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Wells Fargo closing all personal lines of credit
The Hill ^ | July 8, 2021

Posted on 07/08/2021 4:41:54 PM PDT by 11th_VA

Wells Fargo has begun informing customers that it will no longer be offering personal credit lines, with all existing lines being shut down in the coming weeks.

In a six-page letter to customers obtained by CNBC, Wells Fargo said it had "recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," instead setting its focus on credit cards and personal loans.

The revolving credit lines had been a popular consumer lending product, allowing customers to consolidate higher-interest credit card debt, avoid overdraft fees on checking accounts, as well as other actions.

The credit lines usually allowed customers to borrow anywhere from $3,000 to $100,000, according to CNBC.

In a FAQ portion of the letter, the bank explained that the account closures "may have an impact on your credit score," adding that they could not be reviewed or reversed.

"We apologize for the inconvenience this Line of Credit closure will cause," the bank said, according to CNBC. "The account closure is final."

In a statement sent to CNBC after its initial report was published, a Wells Fargo spokesman said, "We realize change can be inconvenient, especially when customer credit may be impacted," adding that the bank was "committed to helping each customer find a credit solution that fits their needs."

According to the news outlet, Wells Fargo said customers will be given a notice 60 days before their account is shut down, with remaining balances requiring minimum payments at a fixed rate. …

(Excerpt) Read more at thehill.com ...


TOPICS:
KEYWORDS: banking; cancelculture; credit; getworkgobroke; lineofcredit; wellsfargo
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Hmmm … a nothing-burger or ‘canary in the coal mine’ ?
1 posted on 07/08/2021 4:41:54 PM PDT by 11th_VA
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To: 11th_VA

Inflation coming.


2 posted on 07/08/2021 4:44:23 PM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: 11th_VA

Wells Fargo got the word that the Democrats are planning to cancel personal debt.

Because women and minorities are adversely affected by personal debt.


3 posted on 07/08/2021 4:45:27 PM PDT by MercyFlush (A wise man once said nothing. )
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To: MercyFlush

Hadn’t thought of that. Kind of out there, but a whole lot of things that have happened in the last few years have been kind of out there. OK, really out there, but yeah.


4 posted on 07/08/2021 4:49:55 PM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: Steely Tom
Inflation coming

Oh BINGO - they don’t want to be repaid with worthless dollars …

5 posted on 07/08/2021 4:50:07 PM PDT by 11th_VA (Et Tu Fox ?)
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To: 11th_VA

At a bank, you periodically evaluate all your products for profitability. If it’s not profitable enough, why are you offering it?


6 posted on 07/08/2021 4:59:34 PM PDT by proxy_user
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To: 11th_VA

At what point is it no longer a bank?


7 posted on 07/08/2021 5:01:09 PM PDT by Husker24 (Pp)
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To: 11th_VA

No brainer. With interest rates falling yet again, these are just not as profitable as forcing everyone into credit cards.


8 posted on 07/08/2021 5:04:12 PM PDT by montag813
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To: 11th_VA

Terrible bank.


9 posted on 07/08/2021 5:05:32 PM PDT by gcparent (MAGA)
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To: Steely Tom

“Inflation coming.”

For a awhile. However the financial-government sector can’t keep adding 0’s indefinitely.

Inflationary pricing needs a buyer, a buyer who can afford the new pricing.

4 anti inflationary trends could be:

1) tax increases
2) central bank raising interest rates
3) baby boomers dying off around the globe.
4) An end to unemployment and PPP subsidies.

The economy is a mixed bag of opportunities from my perspective.


10 posted on 07/08/2021 5:07:57 PM PDT by unclebankster (Globalism is the last refuge of a scoundrel)
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To: MercyFlush
Because women and minorities are adversely affected by personal debt.

At least white dudes can always become "women" to cash in on the preferential RAT rules. Heck we can even walk around with our schlongs out around naked women in spas, and if anyone disagrees Antifa will beat them up! What's not to like??

11 posted on 07/08/2021 5:08:13 PM PDT by montag813
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To: 11th_VA

I had an account with WF...many years ago. They were AH’s then....and I’ve never done biz with them again.


12 posted on 07/08/2021 5:12:32 PM PDT by Osage Orange (DRT)
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To: Husker24

Why does WF still have customers?


13 posted on 07/08/2021 5:13:37 PM PDT by Paladin2 (Critical Marx Theory is The SOLUTION....)
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To: 11th_VA

Inflation coming
Oh BINGO - they don’t want to be repaid with worthless dollars …
—————
Study Argentina, Venezuela, and other socialist countries to see what happened. Think mortgages, really think…..guess what?… laws were passed to tie mortgages directly to the official “inflation index”...mortgages were argued as being legal contracts, specified to be paid in a certain dollar amount, the debtor wins when inflation hits, when hyper inflation hits, the laws and contracts are changed….the banks don’t lose, ever. Something to think about.


14 posted on 07/08/2021 5:24:20 PM PDT by delta7
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To: 11th_VA

I’m thinking the regime gave them the heads up that they will be popping the bubble soon.


15 posted on 07/08/2021 5:24:31 PM PDT by BusterDog
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To: 11th_VA

Inflation coming
Oh BINGO - they don’t want to be repaid with worthless dollars …
—————
Study Argentina, Venezuela, and other socialist countries to see what happened. Think mortgages, really think…..guess what?… laws were passed to tie mortgages directly to the official “inflation index”...mortgages were argued as being legal contracts, specified to be paid in a certain dollar amount, the debtor wins when inflation hits, when hyper inflation hits, the laws and contracts are changed….the banks don’t lose, ever. Something to think about.


16 posted on 07/08/2021 5:24:52 PM PDT by delta7
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To: Husker24
At what point is it no longer a bank?

When the last horse died?

-PJ

17 posted on 07/08/2021 5:26:04 PM PDT by Political Junkie Too (* LAAP = Left-wing Activist Agitprop Press (formerly known as the MSM))
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To: Political Junkie Too

Banks are dinosaurs. Crypto cards are the future. Have a VISA backed and I love it


18 posted on 07/08/2021 5:45:47 PM PDT by ground_fog ( My God this was from today!S)
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To: 11th_VA

Well,
That’s Your buddy
In the Wood Chipper?


19 posted on 07/08/2021 5:46:02 PM PDT by Big Red Badger (Be Still and Know that I Am God. Rev 19)
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To: delta7

Interesting,
Thanks.


20 posted on 07/08/2021 5:47:39 PM PDT by Big Red Badger (Be Still and Know that I Am God. Rev 19)
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