, my credit score has been above XXXX, and I wanted to keep it that way. 


On XX/XX/XXXX, I met with XXXX XXXX, Wells Fargo Personal Banker II, Small Business Advocate, with whom I explained my goal to find a way to increase my credit score and to find a way to help lower my credit card interest balance in paying off my Wells Fargo credit card. As a Banking professional, I thought her to have received specialized education and training. I trusted her to be a knowledgeable, trustworthy, skilled, efficient, honest, and sincere Personal Banker who could thoroughly inform and educate me about the matters for which I sought her help. I believed she was acting in my best interests. 

Wells Fargos adsorption of XXXX in XXXX signified that Wells Fargo had a recorded history of ALL my finances since XXXX - income ; taxes ; mortgage ; and meager savings, as well as my food, water, heating, and medical care payments. I informed the Personal Banker that all my financial records were available for her reference and consideration in the WF database. I shared everything about my personal financial situation with her, and I was clear to her that I would need her assistance and patience in helping me to understand all available banking options, procedures, and details, including definitions. I felt ashamed for needing support, and I thought being able to tell someone I trust would help. I give CFPB permission to access all my financial and related information in the databases ( XXXX XXXX Wells Fargo ). 

I explained to her that the monthly payments for the Loan amounted to more than I could afford, and to make the payments, I would need, again, to use my Wells Fargo credit card every month to supplement the cost of my food, medicine, gasoline, and all emergencies that would occur for me over the next 5 years. I thought that all those impending purchases on my WF credit card means that I will eventually end up paying much more interest every month to WF, and I have no savings. I shared all my hand-written notes and calculations with her, knowing that she, being a banking professional, could weigh my income and compare all payments I would be making for the Personal Loan and other expenses via my WF banking records. 

I had misgivings about the rate of interest ( 13.494 % ), the monthly payment amounts, and I was greatly disappointed that my having a mortgage with WF could not positively be considered towards my interest rate. She appeared to consult her manager on this. I know a home with or without a mortgage is still an asset. The Personal Banker told me that I " did not have enough equity '' in my home- which I am financing through WF - therefore, she said, it would not positively affect my credit score towards the loan. In XXXX the property Taxable Amount was {$93000.00} ; now, in XXXX, the Taxable Amount is {$240000.00}. 

Yet, I was tired and felt encouraged to sign the papers. In hindsight, of course, I was stupid for signing! My XXXX XXXXXXXX puts me at risk, stalling my focus and concentration, when I am dealing with a time-consuming and thought-provoking matter. I did not realize the impact my XXXX XXXX had on my ability to manage money or the impact poor money management had on my XXXX XXXX. 


Regardless of those facts, I am aware that I have been victimized- and, perhaps, knowingly. It is my perception that the Professional Personal Banker is liable for negligence in her work, which, in turn, 'set me up to fail ' by contributing to my outrageous and extreme indebtedness for interest paid to Wells Fargo . Today, this very moment, I am indebted more than I was in XX/XX/XXXX, owing Wells Fargo nearly {$25000.00}. 

Over the past 15+ years, I have paid to Wells Fargo an enormous amount of interest. This solitary Personal Loan gained Wells Fargo much more than {$10000.00}, because I was paying interest on top of interest PLUS I needed to use the WF credit card monthly to supplement the needs that I had told the Personal Banker I would not be able to afford with the loan payments -- - more interest! 

Eight months later, after much searching, reading, reviewing, questioning, and studying online banking information, I understood that the Personal Banker II, with whom I had spoken for assistance and guidance, had failed to adequately counsel, inform, advise, support, and work with me in any proper, positive way that might benefit me or my financial status. Upon this realization, I emailed her twice, but she never replied to me. Then, I visited my local branch at WF XXXX XXXX ( XXXX XXXX XXXX XXXX XXXX, NC ) , where I had originally met with her to discuss my finances. I did not see her there, and a gentleman told me she was no longer there. So, I accepted that I was trapped in this loan until the last payment, made on XX/XX/XXXX. 

I am XXXX XXXX XXXX, supporting myself on my fixed income, AND I am paying off a WF Personal Loan that was of NO help to me and served no other purpose for me for the past five ( 5 ) years except to exacerbate my indebtedness, my XXXX XXXX XXXX XXXX, and my XXXX XXXXXXXX. I now know that the Personal Banker had more reasonable options she could have suggested... a balance transfer credit card or, better yet, simply recommend that - in lieu of monthly {$630.00} loan payments - I should use that money to increase my monthly current payments to my two creditors. I did not need that loan. 

As I stated earlier, for the past five years, I have been reading, inquiring, and educating myself on the US banking structure to prevent me from making future mistakes. The mistake I made in XX/XX/XXXX was : consulting with, listening to, questioning of, and trusting in the Wells Fargo Professional Personal Banker II to perform her job of Personal Banker accurately. 



I have read recently that CFPB classifies credit scores, i.e., " What Makes Someone a Subprime Borrower? '' It caused me to wonder where exactly my XXXX Credit Score would have ranked in XXXX. The lowest scores from XXXX to XXXX are classified as " near-prime, '' I read. Learning that, I wondered why my XXXX Credit Score - actually a PRIME Credit Score - had not benefitted me in obtaining a lower interest rate in XX/XX/XXXX? 

I can not afford an attorney, at this time, to review all information regarding this, my official claim to CFPB of Wells Fargo 's negligence or malpractice. If I had the geographical address of the Personal Banker II, I would share a copy of this information with her. Claims against banking professionals are limited in scope due to wide-reaching business judgment rules. Still, to resolve this issue, I respectfully request : [ 1 ] Wells Fargo 's answers or explanation of the situation that occurred in XX/XX/XXXX, such as " Why, did the Personal Banker choose a Personal Loan for me, in lieu of a better choice, specifically when she knew the interest rate was so high? '' " Why did she violate the duty of care or loyalty? '' Making payments on this loan caused me extreme financial, mental health, and emotional hardship. 

[ 2 ] " Did the Personal Banker make her decision to offer me that unsecured Personal Loan without personal economic conflict? For example, did she and/or her manager later receive a reward in any manner - monetary, job promotion, company car, or other? 

[ 3 ] Respectfully, I ask CFPB to suggest a fair resolution. Absent that, I request a fair reversal of a fair amount of interest charges that I have paid to Wells Fargo throughout the past 5+ years : ( A ) For the Personal Loan period from XX/XX/XXXX through XX/XX/XXXX, AND ( B ) For the accumulating, ever-increasing interest on my blank WF credit card ( the loan paid it off ) that has accrued from XX/XX/XXXX, to date. 

That Personal Loan should never have been offered to me under the conditions and circumstances that existed at that time. 

[ 4 ] If any or all the above three requests are denied, I, respectfully, insist that CFPB or Wells Fargo promptly provide to me a written and itemized explanation for each denial. 

I may bring a claim against Wells Fargo under the Federal Deposit Insurance Corporation ( FDIC ). 

I am including a Documents List with Page Numbers for your reference. I did not receive a copy of the document that I signed for the Personal Loan. 
Please Note - to any extent it matters : I did NOT cash the XX/XX/XXXX {$130.00} Settlement Check Number XXXX from the class action settlement in XXXX v. Wells Fargo & Co., because I no longer trust Wells Fargo in any manner and cashing it may cause me to have signed away some future financial right that I might need. 
Thank you, for reading this and for your consideration. 

Sincerely, XXXX XXXX XXXX XXXX cc : File

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief