Consumer complaint received 2022-03-29
Company: WELLS FARGO & COMPANY
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with balance transfer

Complaint:
In late XX/XX/XXXX, Wells Fargo had a great offer on balance transfers. I completed and then submitted my application. My request was approved but not for the full amount of the requested balance transfer. What they did approve was sent to one of my creditors in XX/XX/XXXX. The company sent {$980.00} to an account with an $ 18K+ balance. This action, of course, did nothing to help my debt situation as that specific credit card debt was not remotely resolved and I, now, owed Wells Fargo as well. 

In mid-XXXX XXXX  I called Wells Fargo, explained the situation to them and asked them to reverse the transaction as it made my debt situation worse. The first representative XXXX XXXX  could not assist with my request, so he connected me with a gentleman named XXXX ' in Escalation Services. I spoke with XXXX and told him the situation and my concerns, and he agreed that the transfer was not productive for my objective. He told me I needed to contact the receiving credit card company and have them cancel the transaction. He further advised I call back once Id done that, and Wells Fargo would reverse the charge for the balance transfer fee. 

In early XXXX, I spoke with the receiving credit card company and explained my situation. The company informed me that it was unable to cancel the transaction and I would have to speak with the issuing company, Wells Fargo. The company 's representative further informed me that once the transaction posted, in this case the day of arrival, there was no way to cancel or send it back. 

In XXXX, I called Wells Fargo and spoke with a representative. After explaining my situation, yet again, the individual proceeded to tell me they sent the amount I requested. This made no sense to me as I have owed a substantial amount on this credit card for quite some time. The only way this could have happened is if I had inadvertently left a digit out of the amount. I am not saying this is impossible, but I have doubt that I did that. At any rate, I asked if it was still possible to overturn the transaction, regardless of whose error it was. The representative, then, told me the transaction could not be reversed as the timeline for this to occur had already passed. I, then, asked if Wells Fargo would at least reverse the balance transfer fee. To which the representative replied That, I cant do. My final response was something to the effect of being XXXX  over, all around, as Wells Fargo was unwilling to provide any financial relief. 

The most distressing issues, for me, are : The fact that the first representative, who advised me to contact the receiving company, did not tell me there was a deadline or timeline for the transaction reversal Potentially, Wells Fargo could have resolved my issue during my first round of calls had the representative taken care of it at that time instead of directing me to call the receiving creditor Whether it was my mistake or the companys, their unwillingness to offer any form of financial relief is unsatisfactory customer service and concern The incident has lowered my credit score because the amount transferred is almost equivalent to the credit balance of the card, thus leaving the card at 74 % usage and lowering the receiving card by only 5 %. Therefore, this requested action to raise my credit score resulted in the exact opposite action. 

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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 monetary relief