Consumer complaint received 2017-10-20
Company: WELLS FARGO & COMPANY
State: MN
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
I was getting married and opened a no interest for 12 months credit card issued by Wells Fargo to pay for the wedding ring ( " Account X '' ). The terms of the card were that if the total sum of the loan were paid in 12 months, then there would be no interest. If the sum was not paid, then I would be responsible for XXXX % annual interest for the entire amount of the original loan. 

At some point, I stopped receiving statements about my account. Because I had setup 12 recurring payments I believed my account to be paid off. 

Moving forward I had to purchase a wedding band and my wedding ring, so I opened another 12 month interest free card issued by Wells Fargo ( " Account Y '' ). I received a letter in the mail detailing how to setup automatic payments to this account, which I went through and did. The next month I received a call from a Wells Fargo representative insisting that I had not made any payments to Account Y. 

Through discussion with Wells Fargo, I discovered the automatic payments most recently setup had been directed to Account X. Account X had not been paid off. The recurring payments I had setup were not sufficient to pay off the total loan, and I had not received any communication in email, writing, or phone to tell me about the incoming interest charges or the numerous late fees and missed payments I had. When I went back and looked at the statements for the first time using their online website, I found a month in which I had a {$1700.00} balance and was charged a {$1200.00} interest fee. I am attaching this particular statement, which I saw for the first time less than a month ago ( ~5 months after the end of the promotional 12 month period ) Per Wells Fargo , at some point I was switched over to getting " electronic statements '' although I can not ascertain why. Wells Fargo has provided confusing answers for which email address statements were sent to. One time they said one email, another time they said a different one. I have checked all of the emails referenced by them thoroughly and there is no record in my spam folders, inbox, or any other folder of statements or statement notifications from Wells Fargo. 

I spoke with an executive at Wells Fargo, and with the IT department at Wells Fargo, and they insist that emails were sent but will not offer me any proof that such emails were sent. I contacted my email providers and my email servers have never received email from Wells Fargo. I believe that they will not provide proof that emails were sent because they were not sent. They had a strong incentive to not provide the statements which I am entitled to by law. 

I raised these issues with the executive and they referred my issue to a case manager XXXX XXXX, available at XXXX ext XXXX. I was assured that I would be contacted after 10 business days. After more than 10 business days I had not received a call, and called XXXX XXXX at the number above. She was unavailable and called me back later. At that point, she gave me no new information and just said the same thing that the customer service agents had told me to begin with. They would not tell me why the statements were not delivered, or why I was not contacted before {$1700.00} in interest was charged on a {$1200.00} balance. This is predatory lending, and Wells Fargo is manipulating customers so that they will not pay their balance in 12 months. They have an incredible incentive with these contracts to neglect the borrower 's rights to monthly statements and to notifications of changes in interest rate, which I never received.

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