Consumer complaint received 2021-12-19
Company: WELLS FARGO & COMPANY
State: IL
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
Mulitiple purchased made at XXXX furniture store. I am legally altered with vision. I relied upon store sales persons to inform me of the financing terms. I did sign an agreement via their little tiny printer that had writing on it that I could not read. The device I signed on was not much larger that a credit card swiper that you use at a grocery store. 

Purchases made on XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. 

I was told by sales person that I would have no interest purchase agreement with 12 months of payments. If the payments were not made I would get charged interest. I paid those payments without fail. I did not sit down to do the math because I had no reason to distrust Steinhafels at the time. On XX/XX/XXXX, I was charged {$200.00} in interest charges. I disputed this action with the complaint department at Wells Fargo, the financing company for the XXXX credit account. I received a letter from Wells Fargo Complaint division dated XXXX XX/XX/XXXX indicating that if I paid a sum of {$280.00} the interest charges of {$200.00} would be waived. I paid Wells Fargo the sum of {$1900.00} on XX/XX/XXXX via my online bill pay. That sum was to pay off the {$280.00} sum to get the interest charges waived and also to pay off another purchase with no interest for 12 months that was expiring on XX/XX/XXXX in the amount of {$1400.00}. Also, I added {$130.00} to make a monthly payment ( that was not due per their statement ). Wells Fargo make the decision not to pay off those expiring transaction but chose instead to divide that payment up among all of the purchases. Wells Fargo also changed the special terms ending date on the purchase with a balance of {$1400.00} from XX/XX/XXXX to XX/XX/XXXX and did not pay that balance off as I indicated. A person from the complaint department called me on XXXX XXXX ( I think was the date ) and explained that she would get in touch with billing to get this issue resolved if she could and would call me back the next day. She did not call back. However, during our conversation she did tell me that Wells Fargo billing had in the purchase agreement ways that payments were applied. As shown to you in clear print, apparently Wells Fargo will not allow you to pay off purchases but rather redirect payments how they choose. Additionally, the {$280.00} that I did pay apparently did resolve the interest charge of {$200.00} but they would not enter that fact on the new statement they mailed to me. I did see that credit online via their website but again, will not reflect the credit on the actual billing statement. I do not believe this to be ethical business practices. Furthermore, why would the company finance 12 months no interest if paid if full by that date, set the payment charges to a level that will not pay off the debt in 12 months, then not allow you to pay the debt off but rather divide the payment as they choose. This is clearly a consumer trap that should be addressed and punished.

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 non-monetary relief