Consumer complaint received 2024-02-02
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process
Sub-issue: Paying off the loan

Complaint:
Wells Fargo is yet again doing illegal activity. I made a principal payment of $ XXXX on XXXX and at that time my current balance was {$88.00} ( rounding up ) Since then I have made several payments as well as additional principal payments and the balance is now at $ XXXX. It appears that Wells Fargo did creative accounting so that they could continue to charge me interest on a high balance as opposed to correctly crediting my account on XX/XX/XXXX. When the $ XXXX payment was made, the balance should have been $ XXXX, yet the balance id $ XXXX and I have made an additional $ XXXX towards the principal along with my monthly payment so the most my balance should be at right now is $ XXXX, not XXXX! 

Wells Fargo should not be allowed to get away with this and be fined a penalty. This is not the first time they have done this to me. The first time I bought their creative accounting explanation, this time I realized, it makes no sense! I should be given a credit for my overcharged interest as well! Wells Fargo keeps trying to make contact with me to try to convince me that their accounting is correct when it is absolutely wrong and they are still benefiting on interest charges off my incorrect balance! 

Wells Fargo has had a history of questionable activities and I can not be the only one that they are pulling this mortgage interest rate scam on!!!! I have various statements and they have questionable accounting and balances and are different on each statement??????? 

Correct whatever they did and pay a fine for trying to defraud a consumer! Pay a penalty for over charging interest on the high account balance that they did creative accounting on to continue to get away with. If they paid other things with my principal balance instead of just deducting the entire $ XXXX straight from the balance at the time of payment like they should have done, they should have to accept the losses for what they tried to do!!! I should not be penalized for their fraud attempt! They used my money and double dipped. They charged me interest on an incorrect balance and then used my money to pay them interest. Not sure what type of correction they attempted to make on XX/XX/XXXX, but as you can see they tried to backtrack and the balance is still incorrect, because they did it wrong in the first place and refuse to pay for all the attempts in fraud and continue to incorrectly correct my principal payment. The payment would be different and could be used for what they did if it was not a principal payment, but if it was a principal payment, so they committed fraud! Please look at the statement and you will see they only credited {$31000.00} in XX/XX/XXXX instead of the entire $ XXXX like they should have! They did attempt to fix it, but not the way it should have originally been credited ( on the entire balance )! 

Since XXXX payments totaling over of $ XXXX and my balance is still over $ XXXX when it started at $ XXXX something is VERY wrong!

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