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Home > No Thanks, Wells Fargo

No Thanks, Wells Fargo

November 7th, 2014 at 06:20 pm

My car loan is finally showing up when I log on to Wells Fargo's site. And, I noticed that my balance was 16,099.00. I knew that I would be charged a $99 loan fee, but I was expecting it to be deducted from my checking account. Nope, it got added to my loan balance.

According to my trusty spreadsheet, if I were just paying as scheduled, I would make 72 payments and then still have a balance due of $124.05! Can you imagine? You make the payments you are supposed to make, think you are done, but no, you still owe more money. No thanks, Wells Fargo. I made an immediate transfer of $99 (just love having my checking account, mortgage, and car loan all at the same bank) and we are right back to 16k even.

Posted in Car Loan Update | 2 Comments »

2 Responses to “No Thanks, Wells Fargo”

  1. starfishy Says:
    November 7th, 2014 at 07:32 pm 1415388721
    1415388721

    what a rip! Smile good thing you are money and spreadsheet savvy - i bet they make a lot of money from loan customers who wouldn't know what an extra $99 would cost them in the end! Enjoy your new car - sounds lovely.

  2. snafu Says:
    November 7th, 2014 at 08:39 pm 1415392798
    1415392798

    Glad you caught that add-on. The banks are adding so many extra charges we're moving more to electronic banking. I noticed a $ 5. 'transaction charge' after I deposited a little more than $ 1K, via teller, left over from holidays . They immediately reversed the charge but I'm guessing most people don't balance their accounts so the banks can add small charges to their millions of clients daily. The banks weren't held responsible for their 2009 fiasco and see no reason to stick to the rules. I see bankers in the same ethical light as car salesmen.

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