Wells Fargo Holding Mortgage Payments

Well, I’m about miffed because my suspicions have been confirmed. I mailed my mortgage payment about 8+ days ago. The payment is going from MD to NJ. As of yesterday, it still hadn’t cleared my account. So I called bank, Wells Fargo, to have them check what’s going on.

The cust. svc. person tells me that they have no record of the payment. (I’m frustrated and slightly scared/annoyed because I know it’s close to the late day, and I have to pay for a stop payment etc…)

He proceeds to ask me if I want to pay it online. (uh, no.)

Then he asks me if I used their envelope to mail the payment. I said no. He tells me because I didn’t use THEIR envelope to mail the payment, they cannot track it at the post office. “you can pay it online.” (no, I’m not going to @#$@#r).

I will not pay $10. (because I don’t have a WF checking account) to pay for something that is $ 0.41. He continues to try to persuade me to do online billing/payment etc. It’s free for you yadda yadda. Dude… I can read, and it’s $10. (my hypothesis is they want access to accounts… locking up cash/'accidentally 'overdrawing customers or something. dunno. don’t plan to test it.) OK then…

I get up this morning and log into my account. HEY! It’s a MIRACLE… the funds have been posted to my mortgage.

OH, Did I forget to mention that this is the 2nd time my payment has mysteriously disappeared then posted after I called cust. svc?

Did I mention that every month I have to tell them to send me a paper statement?

How about that I haven’t received a statement or coupon book since I signed up for this torture? Reason? they want their customers to accrue fees and interest. Period.

Sorry @#$%%$s, but the mortage meltdown isn’t my fault, nor is it my responsibility.

A holes.

For everyone with a mortgage, just an FYI, I hope this helps someone.

GO IMMEDIATELY to a LOCAL bank that DOES NOT SELL their mortgages and REFI WITH THEM.

These big banks SUCK!!!

A small local bank is the way to go. They KNOW YOU, they appreciate your business, and IF there is ever a problem you can drive down to a branch and talk to a HUMAN BEING FACE TO FACE!!!

Thanks. I did that. The local lenders are only doing 90% LTV on refis. I am don’t have the difference to pay off the orginal mtg. and closing costs. ($20k ) I’ll just have to stay on top of the situation.

I’ve never done business with Wells Fargo, but my financial advisor was just telling me to take a look at their stock. They have been driven down with all the other financial stocks, but they saw this coming and dumped all of their poor mortgages before the mess started, and they are sitting on a lot of cash.

Its hard to stand for poor service in this day and age. I missed a little $25 interest payment at my local bank due to a misunderstanding about how the interest would get paid, and they immediately dinged me $100. All it took was a little phone call and they fixed things right up. They are very careful of their reputation.

DB

I have online banking with free bill pay. They e-mail me when the pmt is sent and when it’s deducted from my account. This way I have a neutral third party that can testify that the payment was sent and posted. I’ve had to use them before when a credit card said they were not paid. It worked well. Also, you can pay every 2 weeks to be sure they’re paid at least something. But that would probably make more work on your part. good luck.