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 ...
Inflation coming.
Wells Fargo got the word that the Democrats are planning to cancel personal debt.
Because women and minorities are adversely affected by personal debt.
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.
Oh BINGO - they don’t want to be repaid with worthless dollars …
At a bank, you periodically evaluate all your products for profitability. If it’s not profitable enough, why are you offering it?
At what point is it no longer a bank?
No brainer. With interest rates falling yet again, these are just not as profitable as forcing everyone into credit cards.
Terrible bank.
“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.
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??
I had an account with WF...many years ago. They were AH’s then....and I’ve never done biz with them again.
Why does WF still have customers?
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.
I’m thinking the regime gave them the heads up that they will be popping the bubble soon.
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.
When the last horse died?
-PJ
Banks are dinosaurs. Crypto cards are the future. Have a VISA backed and I love it
Well,
That’s Your buddy
In the Wood Chipper?
Interesting,
Thanks.
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