So I will use some rounded off numbers for this. Basically I had biweekly payments for 1k (so 2k per month about) and then I was sending in an additional 2k per month to put toward principle. Basically 4k per month being sent and expected 2k to go to principle. When I started the account I was told anything being put in extra per month would go toward principle. The first year or two everything was working according to plan and it was over the past year that things started changing. I don't check it that often because all payments are identical every month so nothing should have changed.
I was looking at my account recently and noticed that I was only getting 1k per month going toward principle and 3k going toward the interest payments. I called and spent an hour talking with one of the guys who answers the phone and his manager telling them I think something is wrong with this and that I should have 2k toward principle not 1k. They argued this the whole time until I started bringing up legal action and would have a lawyer look into it. At that point they transferred me to their executive department to look into it. Turns out I was correct and they took about 5.5k of my money which went to interest that should have gone toward principle. They have now said they will take care of this and put the money back into principle.
So a few things. 1. I want to warn others to check their bank accounts especially if you have biweekly payments and are paying extra principle on top of that. 2. Is there anything else I can / should do in this situation? What really bothers me is how much they tried to convince me that everything was accurate and it's was confusing looking at the statements so it was hard to tell, but I could tell something was off and persisted. I feel there are many others in this situation and Wells Fargo will continue to get away with this as many people will not look at their account carefully enough or even if they do Wells Fargo reps might convince them that everything is accurate. I am really upset about this especially after all the other stories about Wells Fargo. Looking for feedback, guidance on any actions I should take etc.
Submitted July 18, 2017 at 09:12PM by ghostsolid http://ift.tt/2vA7TjL
