Post Number: 1
|Posted on Tuesday, April 01, 2003 - 05:35 pm: ||
March 26, 2003
Yeap, Hooi H.
To Whom It May Concern:
I became a Wells Fargo Bank’s customer in the 90’s, and have since opened other accounts at the local branch. With Wells Fargo Bank’s long and reputable history, I have always trusted the bank for its’ reliability and efficiency.
Last March (2002) I refinanced my home in San Bruno with Wells Fargo Bank, and with my usual good credit status, I had no problem obtaining a loan through Wells Fargo Bank Home Mortgage department. At the time of signing the loan agreement, I requested an automatic mortgage payment ($1,665.73) be set up, had the fund withdraw from my checking account, and to take effect right away because I was getting ready to go out of town on business for three months, and would not be able to make the monthly payment. It was such a rude awakening when I returned home from out of town, to be contacted by Wells Fargo Bank collection department demanding payments. I was very surprised but went immediately to Wells Fargo Bank’s local branch to pay the three months mortgage plus penalties, and at the same time set up the automatic payment again.
I thought everything was righted, but another surprise came when I tried to refinance and cash out on my other property end of last year and found out that Wells Fargo Bank labeled me a “bad credit risk”. Not only several other Banks rejected my application, but also when I did finally get a Bank to refinance my property, I was charged a higher interest rate as well as a very high loan fee (instead of no fee, no point and lower interest rate, as was notified by my loan agent). And because of my “supposedly” bad credit, a Motel building and business I was in the process of buying also fell through (Wells Fargo bank also rejected my application for a loan because of my credit problem). This “bad credit risk” problem is causing me a lot of Monitory damages in Appraisal, Building Inspection, Termite Inspection, Loan processing (I have all the receipts) as well as damage demand from the Motel seller for “Breach of contract”.
I have called and written several letters to Wells Fargo Bank customer service requesting an investigation, and to have my credit reinstated to no avail, my request was turned down, flat. My second and third letter were ignored, I didn’t even receive a curtsey call from any of staff. I continued pursuing this because I wanted my credit status reevaluated, and I also positively believed that it wasn’t my fault that the automatic payment wasn’t set up, as I remembered signing a paper requesting just that. I am not willing to have my 30 years of good credit destroyed by something that wasn’t even my fault.
The aftermath of this nightmare didn’t stop here. the rapidly decreasing amount of money I have in my Wells Fargo’s personal checking account attracted my attention. I looked at my recent bank statements and realized that a certain amount of money was transferred every month to the joint account of my ex-husband, without my authorization. I don’t know how much money was withdrawn from my personal account and since when, and how much money was taken out of the joint account. I called my ex-husband and he denied authorizing Wells Fargo Bank to transfer money from my personal checking account either, even before our devoice! I again went to the local branch to find out who actually authorized the transfer but there was no record. Since the monthly transfer amount is $1665.73 and that matches my home mortgage amount, the local branch banker and I finally figured out it was the automatic mortgage payment I have requested, but instead of paying for my mortgages, the fund was being automatically transferred to the joint saving account! What a huge mistake Wells Fargo Bank has made!! What had happened to the money that was transferred? According to my calculation, if the automatic transfer started in May 2002, then I should have at least $15,000 in the joint account, but I only saw $6,164.45 on the statement? To prevent further money from being transferred into the joint account again, I went to the Bank’s local branch and closed the joint account.
This bad credit Wells Fargo Bank placed on me has totally messed up my good credit reputation and life, caused me a lot of grieves and monitory damages. I don’t know if other customers of this bank experienced the same kind of situation, I believe a lot of them trusted Wells Fargo with their money and investment, I feel I am obligated to warn the other customers of this kind of mistakes and the injustice way the Bank handled my case.
I am very frustrated since Wells Fargo Bank again ignored my written request, its been over 20 day and I still haven’t heard from anyone from that Bank. I have written and addressed it to the CEO of the Well Fargo Bank, San Francisco Headquarter, to explain (this same letter) the whole situation, in the hope that he would give this matter his attention, reinstate my good credit standing, compensate my damages, and let me resume my business operation through an equity loan on my property. My business has suffered and now totally collapsed, I was not able to get the loan to support it and to put it back on its feet because all my loan applications were turned down due to my supposedly bad credit report.
