Consumer complaint received 2025-03-03 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Charged fees or interest you didn't expect — 
Company: WELLS FARGO & COMPANY
State: WA

Complaint narrative:
In summary : I was offered an 18-month installment plan to pay off a {$14000.00} heat pump, but instead, my account was set up as a Not Paid In Full By 18 Months account, which added {$6200.00} to my original payment and continues to accrue at 30 % interest. 

Details : In XX/XX/XXXX, to finance my $ XXXX heat pump installation, my local contractor, XXXX XXXX, offered me a promotional 18-month installment plan with 0 % interest through Wells Fargo XXXX XXXX set up the account with Wells Fargo and sent me an email to complete the setup. I entered my bank account details on auto-pay, assuming the balance would be paid off within the 18-month period. 

However, 19 months later, in XX/XX/XXXX, I noticed I was still being charged by Wells Fargo. I logged into my account to see Wells Fargo added an ADDITIONAL {$6200.00} charge as interest charged to my account in XX/XX/XXXX. After some investigation, I found out that this charge was due to the account being set up under terms I was never informed about -- that if the balance was not paid in full by the end of the 18 months, 30 % interest would be backdated to the account opening date. I was never told of these terms, nor was any significant effort made to notify me that the " promotion '' that I was signed up for had ended. 

I became aware of the {$6200.00} charge on XX/XX/XXXX. The following business day, I paid off the remainder of the original balance and contacted both Wells Fargo and XXXX XXXX to dispute the charge. I was informed that Wells Fargo had conducted an internal investigation and denied my request, stating that ( 1 ) I was verbally informed of the terms by the merchant and ( 2 ) that they had attempted to contact me via " multiple communication methods. '' The only communication I received from Wells Fargo was vague emails with vague subject lines, buried in dozens of other promotional emails from Wells Fargo, with no phone calls or letters informing me of the end of the promotional period. My statements include vague reference to " full payment would be if paid off in 30 months '' or " 40 months '', which I did not believe these applied to me, as I was paying my account off in 18 months. 

I dispute the added {$6200.00} charge entirely. The terms I understood were for 18 installments to pay off the original {$14000.00} balance, with no mention of a post-promotion penalty. I acted swiftly and responsibly by paying off the remaining balance the day after I discovered the true terms. 

I maintain that I was misled and that I should not be held responsible for these charges. My original account balance has been fully paid off, and the current balance on my account continues to accrue at 30 % interest as I dispute this claim and Wells Fargo 's predatory lending practices.

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