Posted on 07/30/2021 7:21:30 PM PDT by algore
Wells Fargo announced at the beginning of the month it would soon close all personal lines of credit within 60 days
The company informed customers that the account closures could hurt their credit scores
The announcement—and the admission that the move could hurt consumers’ credit scores—drew some attention, but nothing more.
I heard this on the news a few weeks ago, but have gotten nothing from Wells Fargo.
I decided when doing bills today that I would take all my other debt and put it on my WF credit line
That way when they close it and convert it to a fixed repayment loan I will still have all my other credit lines with low utilization, thus preserving my credit score and most of my open and available credit.
I could ask why you are doing business with Fascist Wells Fargo but I will not bother.
Neither a borrower nor a lender be.
Some folks are ambivalent about things like this.
I would tell them to take a hike.
I do not understand why anyone would still be doing business with a bank that was busted for screwing their customers.
um, they are taking a hike, that’s the (potential) problem.
Our checking account is through Wells Fargo. Their services have been going down the tubes for a few years ago. We no longer have any lines of credit or personal loans from them. They essentially offer no real service to us except a debit card and fees to use it.
We’re toying around with the idea of leaving them for a credit union. Those entities seem to be the only real service banks left.
If someone had an account with favorable terms, I could see them remaining with a financial institution which screwed over customers.
Lenders quit lending when they decide that the current economic situation is unstable and that loans will likely not be repaid. It is not a judgment of the banks against individual borrowers but on the overall economy itself.
Wellls Fargo is betting on the economy rankings so it is refusing loan applications and hoarding cash.
After all, banks make money on loans and if they stop lending it means they expect losses if they do. It isn’t just to piss us off, they are betting against Biden’s economy.
I would bail out now then no matter how much trouble it is.
Smart move.
I haven’t gotten any letters from Wells, but, I did get two notices from Citibank that said they were dropping all card protections/perks within 30 or 60 days (emerg travel cash, life insurance, warranty extension, lifeflight, a few others i can’t remember having only just used the warranty extension once)
Something is up and it’s not just WF. Could it be related to cyberattacks and our identities sold to the wind?
Bingo.
To banks, loans are assets.
To banks, checking and savings accounts are liabilities.
I quit doing any business with Wells Fargo ages ago. I would recommend others leave them also.
Makes no sense to me, favorable terms like they haven’t stolen from me yet, even though I know they have stolen from others?
I feel like you didn’t read the article.
Favorable terms such as a low interest rate loan, or perhaps a low interest rate mortgage with them, is what I was thinking of. If they offered better terms than others, a certain number of people would stay with them.
Originally I banked with a regional bank that got eaten, I pay no fees at WF and they were always good, although they have been going downhill slowly for a few years.
I also have a CU, but it only has a few branches
I have heard bad things about other large banks, and since wf were good to me I saw no reason to hassle with switching anything.
“I do not understand why anyone would still be doing business with a bank that was busted for screwing their customers.”
Several times in recent memory, too.
I think this is a bogus website. I would not click it.
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