Consumer complaint received 2018-12-09
Company: WELLS FARGO & COMPANY
State: PA
Product: Student loan
Sub-product: Private student loan
Issue: Getting a loan
Sub-issue: Fraudulent loan

Complaint:
I am filing this complaint because Wells Fargo the amount and interest accrued for my student loan consolidation is incorrect. They are doing this on purpose. I applied for a student loan consolidation through Wells Fargo to consolidate the current loan, I have with XXXX. When I put in the application Wells Fargo had the amount of {$5100.00} on the approved disclosure know that my principal amount plus interest was more than {$200.00} lower with XXXX. There was no loan origination fee connected with the loan. I was told that Wells Fargo usually overpays the student loan to make sure the student loan is paid in full. If the amount happens to be lower after the payment clear they will adjust the loan accordingly. But they are doing the opposite after the loan get approved and the funds got disbursed. 

I put in an application on XX/XX/2018. The loan request agreement was signed and upload to the Wells Fargo website on XX/XX/2018 but the fund wasnt disbursed until XX/XX/2018. It looks like Wells Fargo waited over 10 days to disburse the loan so the interest rate could go up to the amount of {$5100.00}. As of XX/XX/2018 XXXX, still havent received the check sent by Wells Fargo. But I was already receiving statements in the mail for payment due in XX/XX/XXXX. When I log into my Wells Fargos account to check on the student loan, I noticed interest rate has already accrued starting on XX/XX/2018 before the funds was disbursed to XXXX. 

To summary everything, I found something really wrong with this loan with Wells Fargo. First, they have the incorrect amount for the student loan consolidation I applied for in the amount of {$5100.00}, but my principal loan amount plus interest with Navient is more than {$200.00} lower. Second, they are charging me interest on the loan and I am receiving statements in the mail for payment due in XX/XX/XXXX before the check is clear with XXXX. How do they know the amount would be {$5100.00} when the check clear with XXXX?? Since I am still paying down the loan with Navient every month. I make over the minimum payment. So, the principal amount plus interest would be lower. It is illegal to take the extra amount beyond what I owe XXXX so Well Fargo would have to adjust the amount and correct the interest. But they are refusing to do that!! 

I called up the Wells Fargo on XXXX about the student loan and told them the situation but Well Fargo refuse to do anything about this issue. I was connected to the executive office regarding this issue and was assigned an analyst to work on this issue. The analysts name is XXXX XXXX her number is XXXX ext XXXX the case number : XXXX. She is available between XXXX XXXX XXXX Eastern Standard Time. I should be receiving a response from her by XX/XX/2018 before the XXXX holiday. As a result of this, I have no choice but to file a complaint with the Consumer of Financial Protection Bureau. As of XX/XX/2018 my loan with XXXX is still active so now I am stuck with two loans.

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