Consumer complaint received 2015-10-01
Company: WELLS FARGO & COMPANY
State: TX
Product: Credit card
Issue: APR or interest rate

Complaint:
I received a 15 month, 0 % promotional rate " Supercheck '' for my credit card from Wells Fargo in the mail. I placed a balance on the card for a large purchase around $ XXXX. A few months later I used the card to make several purchases and was informed ( on the phone by a Wells Fargo representative ) that I only needed to pay the minimum balance and the total amount for my purchases ( not including the XXXX percent portion ) in order to avoid any interest charges. I did this for a few months until I realized I had been receiving interest charges upwards of {$40.00} each. So I called up Wells Fargo again ( XXXX ) and spoke with a representative that also gave me incorrect information. In addition, I learned that my payments were being split up between the XXXX different balances in an unpredictable allocation percentage. One month could be XXXX, the next could be XXXX ( which was roughly the case ). In the meantime my purchases on the higher interest were growing exponentially ( and so was the interest ) because the allocation of my payments were going largely towards the 0 % interest loan. I was directed to speak with a supervisor ( XXXX ) whom informed me of this. After XXXX practically did nothing for me except drop the interest for 2 of the several months I was charged, he informed me that the only way I could avoid more interest would be to pay off the entire balance ( 0 % interest portion and the purchases ). The reason was because there was no way to tell how my next payment would be allocated. I was directed to speak with another supervisor, XXXX, who told me the same things and kept saying things that were completely irrelevant. After a while it seemed like she got the point that Wells Fargo was screwing me over. She promised to have her supervisor, Georgia, call me on Wednesday ( XXXX ) but I received no call. 

My major complaint here is about the Credit Card Act of 2009 that states in section 164 : '' ( b ) APPLICATION OF PAYMENTS. -- ( 1 ) IN GENERAL. -- Upon receipt of a payment from a cardholder, the card issuer shall apply amounts in excess of theminimum payment amount first to the card balance bearingthe highest rate of interest, and then to each successive balancebearing the next highest rate of interest, until the paymentis exhausted. " In addition, the terms listed on the Superchecks state : " Your minimum payments will be applied first to lower APR balances before higher ones. Payments in excess of the minimum payment will generally be applied to balances with higher APRs first ''. Now the " generally '' I assume applies to the general statement in the Credit Card Act because there is the exception in part ( 2 ) that refers to deferred interest balances in ending within two months. 

This is unacceptable customer service, deceiving, stealing, appears to be illegal, and mal-business practice. In addition to being held accountable for such, Wells Fargo should also be held accountable for the information representative give. 

Note : all my payments are on time and in excess of the minimum payment plus the purchases of that month.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation