Wells Fargo is one of these large banks that just abuses Americans with their escrow fees, overcharge and fees. One can never expect to own in America with these large rip off banks, such as Wells Fargo, Bank of America, Citibank & Chase. Thus, I have a home which I have paid $28,000 in three years to Wells, but only $2000.00 has gone to balance of my home loan.
This is how the scam goes, I get a statement from Wells and it notes a payment that included insurance, taxes, FHA fees, interest and mortgage pymt. The statement does not provide and option for me to select which one I like to pay, so I have no idea where the check goes. However, the payment for insurance/taxes is put into escrow. Now they take all year and at the end of the year I get an overcharge check without interest. Thus, this escrow is a saving account I cannot withdraw, my money Wells can invest all year & make profit, but I get nothing. Furthermore, the escrow account makes my monthly payment very high. I deem Wells Fargo has made some good funds with these escrow accounts that just benefit them. Thus, it would be far easier to pay your insurance in one payment and the taxes as well. Also, may I add I tried to pay my insurance with one payment and Wells would not adjust my monthly payment. They still continued to charge me for the insurance every month although it was paid, so what have we here. Just absolute rip off of citizens and no avenue of relief from it.
Persons should be able to pay taxes and insurance at year beginning and that should reduce your mortgage payment. Furthermore, you should be able to select what you pay each month on your statement. If there is 1000.00 in your insurance account and you pay $600.00 well you need not send anymore for it.
Monetary Loss: $26000.