Credit card or prepaid card -- Fees or interest -- Complaint #6087143
Complaint Overview
Complaint ID: 6087143
Company: Wells Fargo & Company
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: California
ZIP Code: 94061
Date Received: 2022-10-14T12:00:00-05:00
Date Sent to Company: 2022-10-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Well Fargo Active Cash credit card, the way it calculate and charges interest, is that if you don't pay the last statement balance in full, you will be charged interest on the whole balance not on the unpaid balance. So for example, if my statement balance is XXXX $ and I make a payment of XXXX $ by my due date, I still will be charged interest on the whole XXXX XXXX not the XXXX $ unpaid balance. This is unfair, and mostly disadvantaging underprivileged customers living paycheck to paycheck. More importantly, the way interest is calculated is not described in the terms and conditions agreement provided once signing up for the credit card. Therefore, this is an unfair charge which is also not disclosed properly.
Frequently Asked Questions
What is Complaint #6087143 about?
Complaint #6087143 was filed against Wells Fargo & Company regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2022-10-14T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.