Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account California

My complaint is about a Home Equity Line of Credit that I have had with Wells Fargo for about two years. On multiple occasions ( at least 10 ), I have made principal only payments in one form or another and Wells Fargo consistently pre-empts the regularly scheduled " auto pay '' feature I set up to pay the minimum amount due and applies my payment to that minimum and then applies any additional amount to the NE-T month 's payment. When I call to get it fixed, they always apologize and change things around for me but in effect I am losing the benefit of those principal payments because the new minimum amount due and interest charge has been applied to a larger principal amount than it would have been if things had gone the way I had originally intended. The customer service people are always very nice about it all and assure me that if I let the auto-pay come out first ( it is due on the - or - of each month ) and then make the principal payment before the closing date ( usually between the - and the - of each month ), it


payment on the -. Then on the - when my new statement came out, it looked as though they had applied my principal payment partially toward the next month 's regular payment! I called and they " fixed '' it, but again, the new principal balance had been calculated without the benefit of my full principal payment. Since this is a variable rate loan, and part of my loan is a fixed rate portion, it is next to impossible for me to calculate the additional interest that I have been charged over the past two years due to these " mistakes '', but I know that it is not in my interest to " pre-pay '' my next month 's regular bill instead of paying down principal.