Consumer complaint received 2024-12-19 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
I complained to Wells Fargo and ( after considerable effort ) received the following reply : ================================================================== Wells Fargo case number : XXXX Account number ending in : XXXX Dear XXXX XXXX XXXX : Thank you for contacting us. We completed our research and are providing details to address your concerns. 

We understand that you didnt get the information you needed when you first contacted us. Its our job to provide you with friendly, helpful service, and to answer your questions. You didnt get the experience we believe you deserve, and were sorry for that. 

What you need to know We understand there are concerns regarding the interest payment received on the Certificate of Deposit ( CD ) account ending in XXXX for the XX/XX/year>, interest payment for {$77.00}. We performed a review of the interest payment and confirm the interest payment you received is correct. Our research indicates the interest rate for the CD was increased to 4.65 % Annual Percentage Rate ( APR ) with an Annual Percentage Yield ( APY ) of 4.76 % on XX/XX/year>. The interest rate prior to the increase was 2.47 % APR. The following can impact interest earning from month to month : A change in the interest rate Balance fluctuations ( deposits and withdrawals ) The number of days in the statement period. For example, a statement period can have 25 to 35 days and does not always match a calendar month. 
We calculate interest using the daily collected balance method, applying a daily periodic rate to the collected balance in the account each day. Interest is calculated using a 365-day year and compounds daily. As the interest payment from XX/XX/year>, was for the month of XX/XX/year>, the interest calculation from XX/XX/year>, through XX/XX/year>, used the interest rate of 2.47 %, as the increased interest rate had not taken effect yet. We will attach a copy of the Time and/or Interest Rate Change Request form completed on XX/XX/year>, for your review. If you wish to make future interest calculations, you may refer to XXXX, or XXXX 

While we realize the information provided may not alleviate your frustrations, we hope this correspondence helps to clarify our actions about this matter. We strive to provide exceptional service and were sorry we didnt meet that expectation in this instance.

Case status We have closed the case as of the date of this letter. If we receive additional information, we will open a new case to address any remaining or new concerns.

How to contact us We appreciate the time and effort you took to contact us. If you have questions, you may reach me at XXXX, Monday through Friday from XXXX XXXX to XXXX XXXX XXXXXXXX XXXX. We accept telecommunications relay service calls. 

If there is an attachment to this email and you can not read it, please contact us. 

Sincerely, XXXX XXXX. 

Senior Escalations Representative XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ================================================================= I understand that a lower CD interest rate was paid from XX/XX/year> to XX/XX/year> after I rolled-over the CD in my local branch office on XX/XX/year>. 

MY COMPLAINT IS : THE CD ACCOUNT STATEMENT DID NOT ACCURATELY ACCOUNT EXACTLY HOW THE STATED CD INTEREST WAS COMPUTED.

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