Credit card -- Fees or interest -- Complaint #7551923
Complaint Overview
Complaint ID: 7551923
Company: Wells Fargo & Company
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Missouri
ZIP Code: 630XX
Date Received: 2023-09-14T12:00:00-05:00
Date Sent to Company: 2023-09-14T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
On XX/XX/21 we entered into a contract for new windows with a company in XXXX XXXX called XXXX XXXX. We agreed to an 18-month " same as cash '' loan offered by Wells Fargo in the form of a credit card ( and associated charge ). We were told that there would be no interest due for 18 months. We were not told if the balance wasn't paid at the end of 18 months, that we would owe interest calculated from the beginning of the loan ( rather than the remaining balance ). Regrettably, we did not put this date on our calendar. Today we looked at the Wells Fargo statement and saw that they were charging us {$8600.00} interest on the previous balance of {$8200.00} for a new statement balance of {$16000.00}. We called Wells Fargo and they told us we were now in the XXXX month and that the interest represented interest on the total purchase of the windows 18 months ago, going forward. We have looked at the credit card agreement ( attached ) and in the special terms area, it says they can do this. We find this very surprising but nevertheless, that is what it says. If this is legal, and we assume it is, our primary complaint is that there was no warning ( an email, a letter, a note on the previous statement ), that the term of the special offer ( 18 months no interest ) was nearing the end and that we would owe interest calculated on the total purchase price. Had we received notice, we would have paid off the entire balance before the end of the special term. As proof, today, after becoming aware of this, and after speaking to the representative from Wells Fargo, we paid off the entire balance ( {$16000.00} ) with an immediate bank transfer. We consider this a " predatory practice '' by Wells Fargo ( and others ). It is designed to hope borrowers forget the date upon which they have to pay the balance and have an immense amount of interest charged to them. We believe that their lending practice should include some type of reminder and warning that this will take place if the balance is not reduced or eliminated. Thank you for your consideration in this matter. Sincerely, XXXX and XXXX XXXX XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #7551923 about?
Complaint #7551923 was filed against Wells Fargo & Company regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2023-09-14T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with monetary relief". 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) 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.