Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled New Jersey

I have a private loan with Wells Fargo that I have paid on time religiously for 4 years. The payment is $ - but I always pay $200.00. Over the years I frequently paid well before each month 's due date so that I would not forget. Recently, I received an email that my -, 2016 payment, due on -/-/2016, was past due. This was confusing as I 'd made the - payment on -/-/2016 - after I paid the - bill on -/-/2016 ( due on -/-/2016 ). I do n't think it is unreasonable to assume that, given my history of early payments, and that my - payment occurred after the - payment and billing cycle, that my -/-/2016 payment was intended for -. I called Wells Fargo and was told that any payment made 20 days prior to the due date would be counted as an additional payment, not for the next month due. I should be clear again that I did n't overpay - by $200.00. I made a separate payment of


that my payment would have to be refunded by mail, which would take " a minimum of 3 weeks. '' I was having this conversation with Wells Fargo Customer Service on -/-/2016, 6 days after the - due date. This meant that Wells Fargo 's own process for refunding a payment that should have applied to - would indeed have made me delinquent for the month. Is it fair that a financial institution can structure payments and refunds in such a way that it makes an otherwise responsible and timely customer delinquent on their debts? I raised this question to the Wells Fargo staff who informed me this was " just the way it is. '' To which I responded with skepticism, saying that this new system was probably just an inventive way of generating late fee revenues in a low interest rate environment. The representative said nothing. I called Wells Fargo again today, -/-/2016, to ask about the status of the refund. I was told it would be returned in the same manner in which I paid - electronically to my non Wells Fargo checking account. This is welcome news but in direct contradiction to what I was assured was the only method of refund just 1 business day prior. Even the representative today could n't explain the change ( which had not been pro-actively communicated to me in any way - as far as I knew I should be watching for a paper check in the mail in 3 weeks time ). Was the initial response on Friday a way to make me open an account with Wells Fargo that I otherwise would n't have? I have no idea but the inconsistency is as unprofessional and unfair as the initial insistence on delayed paper check refund itself. This is unacceptable behavior from a financial institution that has a responsibility to treat clients with respect and holds so much power over that individual 's credit history.