Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting Florida

My wife and I are senior citizens and we were told incorrect information by Wells Fargo Bank branch - - - Florida. My wife and I went into the bank to have them adjust a monthly service charge to my business account.. At that time, we asked the service representative - if Wells Fargo had an interest only home equity loan. She said they did and sent me to - - who is the financial advisor for that branch. We talked with - at length about the interest only home equity. We stated that our present home equity with - - - was expiring in a year and - - - did not offer an interest only loan. He said we could start the process with Wells Fargo since Wells Fargo had an interest only home equity loan.. At no point were we told that Wells Fargo did not offer an interest only loan. A form that I was asked to sign stated that the line of credit at - - - would be closed. I was told last week that I should have signed a form that stated that the loan at the other bank would only be closed


home equity that was offered by Wells Fargo. I have contacted the financial department of Wells Fargo. I got a nice form letter from - - which stated I would get a result of the inquiry by - - .On - - I received another form letter from - - which stated that I would get the result by - -. On - -, I called - and she never called me back. I supposedly got her boss, - -, who stated I would hear from - by Friday this week and I should get a final decision in several weeks. Meanwhile I have had to borrow money from my savings account to cover a bill that was due last month. I paid back the money to my savings account this month. Basically I was misinformed by Wells Fargo and it looks very suspicious since I was told at another branch that Wells Fargo had not had an interest only loan since -/-/- and this financial advisor had me sign that form to close my home equity at - - - before my new loan was in place. It looks like the customer service department is used to send form letters to customers and never really solves the problems that the bank creates. Not once did any person in Wells Fargo address the problem. All they stated was that they would tell their personnel that they did not offer that product and that is scarry that a branch does not know the products that the bank offers. I do not know what to do and it seems like Wells Fargo washed their hands of the problem. I really hope the banking department can look into this practice by Wells Fargo and see if Senior Citizens are easy prey for the bank. I also would like to know what other organizations that I can inform about Wells Fargo approach to dealing with senior citizens