Consumer complaint received 2016-03-28
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Credit decision / Underwriting

Complaint:
My wife and I are senior citizens and we were told incorrect information by Wells Fargo Bank branch XXXX XXXX XXXX Florida. My wife and I went into the bank to have them adjust a monthly service charge to my business account.. At that time, we asked the service representative XXXX if Wells Fargo had an interest only home equity loan. She said they did and sent me to XXXX XXXX who is the financial advisor for that branch. We talked with XXXX at length about the interest only home equity. We stated that our present home equity with XXXX XXXX XXXX was expiring in a year and XXXX XXXX XXXX did not offer an interest only loan. He said we could start the process with Wells Fargo since Wells Fargo had an interest only home equity loan.. At no point were we told that Wells Fargo did not offer an interest only loan. A form that I was asked to sign stated that the line of credit at XXXX XXXX XXXX would be closed. I was told last week that I should have signed a form that stated that the loan at the other bank would only be closed after the new loan was in place. Unfortunately the financial advisor gave me this form to sign because he stated it would only be used after the new loan was in place. It looks like that after he closed my old home equity, I would be forced to use the home equity that was offered by Wells Fargo. I have contacted the financial department of Wells Fargo. I got a nice form letter from XXXX XXXX which stated I would get a result of the inquiry by XXXX XXXX .On XXXX XXXX I received another form letter from XXXX XXXX which stated that I would get the result by XXXX XXXX. On XXXX XXXX, I called XXXX and she never called me back. I supposedly got her boss, XXXX XXXX, who stated I would hear from XXXX by Friday this week and I should get a final decision in several weeks. Meanwhile I have had to borrow money from my savings account to cover a bill that was due last month. I paid back the money to my savings account this month. Basically I was misinformed by Wells Fargo and it looks very suspicious since I was told at another branch that Wells Fargo had not had an interest only loan since XX/XX/XXXX and this financial advisor had me sign that form to close my home equity at XXXX XXXX XXXX before my new loan was in place. 
It looks like the customer service department is used to send form letters to customers and never really solves the problems that the bank creates. 
Not once did any person in Wells Fargo address the problem. All they stated was that they would tell their personnel that they did not offer that product and that is scarry that a branch does not know the products that the bank offers. I do not know what to do and it seems like Wells Fargo washed their hands of the problem. I really hope the banking department can look into this practice by Wells Fargo and see if Senior Citizens are easy prey for the bank. 
I also would like to know what other organizations that I can inform about Wells Fargo approach to dealing with senior citizens

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