Consumer complaint received 2016-09-23
Company: WELLS FARGO & COMPANY
State: FL
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Don't agree with fees charged

Complaint:
Dear Sirs : I was given your name to contact regarding any rights I may or may not have. Please allow me to explain. I am a single mom that has solely raised my XXXX children. Part of raising them was to co-sign for student loans to enable their college education. Somewhere around XX/XX/XXXX, I opened accounts at Wachovia who later sold to Wells Fargo. Around the years of XX/XX/XXXX-XX/XX/XXXX or so my daughter had loans through XXXX who later sold these same loans to Wells Fargo. Wells Fargo has persistently been unwilling to consolidate and demanded payment after her graduation from XXXX XXXX College in XXXX in XX/XX/XXXX. I attempted to make payments XX/XX/XXXX, XX/XX/XXXX and {$200.00} XX/XX/XXXX to which I continued to receive default notices. This brings me up to XX/XX/XXXX. 

Without notice, Wells Fargo on XX/XX/XXXX deducted {$3600.00} from my checking account and {$23000.00} from my money market account with no advance notice. I called and spoke with XXXX of the Student Loans division at XXXX. She stated that as part of the agreement of having a checking account with them, I would have agreed to them retrieving monies when I opened the account which is " within their legal scope of rights ''. I opened the accounts prior to the loans being taken out. I also told her that I had been persistently called while XXXX where I work as a XXXX and was being pulled from XXXX to answer these calls. I asked them not to call but the calls continued. 

While, clearly dumbfounded and hysterical, I immediately called and spoke with XXXX of the Student Loans Division of Wells Fargo. Ironically, while on the phone, XXXX immediately " got approval '' to write the balance of the loans off. Here are the facts and figures. She stated the balance of the loans were {$49000.00} and they retrieved {$27000.00}. The difference would be a " write off '' and either my daughter or I would have to claim the write off on next year 's tax returns ( which was done with our XXXX tax returns ) I also explained that this was my retirement and how could they just take retirement monies out of a personal money market account? She told me I had no recourse but to either accept this or to set up further payment options for the balance. I felt this was intimidating and threatening. I also told her my daughter had attempted to make payments but they would n't accept partial payments. She had had limited income ( XX/XX/XXXX ) of XXXX. I asked if I had any recourse and she said no. She said either way, they would keep my money. 

My question is do I have any legal rights in this case? I have read about the class action suit with Wells Fargo and the illegal fines and fees they charged. Between the anxiety, loss of income, sleepless nights and threatening behavior I was at a loss as to what to do at the time. These are not the only loans out there. I have XXXX daughters, XXXX that has loans through XXXX ( now Wells Fargo ), and XXXX and this particular daughter that also has more loans through XXXX. I also just finished my XXXX degree so I have a very small loan which I have been making payments. This has destroyed my previously excellent credit rating. I do own a modest home outright and have a few IRA 's. I am XXXX years old and this will affect my possibilities of " retirement '' and also have already had some health issues. I did change banks but for the immediate period, I am reaching out to see if this is something I should pursue and am concerned forward for my home and any other monies whether now or as an inheritance in the future. I thank you in advance for any help or advice as to whether I should go forward

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