The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Wells Fargo Financial / cash on demand account - late payment fees and over the limit fees

1 Portland, OR, United States

I accepted a $5000 Cash On Demand Account from Wells Fargo. The APR originally offered to me was not the same as the actual contract of 20.99%. However, at that time I was in a pinch and needed the funds. I took two advances at a total balance of $4600. The remainder of the time I just made payments. Sometimes I would pay one to four times a month. Wells Fargo Financial did not reflect those payments for two billing cycles later, and assessed me late fees. I called several times when I got my statements because my payments were not reported on their statement and yet a $39 late fee was reported. I started getting phone calls one right after another in the same day, hour, from Wells, informing me that I had not made a payment at all. I even got calls at work, and letters. I was very frustrated after weeks and months of this. Then ten months after I opened the account, Wells Fargo after hundreds of phone conversations about their reporting process, lowered my credit line to $0.45 under the existing balance, and began charging me over-the-limit fees along with late fees. So I had $76 in interest each month and $74 in fines, at total of $150 per month on a $4, 600 loan.

Wells Fargo Financial

Post your comment