Consumer complaint received 2019-05-22 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: WELLS FARGO & COMPANY
State: WA

Complaint narrative:
On XX/XX/XXXX I went to my local Wells Fargo bank to discuss bringing all of my banking to them and inquire about personal loans for a remodel I am having done at a home I just purchased. The banker was very helpful and let me know the options I have. I returned on XX/XX/XXXX with a cashier check from my previous bank for roughly {$24000.00}, opened new checking and savings accounts with Wells Fargo. I We proceeded to discuss a personal loan for {$17000.00}, and my banker offered to apply online for me. I wanted to know what rates are available. The banker used the online tool to get an APR range of 5.5 % -9.75 % based on my terms/credit score. The banker explained that with my score and history, I will most likely be at the lower end of this range. I was further told that due to my newly formed banking relationship and my option of auto payments, I would be offered discount on the rate of up to .25 %. We received an immediate " conditional approval '', pending a tax return and recent paystub. I sent those to the banker within the hour. On XX/XX/XXXX I received an email from Wells Fargo that I have been approved, however I need to login to the site and determine the next steps. At this point I found on the website that my rate was approved for 14.276 %, which is nowhere near the APR quoted by the website and the branch banker. On XX/XX/XXXX I sent an email to the banker and asked why the rate was not correct based on our discussions. The banker explained that this must be an error and she would involve her manager and contact the loan offices in their executive branch. I received a call from XXXX from the execute offices on XX/XX/XXXX after I had emailed the branch banker again for an update. XXXX left an email that he was reviewing the case and would give me an update. I called XXXX back within the hour and spoke to another rep who reiterated that same info verbally and told me I will get a call back with the final decision. I had to email my branch banker several times after for an update due to the lack of response from XXXX. I finally received a call back on XX/XX/XXXX from XXXX. XXXX claimed that the rates on the website are for illustrative purposes only and Wells Fargo is not obligated to honor these rates. I emailed my branch banker with the results of my call with XXXX, and XXXX explained that his report is not accurate and there is nothing on the website that explains that. XXXX sent me an email that explains that Wells Fargo 's ' online rate does not include a base rate of 5 % ''. XXXX has attempted to contact several loan officers and managers to attempt to help me settle this discrepancy, with no luck. On XX/XX/XXXX when I spoke to XXXX I explained every detail of every conversation that I had at the Wells Fargo branch with the banker, and the manager. Because the banker quoted me the price, XXXX explained that he would look further and escalate the issue to hopefully find resolution. I did not hear from XXXX, though I continued to communicate with XXXX and her manager XXXX at the branch. XXXX called me on XX/XX/XXXX to let me know that Wells Fargo will not honor the rate I was quoted due to them having no obligation for a rate that is on their website. XXXX told me that the case is closed, and there will be no further review. XXXX told me that if I would like to take the loan, I can do so at the 14.276 % rate that was offered. XXXX continued to let me know that he would review with the branch what was said and determine if there were any other valid pieces of information about the delivery of the information to, however this would have no bearing on the case and I would not receive any adjusted rate offers. No resolution has been provided.

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