Consumer complaint received 2018-07-27
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
XX/XX/XXXX To whom this may concern, I have complaints against Wells Fargo. 

I went to the nearest Wells Fargo bank and closed my checking ( way2save checking account ) account with them recently on XX/XX/XXXX because I can not afford to pay the monthly service fee of {$12.00} for the checking account anymore. It had went up from {$8.00} through the years. I told them I'm having financial hardship and been struggling to make payments on all of my debts every month. I still could not find a job, although actively seeking and been trying to make only minimum payment each month since that's all I can afford. With their Credit card, I normally have {$62.00} or {$63.00} minimum payment each month which I have been paying for years, since I stopped making purchases and the last transaction I had with them was the cash advance last XX/XX/XXXX or XX/XX/XXXX. For some reason I am not able to download this transaction online from my Wells Fargo account. I needed to send that money to pay a portion of my Dad 's medical bill before he passed away last XX/XX/XXXX. Reason why I emphasized this, it's because this is the reason the Wells Fargo agents over the phone is reiterating, that they raised the interest or principal due to this cash advance. This cash advance was made XX/XX/XXXX or XX/XX/XXXX. Even after, I was paying the {$63.00} min each month. Why now? Why raise it soo ridiculously high to {$90.00}? 

So the Bank clerk was accommodating enough and we even talked about ways of saving money on a regular basis and how times are harder now. And so she closed my checking account upon request. She said I won't incurr any charges for closing my checking account and for any questions, I can always come back to them. 

But before closing the checking account, I made a payment online to my Wells Fargo credit card ( which remains active ) of {$63.00} for minimum payment on XX/XX/XXXX ( Which is the usual minimum amount I pay every month. I received an email from them XX/XX/XXXX that the check was cancelled, so I called my other bank, XXXX XXXX ( whose main acctholder is my spouse ). I also called Wells Fargo first which they told me its either 2 reasons : either the bank account is closed, or I don't have enough money in there to pay Wells Fargo. Neither are true. So I called my other bank, XXXX to verify. And they told me that neither are true and I should be good to go and that there's something happened in the transfer process but weirdly, can not identify it. So, I told them that as long as there is no unauthorized, fraudulent activity and that the transfer did not go through, I just have to pay Wells Fargo again, so XXXX XXXX  agreed with me. They said there was no problem at all with the account and the funds and wonders why Wells Fargo has a problem with it. And so I paid Wells Fargo again, the min payment of {$63.00} and this time, it cleared. 
So, on XX/XX/XXXX, it cleared and so, they offered to waive the late fee of {$27.00}. and I thought everything was good. 

However I am so suprised when I received my statement for XX/XX/XXXX, the minimum payment jumped to {$90.00} instead of {$63.00}. and so I called Wells Fargo to ask, they said it's because, the {$27.00} late fee that was promised to be waived, but did not clear yet. that's why it's {$90.00}. I said okay, I'll give it another day to clear then. 

And so I called again the next day and still i'm seeing {$90.00} as the minimum payment and this time the agent told me that yes, the {$27.00} late fee had been waived, but another {$27.00} was added to the principal or interest. And so I asked why, why it is soo super high. I understand that they have a discretion to raise the interest ( or whatever it's called ), a few dollars maybe reasonable but from {$63.00} to {$90.00}? It's very ridiculous and greedy and evil. 

Whoever I tell my story to, feels the same way. Why now? I feel, it is like a retaliation because I closed my checking account with them. These greedy big banks, keep on charging us small, poor people, just because they can. I think it's very unfair, injustice, and atleast I should have been notified prior to any changes. These calls did not get me anywhere. 

And so I called again the next day, and everytime I tell them my issue, the agents keep transferring me to another dept. I felt like they don't want to deal with me although I keep my cool and still be respectful as I can. They have the call recordings and I can attest to that. 

However on my, about 5th call in XX/XX/XXXX, I ask for a supervisor right away because I can not take it anymore when they have different excuses, or transfer me to another dept that did not have to do with my issue. 
The supervisor, XXXX was not able to help me as well, to put back my interest to where it was before and told me I just have to deal with that minimum amount of {$90.00} every month. 

{$27.00} is added to my monthly interest. I look at this as retaliation because I closed my checking account with them. Why now? Why this high? Why I was not given prior notice beforehand? 

And so the supervisor offered to transfer me to the higher officer of the bank who he said is incharge of interest rates. I talked to XXXX XXXX, of their customer care escalation dept who, is the same, not able to help me just like the supervisor. 
She can not answer my questions and remained on her position stating they have a discretion whether to raise interest or not, and if yes, they can raise it to how much, when ever they want, however they want. 

And so I told her that if that's the case, I can no longer make any payment at all every month. Definitely I can not afford the minimum of {$90.00}. When I'm even struggling to make my previous minimum payments of {$63.00} every month, but still paying it. 
But now that it is {$90.00}, I can not afford it and I wish them luck in collecting. 

This is so unfair, so ridiculously high, from {$63.00} to {$90.00}. So full of injustice and greed here. 
My other credit card debt did not do this to me. I have been paying them the same minimum amount every month since that's all I can afford for now. I never had problems with them. 

I just used to hear and watched bad news about how Wells Fargo is so dirty, dishonest and evil with theirs customers. 
Now, it happened to me too. whether on a different way. 

When I made it clear in the first place, I can not afford it anymore and now, here they go, raising the interest. How greedy and evil can they go? 

Unfortunately, even speaking with the higherup, did not resolve my issue. Reason why I am escalating this to Your Attorney General office.

I had escalated 2 issues/complaints with the Attorney General 's office months ago and those companies had finally admitted their mistakes and settled my issues, but I just don't want to do business with them anymore. 

I want to take this opportunity to thank your office and I hope that you can continue to help small people out there like me or may even in a much worse situation. 
This is not right and just for these big companies to continue to oppress less fortunate people. We are working hard and been doing all the sacrifices we need to survive, please help us simply live. 

We are not asking for free things. We ask that they be just and honest and deliver what they promise to their customers. Do what has been agreed upon and stop oppressing small people just because they can. 

Thank you so much for your help. and please contact me anytime you have further questions regarding this matter. 

I have all my evidences. 

Thank you. 

XXXX XXXX XXXX email : XXXX phone : ( XXXX ) XXXX

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