Consumer complaint received 2017-06-07
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Unexpected increase in interest rate

Complaint:
XXXX   XXXX   XXXX   offer special financing program through Home Project loan from Wells Fargo Financial National Bank in order to change the window of my town home located in   XXXX   XXXX   XXXX  .   XXXX   XXXX   California  XXXX . Almost all the 18 town homes change the windows ( we are 18 units ).
  XXXX   XXXX   the home improvement salesperson from   XXXX   XXXX   XXXX   fill out the form. He told me that this is a very especial financial program with 0 % interest for only people that had a house and need improve.
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In the second page indicate Annual Percentage Rate ( APR ) for purchases 27.99 % and APR for Cash Advance 27.99 % and I asked about it. He explains to me that I will pay 27.99 % only if I buy something or take money from the car. I never use the card I never activate the card and does not said any thing about referred interest ( attachment 1 ).
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I only sing the application in other to know if I can get the financial From Wells Fargo Financial National Bank.   XXXX   XXXX   told me that I would pay {$250.00} every month until I finish to pay the {$8800.00}. ( Attachment 2 ).
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  XXXX   XXXX   came at home and told me that I was the lucky one because I was approved for the 0 % financial credit from Wells Fargo Financial National Bank. When I got the fist statement the minimal charge it was {$300.00} it was not {$250.00}. My first payment was  XX/XX/XXXX  ( Attachment 3 ).
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I set up my account paper less and I just pay on-line every month. However in my statement of  XX/XX/XXXX  my balance was {$3600.00} plus an interest charged of {$3300.00}. I called immediately to Wells Fargo Financial National Bank and they told me that this amount it was a deferred interest. I did not know what was referred interest. I went to Internet to understand about it this interest because I was not familiar with.
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It was very difficult to get contact with some one that it is not costumer service in Wells Fargo Financial National Bank. Finally I got a contact with   XXXX   XXXX   Research Remediation Analyst she told me that my case will be review I got the letter from   XXXX   XXXX   in XX/XX/XXXX  ( attachment 4 ) and I sent by fax a letter with an offer to pay all my balance and it was not accepted ( attachment 5 ). Wells Fargo Financial National Bank transfer me to other Research Remediation Analyst   XXXX   XXXX   with not resolution.
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In  XX/XX/XXXX  I made a complain to County of Los Angeles Department of Consumer and Business Affairs. The contact person is   XXXX   XXXX   ( Phone   XXXX   XXXX   XXXX   XXXX  , Fax   XXXX   XXXX   XXXX   XXXX   XXXX  . Wells Fargo Financial National Bank never contact her even that I sent several letters let them know that I gave her the authorization to talk about my case with them. They just ignore her.
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I made a complaint to Consumer Financial Protection Bureau XX/XX/XXXX  Complaint #   XXXX  . The complaint was answering by   XXXX    XXXX  In XX/XX/XXXX  ( attachment 6 ). In his letter the second paragraph from Information about your account said ( quote ) On XX/XX/XXXX a charge of {$8800.00} was made with special financial term of 18 months, No interest if pay in full, and Regular Monthly Payment required during the special terms period. Your minimum payment amount was set up base off the mount of the total purchase and length of you promotion. This was exactly my understanding.
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{$300.00} X 18 months= {$5500.00} in order to pay the {$8800.00} the length of the promotion need to be  XXXX  months ( $ 8843.00/309.51 ). I was making my payments of {$300.00} until  XX/XX/XXXX . I stated my payments in  XX/XX/XXXX  and end XX/XX/XXXX  = 29 months X  XXXX = {$8900.00} I pay the total amount that Wells Fargo Financial National Bank lend to me. They set up the minimal payments and they make a mistake with the length of the promotion.
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In XX/XX/XXXX  I got a letter from Wells Fargo Financial National Bank ( attachment 7 ) when I already pay.
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I am  XXXX  years old and I think this institution want to take advantage of me however the letter from   XXXX   XXXX   from  XX/XX/XXXX  is very clear Your minimum payment amount was set up base off the mount of the total purchase and length of you promotion.

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