Consumer complaint received 2015-07-31
Company: WELLS FARGO & COMPANY
State: AZ
Product: Credit card
Issue: Billing statement

Complaint:
I am submitted this claim to bring to your attention the deceptive practices of Wellsfargo Credit Card promotional rate offers. Nowhere on the promotional rate credit card balance transfer offer does it state how the minimum payment would be calculated or how the balance transfer fee would be required to be paid in the XXXX month 's payment plus the minimum payment. 
XX/XX/2015I received a Wellsfargo Credit Card Low Promotional Rate for my Wellsfargo Platinum Visa, acceptance offer XXXX. The superchecks promotion came with a 2.9 % APR for XXXX months after that the standard APR for purchases currently 11.35 %. My current credit limit for this card is {$15000.00}, it currently had a {$0.00} balance. 
I read the entire offer and the small print. A 3 % Balance transfer fee would apply. 
On XXXX/XXXX/15, I called Wellsfargo CSR regarding this offer to see if it would be better to have them process the balance transfer and if it would process any faster. The Customer Service Rep stated there would be no difference. That it would still take 5 to 10 business days to process. 
On XXXX/XXXX/15, I wrote out the supercheck # XXXX for {$14000.00} knowing that the 3 % or {$430.00} balance transfer fee would be added to my credit balance and I would not go over my credit limit. I deposited the check in my XXXX XXXX Checking account. 
On XXXX/XXXX/15, the money was cleared in my checking account. I paid off one of my other credit cards to take advantage of the lower APR credit rate. When that transaction posted to both my Wellsfargo Credit card and my credit card I paid off, I began to check my Wellsfargo Credit Card for the minimum payment due. I like to plan a month or so in advance what my financial obligations would be. I checked my Wellsfargo check card for several weeks each time it said no payment due. I received no email referencing my account or any mail regarding my new transaction to that credit card account. 
On XXXX/XXXX/15, I received an email that my Wellsfargo statement was available online. That my balance was currently {$14000.00}, and a minimum payment of {$610.00} was due on XXXX/XXXX/2015. 
I called Wellsfargo CSR ( XXXX ) on XXXX/XXXX/15 to question why my minimum payment was so high. Initially I was worried I missed a payment. However, XXXX stated that the first payment after a balance transfer includes the balance transfer fee plus the minimum payment. I told him that nothing is stated in the promotional offer to that affect. He said it has been Wellsfargo 's practice and terms despite not disclosing it in the promotional documentation. I told him this violates Truth & Lending law and is a deceptive practice. I asked to speak to the Supervisor. XXXX, Supervisor stated the same and as long as he has worked at Wellsfargo it has been their practice and calculation in first payment. I told him I have had the card for a long time and had done balance transfers and never had that experience. He filled out a form for Wellsfargo Executive Office to contact me tomorrow. 
On XXXX/XXXX/15, XXXX from Wellsfargo 's Executive Office in AZ called me. I explained my issue and discussion with both XXXX and XXXX at Wellsfargo Customer Service. She explained that this is there practice and is discussed in the disclosure when you call in for a balance transfer. I said I did not call in for the balance transfer. I further stated this is a very deceptive practice set up to put the consumer in default and this violates Truth & Lending Laws. She said this is stated in my credit cards terms. However, I stated, this is not on the promotional rate offer anywhere or in the fine print. So this is deceptive. Call ended with nothing being done to alter the current minimum payment.

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