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"With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a Frequently Asked Questions segment of the letter."
This combined with the cancelation of most card offerings tells me the bank is in trouble.
@gdale6 wrote:This combined with the cancelation of most card offerings tells me the bank is in trouble.
That, and I think they're still dealing with the fallout from the Fed's restrictions on how they can operate, still trying to figure it out.
This is certainly going to cause a PR backlash for them. Thank you for sharing.
I was leaning toward not applying for their new 2% card due to the excessive number of scandals over the last several years and this just solidifies my feelings further. I wouldn't get a revolving loan like the ones mentioned in the article but it goes to show this bank can't avoid controversy and pissing off their customers.
This hits hard, I've had a $30K LOC since 2016. I hate to hear this but glad it's not my only LOC.
I wonder how the closing of the acct will be remarked, i.e. "closed by lender:, etc...?
@ntx wrote:
"With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a Frequently Asked Questions segment of the letter."
Wow. That is weird.
I can understand phasing out a product, and not offering it to new customers.
I can understand not allowing any new borrowing under the product.
But unilaterally changing the terms of existing accounts and simply closing them has got to be a breach of contract, and probably a violation of banking regulations and laws.
@SouthJamaica wrote:
@ntx wrote:
"With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a Frequently Asked Questions segment of the letter."
Wow. That is weird.
I can understand phasing out a product, and not offering it to new customers.
I can understand not allowing any new borrowing under the product.
But unilaterally changing the terms of existing accounts and simply closing them has got to be a breach of contract, and probably a violation of banking regulations and laws.
As we have seen over the last several years WF has made it quite clear with their actions that they don't respect banking regulations and laws so none of this is surprising!
This combined with the cancelation of most card offerings tells me the bank is in trouble.
Now that you mention it, they probably make quite a bit of money from interest and fees from these lines of credit. It does make me wonder what outweighs that revenue enough to walk away from it now and in the future.
@SweetCreditObsession wrote:This is certainly going to cause a PR backlash for them. Thank you for sharing.
I found out about this when I was on Twitter earlier. They're definitely getting some of that backlash over there.