Wells Fargo Consumer Loan Complaint

Wells Fargo Consumer loan department,

Installment loan Managing the loan or lease Arizona

Wellsfargo financial misapplied my - 2014 payment, per - -, which led the bank to apply a late charge. My monthly payment is $64.00 but because of the one misapplied payment ( I overpay every month ) the bank, per -, was assessing late fees and placing them into my principal balance, which led to strictly late charges causing my delinquency and they continued to assess late charges almost every month there after, all to my balance which would incur interest. My understanding is that banks can not charge interest on late fees and late fees can not cause a loan to be delinquent. The bank admitted their error but told me before waiving all of the inappropriate late fees ( all late fees ) that I had to pay over $200.00, much more than my $64.00 payment. Had I not been an employee of another financial institution and well aware that they could not make me pay money 's not owed I might have paid to resolve my account, they did insist I pay it to get myself current so they could fix their posting errors and remove the late fees that I have and would be paying. I refused and asked to speak to - 's supervisor, whom I 'm sure was n't there on a Sunday, and cited that how they treated my account, if it was as - described was in direct violation of FDCPA/CFPB regulation and I 'd have to lodge a complaint. She did correct my account supposedly, but I fear for other customers, who knows what they are doing, and honestly I wo n't believe my account is fixed until I see it, particularly all of my overpayments correctly applied.