Consumer complaint received 2017-04-19
Company: WELLS FARGO & COMPANY
State: AZ
Product: Credit card
Issue: APR or interest rate

Complaint:
In  XXXX   XXXX , due to the advertising from  XXXX  's  XXXX   XXXX , we purchased a few items of new Furniture from   XXXX   XXXX   XXXX     XXXX , located in  XXXX , AZ. We were solicited by the store sales staff to sign-up for their " Interest-free Payment Plan ''. If it was not for this Interest-free Solicited Offer, we wold not have agreed to purchase this furniture from  XXXX  's  XXXX   XXXX   ( a nd would have purchased elsewhere  ).   It was only AFTER we purchased this furniture from the retail store that we were notified we had just signed-up for a Credit Account from  Wells Fargo  Banking. Over the course of the subsequent 8 months, we made our designated, required payments on this account, and in fact often paid double the minimum payment amount required on this Credit Card. In  XXXX  of  XXXX  we were outraged and shocked to discover that  Wells Fargo  Credit Card company - on behalf of  XXXX  's  XXXX   XXXX  - and on a remaining outstanding Credit Balance of only {$1200.00} dollars ( with a minimum payment due of only {$70.00} ) the Credit Card company had charged us {$380.00} as an INTEREST CHARGE!   See attached PDF copy of Statement from  Wells Fargo Ba nk Credit Card and   XXXX   XXXX   XXXX   XXXX  .   We contacted the  Wells Fargo  Credit Card company and complained about what we believed must have been some kind of calculation error in their billing, and were told an agent supervisor would get back to us ; but no one ever contacted us!   Subsequently, even though we continued to make regular monthly payments on this Credit Card balance, often with payments double the minimum amount required, the  Wells Fargo Credit  Card company and  XXXX   XXXX   XXXX   XXXX  has continued to charge us further, additional " Fees '' and " Interest '' charges every month, of at least {$63.00} dollars and as much as {$72.00} dollars each month over &amp; above the {$380.00} they 've already charged us in " Interest '' on what was only a {$1200.00} balance ( before their ludicrous, outrageous additional Interest Charges ).   They have unfairly charged us the following amounts : {$380.00} Interest Charge in  XXXX   XXXX  {$72.00} Interest and Other Fees in  XXXX   XXXX  {$31.00} Interest Charge in  XXXX   XXXX  {$63.00} Interest Charge and Other Fees  XXXX   XXXX  To date, Total of {$550.00} in Interest Fees and Other Fees ( on a {$1200.00} balance ) in just the past 4 months!!   The Fair Credit Act is supposed to protect Consumers like us from unethical, unscrupulous criminal " gouging '' conduct like this by greedy banks and shady lending companies such as   XXXX   XXXX   XXXX   XXXX  . These ridiculously-high Interest Charges and " fees '' should be immediately removed from our Billing, and, this  Wells Fargo National Financial  Bank Credit Card company should be heavily fined by the FTC for violating consumer trust, as they have done here. This unethical " gouging '' of faithful consumers by  Wells Fargo Cre dit Card companies and their  XXXX   XXXX  partner-in-crime should be stopped and prevented from ever being perpetrated on other good-faith consumers in the future!

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