Consumer complaint received 2021-01-25
Company: WELLS FARGO & COMPANY
State: FL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with balance transfer

Complaint:
Wells Fargo did not allocate payments properly. They also invented 0 % expiration dates on balance transfers twice. 

My XXXX XXXX, XXXX statement showed XXXX balance transfer segments : the first with 0 % interest ending on XXXX XXXX, XXXX with {$3500.00} owed, the second ending on XXXX XXXX, XXXX with {$2500.00} owed, and the third on XXXX XXXX. XXXX with {$2100.00} owed. These are all correct. I made a payment for {$100.00} on XX/XX/XXXX, which met their minimum payment of {$83.00}. I also made a payment of {$3500.00} on XX/XX/XXXX. Both payments were made during the same statement period. Wells Fargo policy and Federal requires that any amount over the minimum payment go toward the segment with the highest interest rate. Wells Fargo divided up the {$3500.00} payment between all three segments. The first segment 's 0 % rated had expired on XX/XX/XXXX, and was at 22.99 % on XX/XX/XXXX when my payment was received. My XXXX XXXX, XXXX statement showed that the payment was not directed to the first segment as it should have been. It also showed the first segment 's 0 % rate expiring on XX/XX/XXXX. I have never made a balance transfer with a 0 % rate expiring on that date. I checked all my statements that year, and it did not exist until it appeared on the XXXX statement. 

After receiving my XXXX statement, I called Wells Fargo customer service and spoke to XXXX. She said she would elevate my complaint to a higher level, and gave me a case # XXXX. She said I would hear back in 10 days. On XX/XX/XXXX, I received a letter from XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX, MN XXXX. Phone # XXXX, no email address. She gave the case a new case ID # XXXX. This letter reiterated the facts that were in my complaint, yet she did not reallocate the payment to the first segment. She also did not address the issue of the invented 0 % expiration date in the first segment. I called daily, leaving messages for a call back, and have never received a call from her. I wrote her a letter on XX/XX/XXXX. XXXX stating my position, including statements and her letter. 

I have since received my XX/XX/XXXX statement. It shows I made payments of {$100.00} on XX/XX/XXXX, and {$2500.00} on XX/XX/XXXX. Here again, the payments were divided amongst the segments, and yet another invented 0 % expiration date was shown on the second segment to be XX/XX/XXXX. That payment should have gone to the second segment which had a 0 % rate expiring XX/XX/XXXX, and at 22.99 % when the payment was received. I have never made a balance transfer with A 0 % rate expiring on XX/XX/XXXX. 

I presume that Banks are required to follow Federal law concerning where payments are allocated. I also presume that they are not allowed to invent 0 % expiration dates on balance transfer segments that were never made by me. I feel that I have made every effort to get Wells Fargo to correct both issues on my XXXX and XXXX statements and credit my account for any interest charged after XX/XX/XXXX and XX/XX/XXXX. They have done neither, leaving me with no other way to contact them. I feel that they have purposely made this a dead end, with no further way to contact 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 monetary relief