Dealing with Wells Fargo Bank advice needed

[Venomboy]

Long story short:

I had approximately $10k worth of carpet installed in my house about 18 months ago from a local carpet dealer. I financed the carpet through their deal with Wells Fargo Bank. The terms were 18 months/no interest. I've been paying $500/mo knowing that at the end of the term I'd owe about $1200 or so that I'd pay off at the end of the term.

Well I was going to pay my bill yesterday and I noticed that the term ended Sept 25. Crap! I thought the term ended in October. So now I'm being charged almost $3000 in accumulated interest. I knew that was the terms of the load. But I totally spaced on the date. I have more than enough to cover the remaining $1200 or so.

I called the bank and told the woman that I made an error on my calendar and was wondering if I could just pay off the remaining amount interest free. She told me yes, she'd transfer my loan to another loan and it would get taken care of, and that I'd have to come in to sign some paperwork.

So she calls me later in the day and says her manager said I couldn't get away w/o paying interest and that they could knock off $500. I said the bill isn't clear as to when the date is and that the terms aren't in consumer friendly language. I didn't want to fight over the phone and said I'd come in to see them this week. She said her manager said I did have 18 months to make payments.

So am I totally screwed? I know this is how banks make their money. I have a perfect credit rating and have never ever been late on a payment in my life. Anyone every get out of a situation like this? I know I could have payed more attention but I feel I made an honest mistake and now I'm being penalized for it.

I plan to talk to the manager over the phone and see him in person as well.

[hippietim]

Wow, that sucks. I have no idea where you really stand on this.

We used Wells Fargo when we lived in WA and I can tell you that as a general rule they sucked when it came to things that mattered to me regarding larger sums of money.

It sounds like you're handling this well - calm and respectful is the way to go here for sure.

Good luck.

[Drsracing]

Wells fargo sucks


Bank of america sucks

BECU rocks

[ApeDosMil]

That sucks...

May I ask why you choose carpet over wood floor? I was disgusted by my carpet (just hitting it would create dust) and my parents installed wood floor on their own.

[skorb]

just emphasize the fact that you are a good customer (it would help if you banked there too) and that you have never made any other late payments, but due to the unclear bill language, you just missed this odd loan termination date. go with your fundage to pay the principal owed, just sit there and keep offering only the principal oweed, and don't take No for an answer. get other managers involved or the HO if you don't get satisfaction.

[lerxstcat]

About the only leverage you have is to point to your record and your credit rating, then say "I will be banking with SOMEBODY for the next 40 years. If you show me this courtesy it will be you. If not, I will take my business elsewhere and tell everyone I know why I left Wells Fargo. Do this politely, of course.

However, it's $3,000. I had to pull teeth to get a $28 NSF reversed when they merged with First Interstate, and their teller had caused it by adding a digit to my GTE phone bill payment! They will probably apologize profusely but refuse to let you pay the principal only. I'd follow through and find another bank, get the other one before you close out with this one. It can be a PITA to establish a new bank account if you don't have a current one in good standing.

Sorry that happened, a lot of those long-term offers depend on you forgetting D-day I bet.

[Venomboy]

I have a bank account thru a credit union. I've been with them since 1989.

The Wells deal was offered through the carpet store. I did it because it was 18 months no interest even though I had the cash to pay it outright at the time. I went with carpet because I have a 2400+sq foot house and hardwood or laminate throughout would be $$$$$. I also have a 1 year old and a 4 year old, so when they fall it hurts less on carpet

Thanks for the advice so far. Hopefully they'll give me a break based on my past credit record.

[Shawn Lutz]

there isn't anything you can really do as there was no error on their part. May wanna take them up onf knocking off 500. You missed the date and they held up their end of the deal. Try telling uncle sam you forgot to pay your taxes by a month

I was a wells fargo customer from about 87 to 98. They were too late into the online banking/bill pay game so I switched to BoA.

[Inazone]

If they have already offered the $500 off, it couldn't hurt to meet with the manager and see if there's anything else that can be done. Two years ago, my wife and I left for our honeymoon, and I had made a point of mailing off payments for any bills that were due anytime in the near future, even though we wouldn't be gone long. I get paid via direct deposit and had every reason to expect my paycheck to come through well before any of the checks cleared.

Wrong. Upon getting back from the honeymoon, I opened the mailbox to find a bunch of overdraft notices. Several of the checks cleared literally an hour or two before my paycheck landed, and being that we spent a fair amount of $$$ during the honeymoon, I went into panic mode. But I drove down to Wells Fargo, talked to a personal banker, and was able to get the overdraft charges removed. In another similar situation (can't remember exact details), I was able to transfer money from my Wells Fargo Visa account into my checking account after getting hit with overdraft charges, and they reversed the charges since my credit was good.

The worst that happens is that they say no, and you at least get spared $500.

[Jason1212]

I used to work for Wells Fargo and they can be real hard asses to deal with. They stand by their disclosure and if you don't read or understand it too bad. The five hundred maybe her limit in this situation, so talking to the manager could yield more of a credit. I would try to talk to the person and see, but don't be surprised if they say no. Was this done through Wells Fargo Financial or as a line of credit home loan thing? WFF used to be Norwest Financial and they are practically loan sharks. They bought Wells Fargo a while back and IMO screwed the company up.

[Venomboy]

Just got off the phone with the manager. I have a balance of 1200. He asked if I could bring in a check today and pay it off. FUCK YEAH I CAN!!!

I guess it pays to be nice and to grovel a bit.

It was through Wells Fargo Financial. My carpet store has a deal with them to offer financing. I would never bank there since I'm really happy with my bank.

[guitarsjb]

Glad to hear it worked out for ya.

[fett]

Excellent!!!!!!

[rjohnstone]

I'm on my third home equitly line of credit with Wells Fargo... not a single complaint with them.
They have always been good to work with.
I'm glad they understood the situation and cut you some slack.

[Jason1212]

Home loans and lines are seperate from WFF and they are generally real nice to work with. WFF is kind of like a B credit lender and can cause some grief. Glad it all worked out for you.