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In Wells Fargo defense, I've had a pretty good customer service experience with them for both my credit card and personal checking accounts. Chase isn't bad either, although their 5/24 rule sucks
It's BoA that's an irredeemable dumpster fire.
I had a WF checking account for years. Moved to other banks for that a few years ago, closed it not too long after.
Got a second mortgage, which helped me buy with virtually no money down at the top of the market in 2007. Finally reached the point of selling the house for a profit early this year, and paid off the second in full. That completed my accounts activity.
With the series of issues WF has had over the recent years, and so many other banks available, this seals the deal for no further interaction with WF for me. Moving on.
@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."
In addition to focusing on credit cards and personal loans (the accounts with the highest bank earnings), I think Wells Fargo is avoiding the coming quagmire when the CDC's eviction moratorium expires July 31st, unemployment programs created by the CARES Act expire Sept. 6th, and the student loan payment moratorium expires Sept. 30th. Customers will have to make monthly rent, mortgage, and student loan payments using current income and savings, not PLOCs.
Without PLOCs to fall back on, a significant number of customers will either take out high interest personal loans or default. WF gains with the former and can avoid nearly all of the latter. The exception is mortgage customers, but the housing supply is so low that most homes with mortgages in trouble can be sold on the market before the bank forecloses.
Can't they sell PLoC like they do credit cards?
Got my letter...
@RickNATL wrote:Got my letter...
Ugggghh, sorry to hear - hopefully WF closing this PLOC won't significantly impact your revolving utilization
@pizzadude it won't, and if so, not significantly. It's one of five PLOCs I have. I am disappointed and think I am going to transition accounts from WF and leave the CC in place.
@RickNATL wrote:@pizzadude it won't, and if so, not significantly. It's one of five PLOCs I have. I am disappointed and think I am going to transition accounts from WF and leave the CC in place.
Glad to hear you'll be ok - will be interesting to see how much AA from customers they'll encounter as a result of this....
I am surprised that they did not do this quicker. Over 3.9 million people are on forebarence or not paying rent that is due. All these programs end in a few months. Wells Fargo is smart and they know people are going to use personal lines of credit to pay there rent/mortgage and then default on the personal lines of credit.
Smart move on there end.
Well if anyone remembers, years ago Wells Fargo use to be Wachovia, which collapsed due to pay-option mortgages when the housing market fell out. Wachovia was one of the largest banks in the country (an RJ Reynolds endeavor) and Wells Fargo bought it out. (They won out over Citibank)
"While Wells Fargo rescued Wachovia from potential collapse in 2008, it is now facing its own problems, including 2016 revelations of employees opening unauthorized accounts in customers' names to meet sales goals."
Then in 2018, Wells was fined for continued sketchy mortgage and insurance practices...
https://www.charlotteobserver.com/news/business/banking/article209375924.html
This year in Feb, this happened....
So, this is just a continuation of a pattern that is ultimately going to bring Wells to its knees....it isn't looking good for them.