Consumer complaint received 2019-06-05
Company: WELLS FARGO & COMPANY
State: MA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Throughout the past few years, I've been sending Wells Fargo extra funds to be applied directly towards my " principal '' balance. I also send them an email through their site notifying them of my request, and the amount I will be sending above my normal monthly payment. 

I came to find out on XX/XX/2019, that Wells Fargo intentionally, knowingly, and illegally did not apply my excess funds to my principal balance as I personally requested, and illegally applied them towards future monthly payments. 

How I found out was on XX/XX/2019 I sent in a payment of {$13000.00}, and requested the whole amount be applied to my principal balance. I sent them an email through their site days before, and personally called and talked to an agent the day the funds arrived to make sure the funds where applied properly. 
A few days later I checked and found all the funds except another XX/XX/2019 month payment was applied towards my principal. I called Wells Fargo, and explained what had happened. Wells Fargo representative went on to explain that before any funds can be applied towards the principal the regular monthly payment needs to me made. Upset, I asked if anyone in Wells Fargo went beyond grammar school math! Or if anyone in Wells Fargo know how to read your own statements. I then pointed out XX/XX/2019 monthly payment was already made and applied to my account on XX/XX/2019. I then informed them it was illegal to charge me two monthly payments for the same month. They said they will look into it. 

I also informed them that the monthly statement I just received from them now shows XX/XX/2019 as my next monthly payment due date. I stated next month is XXXX not XXXX, This indicates that they have been applying several other additional " principal only '' payments to my regular monthly payments illegally instead for applying them towards my " principal '' balance as indicated/instructed by me. I informed them it was illegal to charge me future monthly payments in advance. 

They said they will look onto it. I haven't heard back from them since. I called again around the XX/XX/2019 as I made another large " principal only '' payment ( {$20000.00} ) which did include my XX/XX/2019 payment as well. This time, they kept on transferring me from one agent to another ( 4-5 ),  however, after about 45 minutes on the phone and still at square one with each of Wells Fargo representatives kept telling me they don't have access ; I told them when they find someone at their bank that does, to call me back. Again, to this date and time, I still haven't heard one thing back from anyone at Wells Fargo. 

In addition, I informed them that my mortgage rate is 3.25 % and when they find out how far back, they illegally kept my " principal '' only payments, which appears to be a total of 3 extra months of illegally collecting additional monthly payments. ( XXXX vs XXXX ) ( {$1700.00} x 3 + {$5300.00} ). I expect to receive 3.25 % on these funds dating back to when they illegally, and secretly applied my funds other than personally directed by me in writing to have these funds applied to my principal balance. 

To me, it appears Wells Fargo has learned nothing from the last time they got caught illegally doing business. If I can figure out in less than an hour what they did, and I have no experience in banking or financing, why so far, it's been 14 days and still not corrected when this is their business. 

They also informed me that all my calls I placed to them were recorded so you can hear first handed my questions, concerns, and their responses to them.

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 explanation