Man says bank owes him refund of appraisal fee

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PHOENIX -- A Peoria man says his bank owes him $495 but claims the bank won't pay him the money.

This whole problem started when he tried to refinance his home.

Now, in order to refinance, you have to pay for an appraisal.

But Paul Zambo says he canceled the whole process before the appraisal was ever scheduled.

Now, he says he just wants his money back.

Zambo and his wife enjoy their Peoria home and thought now was a good time to refinance a first and second mortgage they have on the home.

"We were talking to Wells Fargo, got it down to 4.5 percent, which was better than my existing first and way better than my second so that's why I wanted to refinance," Zambo said.

According to Zambo, to get the refinancing going, Wells Fargo needed him to pay $495 for an appraisal, which is normal, and Zambo put the amount on his American Express card.

"It was $495 and that's what she told us, it was for an appraisal," Zambo said.

But less than a week later and before Zambo says the appraisal was even scheduled, he decided not to refinance and canceled.

"Her response was, 'I am sorry you have decided to cancel your refinance, I wish you well," Zambo said.

But Zambo says Wells Fargo won't return the $495 he gave them.

The reason? He says Wells Fargo is telling him it wasn't for an appraisal after all. It was for a "non refundable application fee."

But Zambo says that's not what they told him when he started the process and he wants his money.

"Five hundred bucks, especially today, that's a lot of money and for what was done, that's not right," Zambo said.

A spokesperson for Wells Fargo sent me an e-mail saying the bank is resolving the issue to Zambo's satisfaction but would not provide me details.

Wells Fargo is sending something to Zambo in the mail and when he gets it, I'll do a follow-up.