I've got two loans at Wachovia -- now becoming Wells Fargo due to Wachovia Management stupidity. Essentially they're a first mortgage and a secured equity line of credit. Yeah, I got the loans even though I didn't really like Walk-ova-ya, but hey - they offered me a good deal and I keep good enough records to challenge them when they screw up.
So of course they've screwed up -- but it kind of favors me. I have a "Mortgage Equity Loan" (really a first mortgage but without the usual pile of crap paperwork that comes with one) and my loan contract calls for regular monthly payments of "X". The WF Borg has now assimilated my loan (Star Trek - Next Generation fans understand this term) but tells me my payments are only "Y", about $200 less than X. Obviously the idiot doing the 'conversion' from Wachovia to WF (could that stand for "We're Foolish"?) didn't input it correctly.
It favors me as to cash flow. It doesn't favor me as I'll pay more interest over the years if I drop my payment. And what happens if they catch their mistake and demand back payments?
And get this: on the monthly statement there are SIX DIFFERENT ADDRESSES for WF:
- where they mailed it from (Sioux Falls SD)
- where to send payments (an Atlanta GA PO Box)
- where to send correspondence (Portland Oregon)
- where to send overnite payments (Billings MT - why not Atlanta?)
- where to dispute credit bureau reports on Home Equity Accounts (Billings MT PO Box)
- where to dispute credit bureau reports on Personal Loan accounts (Albuquerque NM)
Don't forget, We're Foolish (I like that nickname) is number 8 from the bottom on customer non-service - see my earlier blog It's Not Just Me
One of these days I'll have to get insulting about the big banks.