CNBC: Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.
The bank is shutting down all existing personal lines of credit in coming weeks and has stopped offering the product, according to customer letters reviewed by CNBC.
The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said. more
Doing that, they’re damaging their customers’ credit!
This bank has been nothing but a predator to its customers.
Wells Fargo is a shitty,shitty bank. It offers NOTHING – every other bank kicks Wells Fargo’s ass in service, fees etc.
The end is very near.
Countdown to liberal / progressive lawsuit. 5 … 4 … 3 …
I had one of these WF lines of credit in 2010. The non-stop phone calls to push more borrowing were quite aggressive. I have never dealt with another bank that was so demanding. As someone else mentioned, WF is a predator.
WF or WTF… you decide.
Bank of America shut down it’s personal lines of credit 2 years ago.
My next door neighbor is a well heeled widow. Her husband handled all of their money and she had a huge adjustment process because of that when he passed about 3 years ago. Wells Fargo to the rescue! They convinced her to consolidate all of the various accounts he had at other banking institutions with them and have taken over everything for her.
This includes everything from paying her monthly bills to doing her taxes yearly. In the filing for the 2020 tax year they miscoded a rollover and she got a letter from the IRS saying she owed them $100K!
I gently suggested that their may be other people better suited to deal with her finances but it was not received well so I dropped it.
I dropped Wells Fargo 10 years ago. Never considered going back.
It appeared to me they did not have customer needs in mind, it was always what was best for WF.
If I ever have a need to communicate with arrogant, non-responsive, one-way, greedy azzholes, I’ll just call the IRS or some other federal agency.
Just a guess on my part but most likely the gov’t is getting ready to make the financials extend the personal line of credit to every worthless maggot, regardless of its ability (or desire) to re-pay.
Isn’t Mad Max Waters chair of the Committee on Financial Services?
You can bet there’s some Communist/Nazi mischief going on.
izlamo delenda est …
All I can say is I had to deal with WF while probating my Mom’s estate.
1) Never deal with Wells Fargo
2) While having a will is better than dying intestate, set up a trust instead.
My only contact with WF is that they hold my mortgage. And for as few remaining years as possible.
It’s a mystery to me why anyone would deal with a bank, ANY bank, if they have a Credit Union available.
There’s just no comparison between “non-profit” and “for-profit”.
This is geared to hurt small businesses and individuals while interest rates are low and hyperinflation is starting after crushing everyone for the last 16 months. Consolidating products to crush the individual.
Hey Look everybody…
Fumblin’ Joe’s speechifyriter, Millie Bird, is here!
They know what’s coming . . .
I think Tim (above) nailed it. Just like the home mortgage “crisis”, government forced banks to make loans to people who didn’t qualify, in the name of “equity”, or “racial justice”, or “reparations” , whatever. I suspect the same thing was, or will be happening with the personal lines of credit. So this was probably a smart move on their part.
Get rid of that Millie Bird!
Typical. Bankers always hand out free umbrellas… and then want them back when the rain starts.
This is all because the bankers at Wells Fargo don’t know shit about banking. They’re government welfare bitches! It’s because they can’t make money without loaning out the government money (not their own) and fees & charging interest.
Speaking of shitty banks, I want to toss in the ring Northern Trust. They handled my grandmother’s trust after she passed. It took us almost FOUR (4) YEARS to get them to close the trust and distribute the funds in full. We had to threaten legal action several times. They also skimmed 20% off the top “for their service.” What s joke, they didn’t do shit other than get in the way.
I quit banking with them in ’08 right before the banking crisis. I switched to a local bank and have been happy with them. We stay out of debt and never did have any use for a line of credit. It should be called “a line of debt.”
“The move would let the bank focus on credit cards and personal loans, it said.”
No doubt at higher interest rates.
Had to deal with Wells Fargo concerning my parents estate and they were aholes from the get go.
Was also instructed to wear my mask 😷 muzzle above my nose.
Proceeded to tell them that once the estate was settled, I would never do business with their crummy bank again.
@ecp: I’m at Northern Trust, never had a problem. Thanks for the warning. Afterall, they are based out of Chicago.