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Update: Course reversed-Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit

rgd51
Regular Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit

You would think after all the numerous scandals over the last several years that they wouldn't want to piss people off even further. Are they trying to put themselves out of business?

Message 11 of 75
Horseshoez
Valued Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@gdale6 wrote:

This combined with the cancelation of most card offerings tells me the bank is in trouble.


I don't know if I'd go so far as to say Wells Fargo is in trouble; I was being heavily recruited by them for a Director level position, that is, until April when I accepted another, and arguably better, job with a consulting firm.  While I was interviewing I asked lots of questions regarding the scandle and the relative health of the bank and was satisfied they are in a good financial position, maybe not as good as say, Chase, but I wasn't worried about losing my job anytime soon had I gone to work for them.

I categorically refuse to do AZEO!

Message 12 of 75
pizzadude
Moderator Emeritus

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@rgd51 wrote:

You would think after all the numerous scandals over the last several years that they wouldn't want to piss people off even further. Are they trying to put themselves out of business?


My guess is they're pulling back in the these areas to allow for expansion into other lines of business, given they're capped by the feds in terms of growth. 

 

Agree that they could handle it better, you'd think they would have learned a few things about PR and messaging over the past years......

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 13 of 75
rgd51
Regular Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@pizzadude wrote:

@rgd51 wrote:

You would think after all the numerous scandals over the last several years that they wouldn't want to piss people off even further. Are they trying to put themselves out of business?


My guess is they're pulling back in the these areas to allow for expansion into other lines of business, given they're capped by the feds in terms of growth. 

 

Agree that they could handle it better, you'd think they would have learned a few things about PR and messaging over the past years......


My bank accounts have always been with chase so I've never had a Wells Fargo account and all the bad things they've done certainly hasn't inspired me to open a credit card or bank account with them. They have no one to blame but themselves for the mess they're in.

Message 14 of 75
Harvey26
Valued Contributor

Wells Fargo PLOC

Seems like per this article they have decided to close all personal lines of credit. Same move BOA did couple years back with their personal lines of credit seems like more and more banks are moving away from personal lines of credit. Hopefully no one experiences any horrible credit score drops. 

 

https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.h...

Message 15 of 75
Horseshoez
Valued Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@rgd51 wrote:

@pizzadude wrote:

@rgd51 wrote:

You would think after all the numerous scandals over the last several years that they wouldn't want to piss people off even further. Are they trying to put themselves out of business?


My guess is they're pulling back in the these areas to allow for expansion into other lines of business, given they're capped by the feds in terms of growth. 

 

Agree that they could handle it better, you'd think they would have learned a few things about PR and messaging over the past years......


My bank accounts have always been with chase so I've never had a Wells Fargo account and all the bad things they've done certainly hasn't inspired me to open a credit card or bank account with them. They have no one to blame but themselves for the mess they're in.


While I agree with you on the surface, while I was interviewing I was impressesd at their house cleaning efforts (as it was explained to me, the entire upper echelon of their management, along with virtually anybody who could spell "scandal" was summarily fired) and their plans on becoming squeaky clean so as to rebuild public trust.  If I move to an area where they have branches and TDBank (my current bank) does not, I wouldn't hesitate to open accounts with them.

I categorically refuse to do AZEO!

Message 16 of 75
sparklerd34
Established Contributor

Re: Wells Fargo PLOC

Wow






Message 17 of 75
CreditCrusader
Valued Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@Horseshoez wrote:

@gdale6 wrote:

This combined with the cancelation of most card offerings tells me the bank is in trouble.


I don't know if I'd go so far as to say Wells Fargo is in trouble; I was being heavily recruited by them for a Director level position, that is, until April when I accepted another, and arguably better, job with a consulting firm.  While I was interviewing I asked lots of questions regarding the scandle and the relative health of the bank and was satisfied they are in a good financial position, maybe not as good as say, Chase, but I wasn't worried about losing my job anytime soon had I gone to work for them.


I would.

 

In fact, I will. They're in HUGE trouble. The long run fallout from doing customers this way will turn off current and future customers...bank it (no pun intended).

In my wallet: Cap1 QS $10,000 Apple $1,500 Interra CU $5,000 Sweetwater $15,000

Current scores (EQ, EX, TU): 756, 758, 770
Message 18 of 75
Horseshoez
Valued Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@CreditCrusader wrote:

@Horseshoez wrote:

@gdale6 wrote:

This combined with the cancelation of most card offerings tells me the bank is in trouble.


I don't know if I'd go so far as to say Wells Fargo is in trouble; I was being heavily recruited by them for a Director level position, that is, until April when I accepted another, and arguably better, job with a consulting firm.  While I was interviewing I asked lots of questions regarding the scandle and the relative health of the bank and was satisfied they are in a good financial position, maybe not as good as say, Chase, but I wasn't worried about losing my job anytime soon had I gone to work for them.


I would.

 

In fact, I will. They're in HUGE trouble. The long run fallout from doing customers this way will turn off current and future customers...bank it (no pun intended).


You're going to have to explain that; what constitutes "HUGE trouble"?

I categorically refuse to do AZEO!

Message 19 of 75
rgd51
Regular Contributor

Re: Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit


@CreditCrusader wrote:

@Horseshoez wrote:

@gdale6 wrote:

This combined with the cancelation of most card offerings tells me the bank is in trouble.


I don't know if I'd go so far as to say Wells Fargo is in trouble; I was being heavily recruited by them for a Director level position, that is, until April when I accepted another, and arguably better, job with a consulting firm.  While I was interviewing I asked lots of questions regarding the scandle and the relative health of the bank and was satisfied they are in a good financial position, maybe not as good as say, Chase, but I wasn't worried about losing my job anytime soon had I gone to work for them.


I would.

 

In fact, I will. They're in HUGE trouble. The long run fallout from doing customers this way will turn off current and future customers...bank it (no pun intended).


Agreed. They don't have a good reputation these days and they continue to make decisions that piss people off. The discontinuing of the Propel card as well as the subject of this post definitely doesn't make me confident that if I get one of their cards they won't cancel it. 

Message 20 of 75
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