Today we pay off our mortgage. $932.05. The escrow returns to us in about fifteen days, a deliberate delay by Wells Fargo that stinks of greed — sucking additional profit through interest from our 27-year loan servitude). Of which Wells Fargo only inherited the loan about five years ago, acquiring it, if I remember rightly, from Fifth Third (but they may have owned my truck loan).
The worst owner was the insurance-cum-banking scum in Des Moines to whom we were enslaved until the big hailstorm (2001?), Allied Insurance and Mortgage. You see, their insurance arm would not pay us directly for our damage, insisting the cash had to go to the mortgage holder (themselves — Allied) but only after we had made the approved repairs/improvements (kind of a classic Catch-22). The worst part was getting paid for two sides of the house, siding damage, but having to replace all four (so as not to reduce the value of the property). Tight-assed, greedy bloodsucking bastards. Pardon my honesty.
We have paid for our home (but with some “improvements” in the second mortgage we took out with our friendly, local bank, who then sold us on to larger, greedier incompetents) thrice over — probably not even counting “points,” “fees” and other financial thievery.
Wells Fargoʼs corporate greed blew its public relations, at least with me (and perhaps now with you, too, Gentle Readers), three times over since Friday.
First, after more than half a decade of handling our payments nearly perfectly — no delays in check-cashing to force late fees, as I had suffered under other institutions — on our penultimate payment, they somehow ignored the amount for which I had made out the check and cashed it for the monthly payment only, without the additional thousand of additional principal. A mistake? The probability of driving up our final payment by a couple of bucks a day made the coincidence of this “error” seem overly convenient to me. So I called the company (with three motives in mind — to complain about their deliberate error and get it corrected; to verify the final payment procedure and, after the “error” correction to determine the appropriate timing of our payoff; and to investigate our acquisition of the funds in our [currently rather hefty] escrow account).
Their second PR goof occurred there — not once I got to human customer relations agents, but in their labyrinthine and totally annoying voicemail system. All corporations should realize in these web-presence internet times that no one calls a corporation to deal with a machine. No one. And these foolhardy corporate managers, who insist on erecting these voicemail barricades against providing service, are making their customer-contact workersʼ lives far worse than necessary by automatically outraging each caller with the completely unnecessary barrier and frustration of voicemail (not to mention the addition of time-wasting and annoying advertising with the endless voicemail menus).
Obviously, four menus into my (wasted) time, when I finally could dial zero for a human, I was raging, and poor Keisha, who answered, had to accept the burden. Nor was I interested in her long waits online for me while she “brought up” my check, nor her subsequent apologies. I wanted the correct amount credited toward paying our loan on the correct, original day. She could not do it; Wells Fargo could add the thousand the day I called, a weekend after (three daysʼ of interest later) but not retroactively. I kept insisting their “mistake” was not my problem. I had paid the amount I wished already. She passed me up to a “supervisor,” Carmen Kearney, in, as it turned out, “another state.”
Carmen and I went round and round (and round and…) as well, although she almost immediately was able to postdate (predate?) their additional draw, as per my original check, on my checking account. Carmen apologized profusely (and pointlessly), too. It really got ugly — okay, I got ugly as she stoically stonewalled — when I got to my second and third topics, paying off the mortgage (delayed, thereby forcing several daysʼ more interest, by Wells Fargoʼs little “error” with my monthly check-plus-additional-principal) and acquiring our escrow account. Nothing could be done about the payoff delay (me: “Why should your incompetence be my problem?”), nothing, but she was “facilitating” the fastest possible acquisition by Wells Fargo of my additional thousand. And Wells Fargoʼs standard policy is to retain all escrow accounts for fifteen days after receipt of final payment to ensure sufficient funds in the payerʼs account to cover the payoff — no exceptions. (Me: “Yeah, Sure. Lets you collect fifteen unearned daysʼ interest on my escrow account.” No response to my repeated assertions of fraud. Me: “So are you going to pay me the four percent daily interest I could have been earning on those escrow funds if you had transferred them to my account with actual efficiency?” No acknowledgment of that idea.)
And third, Wells Fargoʼs insistence on me (in this circumstance) having to follow their penny-ante regulations blew any respect I might have for this bloated, incompetent, cheating and deceptive, dis-serving and abusive financial giant stomping clumsily and viciously on the lives of its victims. They had mismanaged my payment, but I had to serve and obey humbly their inflexible regulations, to my detriment after their rude error. “Third” means that they cheated me. Is it fraud? I say, “Yes.” After all, they supposedly erred. They owe me reparations, not their selfserving regulations-as-usual.
Wells Fargo joins the ranks of corporate malfeasance with Qwest/CenturyLink, DirecTV, Fox News, Allied Mortgage/Insurance, and whatever customer-abusing companies I have already mentioned here on the blog for the Hall of Shame in business (mal)practice.
I actually wrote this (as dated above) yesterday. Janet did overnight the check via UPS, which showed it arrived, signed for at 9:54 this morning, Thursday, 12 January 2012 (as I had verified would happen, per a Wells Fargo note on the website, 24 hours in advance with their “Quinn” yesterday about 8:40 AM).
So far, although I post late in the afternoon, nothing shows to change our account status to zero. Way to suck, Wells Fargo.