Consumer complaint received 2020-06-15
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Problem with the payoff process at the end of the loan — 
Company: WELLS FARGO & COMPANY (CO)

I have had a WellsFargo personal loan that originated XX/XX/XXXX. All payments have been made on time and account was up to date. 

XX/XX/XXXX : I called to get the early payoff amount and make a payment to close the account ( {$4000.00} principal plus {$260.00} interest ). The account I was paying from was a non-WellsFargo account. My information was collected and I was assured the payment would be processed. I was given a confirmation number and this was on a WellsFargo recorded line. As of this date, this account was not longer accessible through their customer online access so I could not access any activity to my account. 

XXXX XXXX XX/XX/XXXX : I routinely checked the debit account from which I had requested payment and the funds were never drawn. I had not received any communication from WellsFargo that there was an issue with the payment. 

XX/XX/XXXX : I contacted WellsFargo and was told that the previous agent that took my payment entered the debit account number incorrectly and the payment was not made. She took my payment information again, confirming on a WellsFargo recorded line that she would make the final payment and close the account. She also suggested we do a stop payment for the automatic payment that was scheduled for that day. I agreed to this as well assuming that the remaining balance and interest as of XX/XX/XXXX ( the original payment date ) would be made on XX/XX/XXXX and the account closed. She also reactivated access to this account through the customer online portal and noted that she had no idea why it would have been removed from my access. 

XX/XX/XXXX : I received an email from a case manager at WellsFargo stating they were looking into the issue. Case manager name and number was provided. XXXX XXXX. 

XX/XX/XXXX : I sent an email to XXXX asking about the status of the payment since the payment still had not processed and my account was now indicating it was past due. No reply. 

XX/XX/XXXX : I contacted XXXX to check the status as my payment had still not processed and the account was now past due. He stated he had not yet started on the case and I had to wait another " few days '' and he would be in touch. 

XX/XX/XXXX : Sent another email to XXXX, expressing my concern that the account was saying past due and I was receiving multiple communications from WellsFargo that it was delinquent. I wanted to avoid any issues as I have never been delinquent on this account ( and because of the issues I had closing out the last Personal Loan at WellsFargo. No reply. 

XX/XX/XXXX : I called the local branch looking for help in resolving this issue and closing the account. They contacted the case manager and relayed that they had spoken with them and they were working on the issue. 

XX/XX/XXXX : The local branch called to confirm payment ( again ) in the payoff amount from XX/XX/XXXX. I confirmed the bank information and authorized payment ( again ) .As of this date there were no late fee assessments on my account. 

XX/XX/XXXX ( morning ) : Received an email from the local branch ( different person ) asking again for confirmation to make the payment. I again agreed, stating that the payment is only authorized for the amount due from XXXX XXXX.I checked the loan account on the WellsFargo platform and NOW there was a late fee charge with a transaction date of XX/XX/XXXX. This fee did not appear until XX/XX/XXXX but had a back date of XX/XX/XXXX. 

XX/XX/XXXX ( afternoon ) : I received a call from XXXX ( case manager ) who stated that he found NO evidence of a bank error and that I needed to rectify the account, including the additional interest and late payment fee. I sent him a screen shot of my online banking to illustrate exactly what happened. He stated he would need " a few more days '' to pull the recordings. Also stated that if the erroneous late payment had already been submitted to the credit bureaus it would take awhile to get that corrected. I asked to speak to a supervisor and there were none available. He took my number to have a supervisor contact me directly. Meanwhile he agreed he would continue working on the case and agreed to be back in contact with me within 2 business days. 

As of now this is still not resolved. The most concerning thing is this is exactly what happened with my previous personal loan. Prior to this account, I had a WellsFargo personal loan. A loan officer contacted me, offering a better rate. So I closed that personal loan and opened this one. The officer claimed that all interest and fees had been accounted for as it was more of a loan transfer than a new account. The original loan was removed from my customer online access. Several months later I received a notice from one of the credit bureaus that I had a delinquent account which I knew had to be an error. Upon further investigation, the original loan was NOT closed out, additional interest and fees were allocated after I was told the account was closed. They refused to waive any of the fees or take any responsibility. I paid the fees but the late payment is still on my credit report. They refused to take the necessary steps to remove it.