Wells Fargo Bank Informative - Wells Fargo Unfairly Adds Insurance To Loans
WACO, TEXAS -- I have been a customer of Wells Fargo Bank in Waco, Texas for 4 and 1/2 years. I began doing business with them when I financed my house with them in 2002,August. In August of 2006, I used Wells Fargo Auto Finance to finance a collateral loan on my 2006 Mazda. I have always had full coverage insurance on my car. When my insurance renewed in July 2007, I received a letter from Wells Fargo stating that they had not received a copy of my renewal. I insisted that I did indeed have the insurance, however, they wanted me to fax them proof. I felt that this problem would cease-WRONG!! After a few letters from Wells Fargo I went to my local branch on Bosque Blvd. here in Waco. They called auto finance and I was told that I would need to fax my declarations page to them-the branch could not help me. So I went to my insurance agent and they faxed my insurance info to Wells Fargo. This was around mid-November or early December of 2007.
On December 10, 2007 they and Balboa Insurance, their insurance provider sent me a letter stating that the coverage they had was being cancelled and they would refund me part of the premium. I HAD FULL COVERAGE TO BEGIN WITH IN THE AMOUNT NECESSARY!!! Sunday, January 6, 2008 Wells Fargo calls me at home concerning my late payment. They said what I owed, which I disputed. I disputed the amount that I owed because it included insurance. On Monday, January 7,2008 I went to my local branch again. At the branch they were helpful. They faxed my info yet AGAIN!! Today, I received another call. Again I disputed the amount owed. I was told to call Balboa Insurance, which I did. Balboa acknowledged that they had received my info and that it was correct. However, they need me to get my insurance agent to on the phone with them to cancel. I wonder what their next excuse will be?
Wells Fargo has tried this before with my house insurance. They also like to call starting at around 8am til 9pm to remind me that my payment was due on the 5th and that this is the 6th. I encourage you to stay away from Wells Fargo Bank. When I am able I will take my business elsewhere!! I think that they are trying to fleece their customers by adding unnecessary insurance.