My dad, who is recently widowed, had a forced $200 flood insurance charge applied on his equity line by Wells Fargo, and his house isn't even in a flood zone. He has a lot of cognitive struggles and has a difficult time managing his finances and making decisions and was not sure how to address this, so I agreed to help him. Wells Fargo refuses to discuss my dad's account with me, and they have a copy of the POA stating that I can make decisions on his behalf.
Several weeks after I sent it the POA, they sent my dad a letter stating they needed additional forms, which he needed to submit. He is not able to submit these, and Wells Fargo refuses to discuss with me until he does so. I'm in the process of trying to get these multiple forms notarized but they have not made it easy.
My dad's insurance has contacted the flood dpt. at Wells Fargo to have this charge removed and it could take up to several months. Even if we're able to get this charge removed, I believe this charge is illegal and it needs to be exposed and stopped.
In researching I have found similar complaints of forced flood insurance charges on equity lines with zero balances placed by Wells Fargo, and being forced to pay something they do not have to pay. They are getting the full runaround that we are getting.
$200 isn't a large amount of money to most people, but my dad does not have much, and no matter how big or little amount of money it is, stealing is stealing. I hope this does not go ignored and they are held accountable for their actions. Thank you for reading this.
- Barbara
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