Tom is angry at Wells Fargo, because they’re borrowing $377.09 from him without his permission. When Wells Fargo purchased Wachovia a few years ago, Tom’s car loan came along with it. Every month, the bank would draft a payment of $384.43 from Tom’s account. His last payment was due in March, and it was only $6.34, but Wells Fargo just went ahead and took the entire $384.43 out of habit.
We financed a vehicle through Wachovia in 2006. Wells Fargo Dealer Services took over the loan when they bought Wachovia. The payment of $384.43 was drafted from my credit union account monthly. The last payment was due on March 18 for $6.34. On March 18, Wells Fargo Dealer Services drafted $384.43. When I called them on March 21, no matter what I said, they would only repeat, “You authorized us to draft the full amount of your payment each month”. And, they won’t refund my money for 15 days because they have to “verify the funds”. They told me if I faxed proof that the funds were drafted from my account, i.e. a statement showing my account balance before and after the draft, they would “expedite” my refund. They admitted taking the money from me. They admitted my account had a credit balance. Why should I have to supply them with proof of what they already know just to get my own money back? And why should I have to wait 15 days?
Let’s review: Wells Fargo Dealer Services stole $377.09 from me, and won’t give it back for 15 days. If I walked into a Wells Fargo branch and took $377.09 from a cash drawer, telling them they could have it back in 15 days, I would either be in jail or dead!
Words cannot express how angry this makes me. I have never been treated like this by a financial institution. I have financed many vehicles through many financial institutions. I have never had anything like this happen. I never signed anything from Wells Fargo Dealer Services authorizing them to do anything. I obtained the loan from Wachovia.
With other vehicles financed through Wachovia, when the final payment was due, that is what was drafted. Not Wells Fargo. This is apparently a normal business practice for them. I called expecting customer service to tell me there had been a mistake, that they were sorry, and that I would get my money back in a few days. Nope. They weren’t surprised, they didn’t apologize, they would only confirm that they had indeed stolen my money. And it is stealing. They sent me a statement asking for $6.34 and drafted $383.43. They stole my money and won’t give it back for 15 days unless I jump through a bunch of hoops. I’m sure they have invested my money and will keep the interest for themselves, and I will lose the interest I would have earned had the money remained in my account. That is wrong. And it make me furious!
Big banks – why did we bail them out again? Oh yeah, I remember, it’s so they could continue to screw their customers.