Consumer complaint received 2016-11-03
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
On XXXX/XXXX/2016 I have used the on-line transfer feature provided by WellFargo and transferred an amount from my checking account with Wells Fargo to my loan account with Wells Fargo. The site provides a feature that allows customers to pay towards the principal of their loan and this is what I have used. On XXXX I have paid the whole principal balance on my mortgage. Being an online payment between accounts with same bank the payment showed up instantaneously and the principal balance of my mortgage became XXXX. I understand at that time that there will be an additional interest due to pay for the first 26 days of XXXX and a {$10.00} recording fee and that is why I requested a payoff amount. The payoff statement arrived by mail 5 days later and it showed an additional amount due of {$490.00} which I completely agree to pay. 
However, two days later I have received another statement from Wells Fargo in which they requested additional interest because for some reason the bank claimed that it did not receive the payoff amount in time. 
I have called them and tried to explain them that as of XXXX my principal was XXXX and therefore they can not charge me any additional interest after XXXX. I have opened a case with their so called " executive care team '' but nobody got back to me with a resolution yet. 
Wells Fargo is providing customers with a feature that allows instant payments on-line between accounts within Wells Fargo, particularly, the feature allows instant transfers from a checking account towards the principal balance of a loan. I 'm attaching screenshots of the interface online, using my other loan with WF as an example. 
Attached are screenshots showing that the payment of {$170000.00} was processed on XXXX, then for some reason the payment was reversed on XXXX but it has never been transferred back to my checking account. 
The feature is still present on-line as of today and there are no notes or warnings about any limitations or delays. If there are system limitations or gaps in the process that prevent or delay the payments, this should be Wells Fargo 's responsibility and customers should not have to pay for that. 
Also, during my conversations with XXXX XXXX who has been assigned to investigate this case as well as other reps that I have spoken with, they have verbally stated that they can see the payment I 've made on XXXX but could not explain why it was reversed. All these conversations were recorded by Wells Fargo and can be verified if needed. 
At this point I would like to report this to the government agencies in charge with overseeing the mortgage industry as per my understanding it is illegal for an institution to charge interest for the period of time when the balance on the account was XXXX. 
The interest calculated as of XXXX when the principal balance became zero, was {$480.00}. Recording fee is {$10.00}. Fair amount to pay in order to wrap up the payoff is {$490.00}. 
Because the principal balance was not properly updated on XXXX, a regular monthly payment of {$900.00} was paid towards the same account. 
So to fairly close this case, Wells Fargo needs to refund me XXXX {$410.00} Similar case number XXXX was previously opened in XXXX and not satisfactorily addressed by the bank. I would like to escalate my complain to the special department created within WellsFargo, in charge with analyzing and resolving all recently discovered wrongdoings by this bank.

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