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

Creditguymke
Established Member

Wells Fargo closing lines of credit

https://www.google.com/amp/s/amp.usatoday.com/amp/7908836002
This will effect millions of consumers credit 

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Message 21 of 75
Horseshoez
Valued Contributor

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

@rgd51 closing their Propel card to new applications (contrary to what you wrote, the card has not been discontinued) and closing their PLOCs are business decisions, the crap which came before was criminal, two very different things.  It is incumbent upon Wells Fargo (and all businesses really) to decide if it is in their best interest to discontinue money losing lines of business and concentrate on other lines which are more profitable.  Yeah, many folks may not like their decisions, but that does not in any way make them a bad company.

 

Please understand, I'm not defending them because I work for them (I turned that very nice job down in favor of an even better position), it's just that I was very impressed with the measures they were going through to come out of the scandal era and move into a new era of being a highly respected financial institution.  If they need to leave behind some disgruntled former customers on the way, that is simply the cost of doing business.

I categorically refuse to do AZEO!

Message 22 of 75
CH-7-Rebuilding
Valued Contributor

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


@rgd51 wrote:

@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. 


To bank with Wells is to be the abused spouse who keeps going back to their abuser and expecting a different result.   They are the worst bank in America.   Remember their scandal opening thousands of accounts for people who did not ask for them?   Their reputation is endlessly tiresome.  For those who managed to get secured cards from them, years later they still don't unsecure -- even after folks have 10s of 1000s in new unsecured credit.    They insist on you having a banking relationship with them to even consider you for one of their credit products.

I had two personal experiences that turned me off on them forever.   One was back around 2008/2009 when I was applying for a home equity LOC to remodel my house.   I was on the loan with my spouse and both of our mortgage FICO scores were over 820.   The app languished for months and every couple of months they would ask for more documentation for the same things they asked for three months earlier.   I will tell you they ultimately approved the loan six months after the app date.   For a crappy 100k LOC on a house with 800K in appraised equity and a 200K first mortgage (by their appraiser.)

 

The second personal experience that totally PO'd me was when I sold my used BMW for like 18K.   I got a cashier's check (from cashing the buyer's check) from Chase, which was two doors down, and Wells put a 14-BUSINESS-DAY hold on a Chase cashier's check.   When I asked the assistant manager to release the hold he said to me, "You wouldn't want me to lose my job, would you???"   (I actually did want him to lose his job.).  I suggested they call Chase (two doors down) and confirm that their CASHIER'S CHECK had been paid.   He refused.   A week later I raised holy hell with their regional manager who finally cleared the hold.   I had written a check to a dealer for a new car and it was held up as uncollected funds.

I would never do business with that bank.   The best they can hope for is that someone with a decent reputation acquires them.   They are 100% pure unadulterated .... doggy doo-doo.

Message 23 of 75
Horseshoez
Valued Contributor

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


@CH-7-Rebuilding wrote:
I would never do business with that bank.   The best they can hope for is that someone with a decent reputation acquires them.   They are 100% pure unadulterated .... doggy doo-doo.

LOL, I've worked with both Wells Fargo and Bank of America in he past, and hands down, BofA gets my doggy doo-doo prize, and by a very wide margin as well.

I categorically refuse to do AZEO!

Message 24 of 75
rgd51
Regular Contributor

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


@CH-7-Rebuilding wrote:

@rgd51 wrote:

@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. 


To bank with Wells is to be the abused spouse who keeps going back to their abuser and expecting a different result.   They are the worst bank in America.   Remember their scandal opening thousands of accounts for people who did not ask for them?   Their reputation is endlessly tiresome.  For those who managed to get secured cards from them, years later they still don't unsecure -- even after folks have 10s of 1000s in new unsecured credit.    They insist on you having a banking relationship with them to even consider you for one of their credit products.

I had two personal experiences that turned me off on them forever.   One was back around 2008/2009 when I was applying for a home equity LOC to remodel my house.   I was on the loan with my spouse and both of our mortgage FICO scores were over 820.   The app languished for months and every couple of months they would ask for more documentation for the same things they asked for three months earlier.   I will tell you they ultimately approved the loan six months after the app date.   For a crappy 100k LOC on a house with 800K in appraised equity and a 200K first mortgage (by their appraiser.)

 

The second personal experience that totally PO'd me was when I sold my used BMW for like 18K.   I got a cashier's check (from cashing the buyer's check) from Chase, which was two doors down, and Wells put a 14-BUSINESS-DAY hold on a Chase cashier's check.   When I asked the assistant manager to release the hold he said to me, "You wouldn't want me to lose my job, would you???"   (I actually did want him to lose his job.).  I suggested they call Chase (two doors down) and confirm that their CASHIER'S CHECK had been paid.   He refused.   A week later I raised holy hell with their regional manager who finally cleared the hold.   I had written a check to a dealer for a new car and it was held up as uncollected funds.

I would never do business with that bank.   The best they can hope for is that someone with a decent reputation acquires them.   They are 100% pure unadulterated .... doggy doo-doo.


Yeah their bad reputation is fully deserved. They have done so many bad things I can't even list them all here. I am very glad that I never ha e done business with them. Hopefully their reputation will change but all my friends and family certainly don't think highly of them and don't want to do business with them.

Message 25 of 75
Horseshoez
Valued Contributor

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


@rgd51 wrote:


Yeah their bad reputation is fully deserved. They have done so many bad things I can't even list them all here. I am very glad that I never ha e done business with them. Hopefully their reputation will change but all my friends and family certainly don't think highly of them and don't want to do business with them.


I firmly believe their plan to become a model citizen in the financial industry will, A) take time (the whole marathon not a sprint quote comes to mind), and B) be successful.

I categorically refuse to do AZEO!

Message 26 of 75
rgd51
Regular Contributor

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


@Horseshoez wrote:

@rgd51 wrote:


Yeah their bad reputation is fully deserved. They have done so many bad things I can't even list them all here. I am very glad that I never ha e done business with them. Hopefully their reputation will change but all my friends and family certainly don't think highly of them and don't want to do business with them.


I firmly believe their plan to become a model citizen in the financial industry will, A) take time (the whole marathon not a sprint quote comes to mind), and B) be successful.


I hope you're right. Anything is possible but I doubt it will happen anytime soon. 

Message 27 of 75
Citylights18
Established Contributor

Re: Wells Fargo PLOC

They stopped offering it around May of 2020 as a new product. TD did the same thing with theirs.

 

I'm not sure why they've stopped offering PLOCs. Perhaps they were costly to service.

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Message 28 of 75
RootDet
Frequent Contributor

Re: Wells Fargo PLOC

i find less and less banks offer them, soi imagine they have morphed into just bad products for the industry.

 

Banks kill products and close accounts all the time. Every so often a cobranded relationship ends and those accounts are closed (Marvel CC anybody????). It happens, not sure why all the "Wells Fargo bad bad for closing accounts" when other banks have a history of doing it on similar scales. 



Message 29 of 75
mark3038
Established Contributor

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

They had to do something. They have a limit now on how much they can lend out. They choose their least profitable item with a high dollar exposure. By closing these accounts it frees up more money to lend for credit cards which have a higher interest rate.

Thanks

Mark

Message 30 of 75
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