Wells Fargo & Company Consumer Loan Complaint

Wells Fargo & Company Consumer Loan department,

Installment loan Managing the loan or lease Colorado

I had been making many payments towards this loan throughout a month rather than a single payment. I was not made clear on how the money paid was distributed between the interest and the principle for the loan, although I had initially understood these were " principle only '' payments. The real issue occurred when without ANY communication from Wells Fargo, the payments I 'd made began being unapplied ( and not credited back to my checking from where they had been transferred. ) After multiple phone calls with the bank, I was unable to get any answers as to why they were doing this to the account. No one, even the - different managers I had spoken to at different times, could explain anything other than that the account was under maintenance and to check back in a few days after the system " refreshed ''. Nothing would get fixed and I would call again, spend hours on the phone etc.


as to whether I was charged interest for the time period that my balance reflected considerably more that was owed. I also believe this will possibly affect my credit score as it showed the account as delinquent for over 30 days ( when I was significantly AHEAD of the payment schedule ). I am concerned that Wells Fargo has the authority ( or the audacity ) to move a customer 's money around without permission, explanation, or purpose ... especially without communicating with their customer. I am led to believe that this incident was done to benefit Wells Fargo, or a Wells Fargo employee.