Consumer complaint received 2020-07-03
Company: WELLS FARGO & COMPANY
State: MN
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
In XXXX I had taken a business loan out from Wells Fargo 's Practice Finance division to purchase my XXXX XXXX. In late XXXX we had discussed with Wells Fargo options to finance a building expansion, though no competitive products were offered and in XXXX we decided to refinance our practice loan with another bank due to an offer for additional financing for building expansion as well. 
On XX/XX/XXXX I reached out to the loan officer, XXXX XXXX, for advice/assistance on reduction of a prepayment penalty that existed in the Wells Fargo loan documents. XX/XX/XXXX, XXXX replied that there is nothing that can be done to reduce prepayment fees unless I were to refinance with Wells Fargo. ( Unbeknownst to me, all prepayment maximums had been lifted in XX/XX/XXXX ; however, XXXX did not inform me of this when I asked for assistance ). XXXX did, however, advise my colleague, XXXX XXXX XXXX, who acquired the same loan for the same purchase nearly the same time as I, and on my referral to Wells Fargo of this information. I have a copy of the correspondence demonstrating this between XXXX and XXXX as evidence. 
XX/XX/XXXX, I reached out to Wells Fargo 's client service email and asked the question again as of how to reduce prepayment fees. XX/XX/XXXX, XXXX XXXX replied and stated that he was able to prorate the prepayment structure to help save me on the fees to be paid. As you can imagine, I was very happy that NOW something could be done to assist. If I had known, though, as XXXX and XXXX surely should have, I could have been advised to prepay as much as possible prior to refinance and minimize my prepayment fee of nearly {$16000.00}. 
On XX/XX/XXXX, I was made aware of the dropped prepayment maximum by my colleague XXXX XXXX XXXX, after I had refinanced and paid the prepayment fees. 
I immediately made this information available to XXXX and stated my dissatisfaction and asked for re-review of my case and reimbursement of my prepayment fees. XX/XX/XXXX I spoke with XXXX and he emailed Wells Client Services asking for review due to the fact I was ill advised. XX/XX/XXXX, I followed up with XXXX and he states they have been " sidetracked. '' He again reached out to WF Client Services. No response was heard. 
XX/XX/XXXX, I emailed XXXX and WF Client Services again, stating the facts and asking for re-review based on advice from my attorney. XX/XX/XXXX, I still had not heard anything, so I followed up with XXXX XXXX, another contact at WF, and notified him that I have not heard anything from Wells regarding my requests in weeks. He stated he would get in touch with client services. 
XX/XX/XXXX, I received an email from XXXX XXXX, Manager of the XXXX Division of Wells Practice Finance. He informed me that WF had done enough for me and that the loan documents explicitly stated the terms of the loan, again omitting the revised prepayment maximum. On XX/XX/XXXX, I spoke with XXXX who admitted that things should have been handled differently, but still was unwilling to make concessions. 
Due to the structure of the loan being changed in XX/XX/XXXX and my asking for advice on prepayment reduction, I believe that XXXX XXXX and Wells Fargo fruadulently misled me in attempts to keep my business in the hands of Wells Fargo. I'm asking for your help in mediating a resolution to this unjust profiteering by Wells Fargo. I would be happy to provide copies of email correspondence, the letter between XXXX and XXXX XXXX XXXX which clearly states the advice that I should have been given and a recorded phone conversation between XXXX XXXX and myself to demonstrate how this case was mishandled. 
Thank you Kindly.

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