I don’t know what to do now, and who to turn to. I am hoping that someone or some organization will help me to put my credit back in good standing, regain my lost, and let me get on with my life again.
Thank you for your consideration and help.
Post Number: 731
|Posted on Saturday, April 05, 2003 - 09:52 pm: ||
It is unlikely that they'll just send you check, or do anything whatsoever.
You probably will have to sue. That means that you have to get your records together and compile a chronological summary of what happened, and specify any documentation you have.
It's a lot of work, but it's the only way to get them to pay.
Of course it will annoy them a little if you send them URL here with your posting, but that won't pay your bills.
You'll also need to be able to prove that you disputed the incorrect credit reporting and that they verified it.
Post Number: 4
|Posted on Wednesday, July 23, 2003 - 11:12 am: ||
My problem with WF is similar only it involves a truck payment rather than mortgage. I also scheduled auto payments. Worked fine for about 6-7 months then one night I get a call from WF saying I didn't make my June payment -impossible, right? it's set up on auto pay and there's plenty of money in that account. Call my bank -they say WF never even tried to pull the funds. Call WF, they agree it's their mistake and tell me they will fix it. That's where the nightmare begins! Payment is $302. They take out $443????? When I call about this no one can explain it. Then I get a letter in the mail stating that I verbally abouthorized another payment of $140 (with an $8 fee) Where are they even getting these amounts??? So I call about that. I'm so angry and afraid that they are just randomly taking unauthorized amounts out of my account that I decide to pay the loan off that day. Then I get another letter saying I verbally authorized another payment with another $8 fee!!!!!! I'm furious at this point. Spend HOURS on the phone with these people being bounced back and forth. No one has any answers for me to explain the transactions. I call my bank. They have to put a stop payment on WF so they can't take any more money out! My banker tells me to ask for a transaction history, so we can dispute this. That's where I am now, but so far, it hasn't arrived. WF tells me I have to fax in a request for a refund. Funny how they can verbally take money out, but have to have written request to put it back in????? They claim "policy". I'm tempted to call the police if they try to take any more unauthorized amounts out of my account. Isn't that stealing? Thank God I keep enough money in that account that I wasn't overdrawn due to their screw ups! Feel free to email me if anyone gets any answers or ideas.
Post Number: 28
|Posted on Wednesday, July 23, 2003 - 12:44 pm: ||
WF is notorious for NOT putting anything in writing. When they make a mistake the less they have in writing the better.
Post Number: 1142
|Posted on Friday, July 25, 2003 - 08:17 pm: ||
Debilee - I moved your posting to it's own thread a long time ago: http://forum.creditcourt.com/discus/messages/179/1689.html
Everybody PLEASE post a NEW thread for each NEW problem!!!
And, please set your profile so you get e-mail notifiations of followup postings.
Post Number: 2
|Posted on Monday, September 08, 2003 - 11:02 pm: ||
To yooi Heap
Wells Fargo has totally committed some serious violations with your accounts. If they cannot produce records regarding these automatic transfers, they are at fault. (And believe me, banks are notorious for losing these types of records) I am a bank exmainer and sometimes I cannot believe the things I see regarding banking operations/paperwork/security situations. Since these are checking accounts (I'm assuming) even if you don't currently have the statements on which these transactions appeared, the bank has to retain them for 7 years. In addition, these transactions (because they are electronic) are covered by Regulation E. (meaning you have 60 days from which you received the statements that the transactions appeared on, to dispute them). It does not matter if the transactions happened within the same bank.
Go and get copies of your statements.
Next, find out who the regulator for the bank is. It is probably the FDIC or the OCC. Once you get this information, call them to file a complaint. They will send you paperwork that you need to fill out and you will need to send in photocopies of your bank statements and whatever else you have to prove your situation.
The FDIC or OCC WILL contact the bank and request THEIR explanation.
I am positive that you will get a response from the bank and they probably will correct your credit report. Unfortunately, this might only result in getting your credit rating restored. This should accomplish this. However, if you are looking to get damages, Christine is right, and you will have to file suit.
I hope this information helps you!