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Wells Fargobi-weekly mortgage scam

1
H Dec 09, 2014 Review updated:

Well Fargo Bi-Weekly automatic withdraw program is a fraud. Please be aware, they collect automatically from your account every two weeks but do not apply the payment until both payments are in. This means they are not appropriating mortgagor ' s payments against principal every 15 days, but rather once a month. In a given year there are an extra two or three payments based on the collection calender. Once a mortgagor's payments are accrued one month in advance they then reduce the principal balance. This is a SCAM. True Bi-Weekly programs reduce your principal balance every two weeks not just once a year. Wells Fargo will not allow you to make Bi-Weekly payments and apply against principal upon receipt. Point is, the mortgagor is making 2 or 3 extra payments a year and getting no benefit. The Wells Fargo Bi-Weekly program uses a mortgagor ' s money interest free for 15 days of each month screwing the mortgagor and using the money free of interest. The Controller of Currency being notified of scam.

Responses

  • T
      Aug 08, 2018

    I was solicited from Wells Fargo to setup Bi Weekly payments in order to pay off my loan quicker and I wasn't aware that this was taking place until recently. Of course they are stating differently. In addition to this, I have found that my Loan Balance is actually much lower than what Wells Fargo is stating. Any recent news on situation?

    0 Votes
  • S
      Jul 12, 2019

    I am one of the victim also, but they really good at protecting their scam. It's a mistake that I didn't read it carefully before I signed their "Preferred Payment Program" (PPP)

    0 Votes

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