Consumer complaint received 2025-06-04 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem with the payoff process at the end of the loan — 
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
What You Need to Know : I am aware of the loan balance of {$3700.00} was on my Personal Line of Credit ( PLOC ) Account on XXXX XX/XX/year>. I also know I made an online payment in the amount of {$1000.00} to Wells Fargo on XXXX XX/XX/year>. I paid the required amount of {$83.00} on XXXX XX/XX/year> due on due XXXX XX/XX/year>. I knew what I was doing when I added {$1000.00} to the XXXX XX/XX/year> payment that the {$1000.00} would be applied towards the principal loan balance and reduce the interest of the loan. 
I knew my principal loan balance on my PLOC Account was exactly {$2600.00}. On XXXX XX/XX/year> I called the Wells Fargo customer service line and asked for the full pay off balance of the loan on my PLOC Account including the principal loan balance and any interest charge. The person answering my call gave me a quote of {$2600.00}. She was specific in stating the amount included the PLOC principal balance of {$2600.00} and included the addition of {$41.00} in interest charged to the account. The numeric sums or statement in Wells Fargos answer to CFPB and to me are incorrect. I stand by my numeric amounts in summation of this reply and can back them up with my monthly bank statements. 
On XXXX XX/XX/year> I went online to check that the PLOC payoff transaction of {$2600.00} processed and posted to my account. Wells Fargo processed the payoff balance of {$2600.00} with the posting date of payment date XXXX XX/XX/year> on bank statement closing date XXXX XX/XX/year>. On the same statement dated XXXX XX/XX/year> Wells Fargo posted a Credit Balance Refund in the amount of {$41.00} back to my account. The {$41.00} was the interest charge the customer service person gave me that was added to the principal balance of {$2600.00} bringing the payoff amount of my PLOC Account to {$2600.00}. At the top of the same Wells Fargo statement dated XXXX XX/XX/year> under columns Account Activity the Advances/Other Activity shows the {$41.00}. Then in the same column it shows Interest Charged {$41.00} and under that the New Balance {$41.00}. On the same statement dated XXXX XX/XX/year> under the column Payment Information the New Balance is {$41.00}. The next line under the same column states Minimum Payment Due {$41.00}. Under that line Payment Due Date XX/XX/year>. On the same closing statement dated XXXX XX/XX/year> Under the heading of Transactions Wells Fargo accepted the XXXX XX/XX/year> payment on my PLOC Account in the amount of {$1000.00}. The second line shows the payment in the amount of {$2600.00} posting on XXXX XX/XX/year>. The next line posting date XXXX XX/XX/year> shows the infamous {$41.00} Credit Balance Refund. Total fees for this period {$0.00}. Under that line, same heading Interest Charge posted transaction date XXXX XX/XX/year>. Interest Charged on Advances {$41.00}. Under that line statement Total Interest For this Period {$41.00}. The next headline title is Interest Charge Calculation telling me I may pay my balance in full at any time without penalty. The statement gives the annual percentage rate ( APR ) is the Annual Interest Rate on my Account. Below that title shows the Type of Balance as Advances. Annual Percentage Rate ( APR ) is 15.75 %. Balance subject to Interest Rate is {$3000.00}. The last entry under the heading is Interest Charged is {$41.00}. The last four lines under the heading is my PLOC Account Number. Next line is the New Balance of {$41.00}. The next line is Minimum Payment Due of {$41.00}. The fourth and last line is Payment Due Date XX/XX/year>. The Balance Subject to Interest of {$3000.00} is troubling because I paid the balance principal of the loan on my PLOC Account amounting to {$2600.00}. The Wells Fargo customer service charged my account with {$41.00} then they refunded the {$41.00} back to my account. Then Wells Fargo rebilled an interest change my PLOC account for {$41.00}. Wells Fargo re-charged my PLOC Account of the {$41.00} after they refunded {$41.00} back to me. Paragraph 2, Rebilling of interest of their reply, sub-paragraph states, and I quote : First Refund Please be advised, though customer satisfaction is our number one priority, we are not always able to accommodate our customers ' requests. We regret we are unable to rebill your account the {$41.00} in interest assessed on XX/XX/year>. Please understand we do not re-charge a customer for interest after it has been refunded. 
I paid {$41.00} before the XXXX XX/XX/year> due date and again received no help in securing the final payoff of a loan in my PLOC Account. I paid the same amount for the second time because the statement of {$41.00}.

Wells Fargo Closing Statement dated XXXX XX/XX/year> summation follows : Account Activity Summary : Payment Information Previous Balance {$41.00} Credit Balance - {$41.00} Payments/Credits {$82.00} Payment Due Date XX/XX/year> Advances/Other Activity {$0.00} No Payment Due Fees Charged {$0.00} Interest Charged {$0.00} Credit Balance - {$41.00} Under Transactions of the same Wells Fargo Closing Statement dated XXXX XX/XX/year> Wells Fargo accepted the payment of {$41.00} I made before the due date of XXXX XX/XX/year>. Wells Fargo made an Interest ADJ-Advance Refund in the amount of - {$41.00} that had posted on XXXX XX/XX/year> back to my account. 
Under Interest Charge Calculation Wells Fargo states Your Annual Percentage Rate ( APR ) is the Annual Interest Rate on Your Account Type of Balance : Annual Percentage Balance Subject to Interest Charged Rate ( APR ) Interest Rate Advances 15.75 ( v ) {$2.00} {$0.00} Other 15.75 ( v ) {$0.00} {$0.00} Account No. 
Credit Balance - {$82.00} Payment Due Date XX/XX/year> No payment due Wells Fargo refunded {$82.00} back to my checking account XXXX XX/XX/year> with a difference of {$0.00}. The {$0.00} is shown on Wells Fargo closing statement XXXX XX/XX/year> as Advance Interest Charged. The new credit balance is {$41.00} with a Payment Due Date of XX/XX/year>. On XXXX XX/XX/year> I made an online payment of {$41.00} and an Advance Interest Charged payment of {$0.00}. Wells Fargo refunded the {$41.00} + the {$41.00} totaling {$82.00} but they kept the {$0.00}. On XXXX XX/XX/year> I paid Wells Fargo {$41.00} and with the {$0.00} they kept It covers the total interest payment of {$41.00} on the payoff balance on my Personal Line of Credit loan totaling XXXX. 
To correct the statement : Please be advised, though customer satisfaction is our number one priority, we are not always able to accommodate our customers ' requests. We regret we are unable to rebill your account the {$41.00} in interest assessed on XX/XX/year>. Please understand we do not re-charge a customer for interest after it has been refunded.

Wells Fargo has re-charged, rebilled interest on my PLOC Account, the customer, three times after refunding interest to me : First interest charge {$41.00} refunded and charged a new {$41.00}. Second interest charge {$41.00} refunded and charged a new {$41.00}. Third interest charge {$41.00} refunded and charged {$0.00}. 
On this date of XXXX XX/XX/year>, the balance on my Personal Line of Credit Account with Wells Fargo is not at {$0.00} because I still own Wells Fargo the interest on the principal balance of {$2600.00}. All I want to do is payoff the Personal Line of Credit with a principal balance of {$2600.00} with an interest of {$41.00} totaling {$2600.00}. If Wells Fargo would have subtracted the {$41.00} from the initial interest the customer service person quoted at {$41.00} then given me back {$0.00} this matter would have been resolved in XXXX of 2025. 

I request this complaint against Wells Fargo go forward. I request the correct mailing address and point of contact for Wells Fargo Board of Directors. I know there is an accounting point of contact on the Board of Directors.

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