Consumer complaint received 2024-06-24
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Problem with renewal
Company: WELLS FARGO & COMPANY (AZ)

On XX/XX/year> I had a {$5000.00} CD that was in grace. I called Wells Fargo on XX/XX/year> to renew the CD at XXXX  % Annual Percentage Rate for an additional XXXX month term during the grace period. I had already checked current CD interest rates before placing this call so I could be up to date with current offers. To my recollection I was informed that the account had renewed automatically at XXXX % APR. I specifically addressed this issue of renewing automatically and that it was my understanding that CD accounts only renew automatically at the lower interest rate of XXXX % XXXX unless I called to renew at the higher rate, which is what I was calling to do. I asked if there had been a policy change as I had recently successfully renewed a separate CD via a phone call. The agent repeated that the CD had renewed and was showing an APR of XXXX % and so I went online to confirm that my CD was showing a current rate of XXXXXXXX % APR. I spoke about this with the agent over that phone call. At one point I recall being placed on hold to have that information verified from what I presumed to be another agent. After more back and forth with the agent, with my main concern being renewing at the higher interest rate during this grace period, I was confident with the information the agent gave me and what I was seeing online, and with the reason for the phone call in the first place, that my CD was renewed at XXXX % APR for an additional XXXX months. 
Unfortunately, I didn't check my account again until XX/XX/XXXX, as I had believed the CD was renewed successfully. I was upset to find my {$5000.00} CD was currently showing a XXXX  % APR and had renewed for XXXX months. I immediately called Wells Fargo and was told I was out of grace and nothing could be done even after I explained that I had called to renew on XX/XX/XXXX during the grace period, and for them to please check their records of that phone call. This XX/XX/year> phone call escalated to another agent who stated she would file a complaint on my behalf. I received an email stating they would investigate. On XX/XX/year>, I received an email saying the case was closed. 
Here is what they wrote regarding their review, " We have listened to your call recording on XX/XX/year>, and based on the review, the final advice of the phone banker was that the current standard interest rate would roll over to a new term. Were very sorry for the any confusion this has caused you. '' I never called for advice, I called to renew an account. I'm sure it will be quite clear to anyone who listens to the recorded phone call, that I called to renew this {$5000.00} CD at XXXX % XXXX for an additional term of XXXX months and not at the default rate of XXXX  % XXXX which I specifically stated I did not want. By the end of the call, it seemed clear to both the agent and myself that this XXXX was successfully renewed at XXXX % APR. 
To make things worse, not only am I accruing less interest than I should be, but if I were to close this CD to invest elsewhere, I would be charged XXXX months interest. 

I responded to their email today, XX/XX/year>, regarding closing my case and relayed my disappointment, requested them to review the call again, asked them to send me a copy of the call, and notified them I would be filing a complaint with CFPB.