FDR/WF Acct Timeline 0211

By PGreer
  • WF Settlement Offer Accepted

    We accepted an offer from WF. We responded on the phone and via email to accept the offer. We intentionally did not sign the authorization for a July 15, 2014 additional draft of $1820, and we expressed this verbally to the negotiator on the phone. We agreed we would need to authorize this draft ourselves prior to the end of July, so funds would be available in the special purpose account by July 31
  • Period: to

    Impeccable Payment History

    Payments were made on time.
  • Request for Temporary Payment Reduction

    Loss of employment. Request was denied until the WF account was closed, after July 2014.
  • July Payment withdrawn from STCU

    Cleared FDR on July 10
  • Additional Draft

    sent to special purpose account from STCU on July 14. It cleared FDR on July 18; this marked our fulfillment of the obligation to provide an additional draft. This draft included the last $1004 payment that would have settled the WF account.
  • Failed Unauthorized Draft

    Without our authorization, FDR withdrew $1820 from our STCU bank account. This withdraw resulted in an overdraft charge from STCU. The FDR special purpose account had adequate funds to pay the last payment amount.
  • FDR Fee

    Insufficient funds fee charged by FDR when the unauthorized withdraw was attempted from our STCU account and that request bounced. (We'd already sent the $1820 per our agreement.)
  • FDR Settlement Withdraw

    FDR withdrew its own payment for services on the WF account prematurely. Settlement designation codes do not appear to be available on the CFTPay.com website anymore, but printed records indicate the fee was for #31901, the WF account in question. FDR paid itself before WF was paid completely.
  • Suspended Payment

    Final payment due to WF $1004 was suspended by FDR due to insufficient funds in the special purpose accounts. Settlement agreement voided and the balance due was restored to approximately $14,000.
  • DMF Fee

    This draft modification fee was in response to our request to reduce our monthly draft by half. It was requested July 18, and not enacted until early August. The warning about modifying the draft amount seemed irrelevant to the WF account, because to our mind, the balance had been paid weeks earlier to the effective date of this agreement.
  • Payments Reduced

    After approval, which indicated the closure of the WF settlement, FDR allowed us to make 3 reduced monthly payments ($600).
  • Period: to

    On Going Investigation

    18 months of phone tag, unreturned calls and emails to people who offered to clarify and did not follow through; no fewer than 20 different representatives/managers were contacted to get a solution to this conflict
  • No Notice

    From August to October, we believed that although we were making temporary smaller monthly drafts, our accounts were current and that the WF account was settled, closed, done! It wasn't until we contacted FDR in late October, seeking an extension of half-payments did we find out that current agreements were in arrears and that the WF settlement had been voided. No one had contacted us with a call or email, as had been prior practice over even small questions.
  • Payment schedule modified for other FDR accounts

    Payments to BoA needed to be altered to accommodate the reduction in monthly draft amount, and service fees on this WF account.
  • Full Payments Resumed - Damage Done

    By November, the agreement with WF had been voided due to failure of FDR to pay the $1004 on schedule. FDR paid itself first, and other accounts fell into arrears.