Consumer complaint received 2022-07-14
Company: WELLS FARGO & COMPANY
State: MN
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem when making payments

Complaint:
I set up autopayment prior to XX/XX/22 but after XX/XX/22, and I am sure I checked the box that said " minimum payment due '' thinking that would be the minimum payment listed on the statement. Wells Fargo is claiming I selected " Last Statement Balance '' ; which does not make any sense- why would I payoff a 0 % loan if I can make minimum payments ( {$190.00} a month ) over the next couple years. 

Because XX/XX/22 ( the due date ) was a Saturday, the full balance {$8100.00} was debited from my checking non-Wells Fargo account on Monday XX/XX/22. I called Wells Fargo that day to ask why they debited the full amount. On that call they told me it was because I selected pay-in-full which I disputed. Here is what I think is going on : this 0 % loan was for a furnace I had installed a few years ago ( financing program through XXXX via Wells Fargo as the issuer ). I was told it was structured like an installment loan from the furnace company but in reality it is a credit card so I think my minimum payment due selection triggered in their system the last statement balance just like you can set up on real credit cards. 

On that same call I was told I had to select " Other Amount '' to pay the minimum payment... how does that make sense? The statement is saying minimum payment due and the automatic payment option says minimum payment due. Something on a large scale systems basis is making this error, in my opinion. The person at Wells Fargo said they would have to receive the payment then turn around and make the payment back to my checking account. They also said it make take up to 10 business days. Knowing the XXXX is a Federal Holiday and the banks are closed I asked if XX/XX/22 or XX/XX/22 would be enough time and he said to call back XX/XX/22 for an update. 

On a call XXXX or XX/XX/22 I was told the refund was in a queue as of XX/XX/22 but not processed and that it could be 11 business days from XX/XX/22 ( not 10 business days like I was told ). I called back on XX/XX/22 because I still had not been refunded the {$7900.00} ( the {$8100.00} minus the minimum payment of {$190.00} ). They said it could be 14 business days so call back by the end of the week. 

I called back today XX/XX/22 ( the 14th business day ) because there are still no funds ( not in my non-Wells Fargo checking account nor in the balance showing up on the loan ). They said I should have called back tomorrow but that they would have advised me to do a stop payment at the originating bank back on XX/XX/22 so you didn't have to do the back and forth. They also told they don't know why the refund has not occurred yet and couldn't give me a timeline on when it would be processed because they are so backed up right now. They also said they wished they would just delete the pay in full button ( which isn't a button- they must have thought " Last Statement Balance '' ) because they get flooded with these types of calls. 

At this point I am at a loss. They can not tell me a timeline, they know it is a problem not just with me but with many people, and depending on who you get the process/advice is different.

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