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 Pennsylvania

I just refinanced my private loans from Wells Fargo to - - saving me over $1000.00 a year in student loan payments. My issue is with Wells Fargo Bank. Due to the length of time it took me to complete my new application the payment - - sent Wells Fargo was $1700.00 higher than my current loan amount. Due to some ludicrous guideline that Wells Fargo has they must wait 21 days to clear those funds to send to the new institution. Meanwhile I 'm now starting to accrue interest on the higher loan amount. This is a ridiculous practice that needs to stop. If I was one day late on my Wells Fargo payment they start tacking on daily interest yet when I overpay my payoff amount they are allowed to hold onto my funds for 21 days while they " clear '' the payment. It is not right that big financial institutions get to make up their own rules on how to treat payments and paybacks because they always end up punishing the consumer who is just trying to be financially responsible. The 21 day waiting period needs to stop on getting refunds to student loan payments!