What's going on with Wells Fargo Bank??

[Dirtshooter]

Hi all, I am not a conspiracy theorist, I lost my tinfoil hat in a boating mishap. But do any of you understand why Wells Fargo is shutting down all of it's lines of personal credit?

[dralarms]

Are they demanding immediate payment? Or righting it off?

[No_0ne]

35 minutes ago, Dirtshooter said:

Hi all, I am not a conspiracy theorist, I lost my tinfoil hat in a boating mishap. But do any of you understand why Wells Fargo is shutting down all of it's lines of personal credit?

My guess is that its related to the fallout from their recent scandals.  It seems some employees were opening up fraudulent accounts in their customers names, to increase "cross-selling" of products.  Eliminating many of the retail types of accounts might be one way of ensuring that similar events don't happen in the future ...

[DJTC45]

I got away from them when I refinanced our home loan back in February, I switched to my Credit Union for a 15yr and got some cash out to help with my medical issues. Wells Fargo sent me a letter that they would no longer offer a refinance with cash back. I also changed due to their fraudulent actions with their customers, as far as I'm concerned they can go belly up.

[bersaguy]

I don't think Wells Fargo has ever recovered completely from that last problem they had when the Housing Bubble busted and they got caught up it and a scandal with credit cards back then also....JMHO

[TennesseeCamper]

It’s strange.  Especially with that online bank Chime recently locking down access to bank accounts too.

 

[gregintenn]

Could he hacker related, or could be they see the housing market about to crash.

[FUJIMO]

47 minutes ago, gregintenn said:

Could he hacker related, or could be they see the housing market about to crash.

naw.....best its ever been

[Dirtshooter]

1 hour ago, gregintenn said:

or could be they see the housing market about to crash.

Are you alluding to the fact they may be "scared"??

[Raoul]

So are their "lines of personal credit" tied to real estate? Like a heloc?

If so you know the answer. We're due a correction in real estate values sooner than later. Good to see they learned their lesson from the last big fiasco.

[MacGyver]

Wells Fargo has continually abused their customers for the last decade - criminally so actually. They’ll try anything on their customer base to help bulk up senior management bonuses. And they’ve done it over and over again.

How we’ve not sent their management team to prison is beyond me.  

Anyway, if you’ve got accounts with them, you really ought to move them.  They don’t have your interests at heart.  Seriously find a local community bank or credit union and see what you’ve been missing.  

[Raoul]

Last decade? Ha! They were guilty of this 25 years ago and probably prior to that. Their "management" has been crooked for decades. Usually the taxpayer winds up bailing them out. Like all the big banks.

[AuEagle]

Whether one loves or hates Wells Fargo, it doesn't matter.

Banks have been lowering credit limits for some time already.

When you see others follow suit, you'll know something bad is happening.

Unfortunately most people run on credit, dry up or limit the credit, things get dicey.

JMHO

[MacGyver]

16 minutes ago, Raoul said:

Last decade? Ha! They were guilty of this 25 years ago and probably prior to that. Their "management" has been crooked for decades. Usually the taxpayer winds up bailing them out. Like all the big banks.

I was being generous, I guess.  

[btq96r]

Wells Fargo stays in trouble with the feds.  They're still under an asset cap for bad behavior.  @MacGyver has the right of it when he says folks from that company should be in prison. 

If anyone has any type account with them, I would recommend it be moved to another institution, ASAP.  This is not a company we need for the health of the financial system from a philosophical or accounting standpoint.  It should have been made an example of after the phony accounts scandal as a warning to others.

[gregintenn]

2 hours ago, Dirtshooter said:

Are you alluding to the fact they may be "scared"??

I’m only positing possibilities. I don’t know anything any of the rest of you don’t know. I do know history repeats it’s self. I’ve seen this show a couple of times already.

[TripleGGG]

Of all the financial institutions I deal with on a daily basis Wells Fargo is head and shoulders the absolute worst company to deal with. There is a special place for how they have treated their customers, especially the elderly. Criminal is a mild understatement. 

[gregintenn]

1 minute ago, TripleGGG said:

Of all the financial institutions I deal with on a daily basis Wells Fargo is head and shoulders the absolute worst company to deal with. There is a special place for how they have treated their customers, especially the elderly. Criminal is a mild understatement. 

Worse than Bank of America? Wow! That’s saying something.

[dralarms]

Back in 2005, I got over extended and had to file bankruptcy.  Had a Wells Fargo account that was included in it on a bedroom suit we had. They told the bankruptcy judge they wanted it back (well everything but the mattress and box spring), told them to come get it. I still have it, they never even made an attempt to pick it up.

[Grayfox54]

2 hours ago, gregintenn said:

Worse than Bank of America? Wow! That’s saying something.

Some years back I knew a young lady that worked for Bank of America in records. The things she knew about their dealings with customers were awful, if not illegal. Plus they treated their employees like poop. I'll never do business with them.  

[TripleGGG]

15 hours ago, gregintenn said:

Worse than Bank of America? Wow! That’s saying something.

Yes a lot worse and Bank of America is absolutely horrible.