I no longer take loans, so no big deal there. And Wells Fargo was very competitive with the mortgage rate when I got mine a few years ago. If I want a good rate of return on my money it certainly wont be by sitting in a bank anyway. And I've never paid a dime to bank with them. So I guess the experience depends on the person.
Wells Fargo stops all lines of personel credit....
- Thread starter gmh101358
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Actually, I have banked with them.
Right now, my only relationship with them is that they have assumed handling the Dillards card that I have had for years.
If you are unaware of their history, you are truly insulated.
Here is an outline of some of it. Much more info can be obtained by a mere Google:
https://finance.yahoo.com/news/wells-fargo-scandals-the-complete-timeline-141213414.html
You asked if anyone had actually banked with Wells Fargo. I can say yes, and I've taken all my business except one item elsewhere as their rates aren't competitive, their rules and requirements are ridiculous, and they made a mess of my last loan refinancing with them. My credit unions have done everything better - and that's not exaggeration.
And I know this isn't unique - my close group of friends all used to Bank at WF - and all have moved their money in the past few years...
As mentioned above, getting out of these types of loans is the result of their asset cap imposed by the Government after the account opening scandal. There was no excuse for the management practices that forced employees to open extraneous accounts or be fired, but that being said, that's in the past, the bad corporate leaders are gone, and it's time to lift the cap.
I've got long term accounts with both Bank of America and Wells Fargo. In my experience, Wells' customer service is an order of magnitude better than BoA. I'll be closing BoA accounts as soon as I can get all the auto payments turned off or transferred.
I've got long term accounts with both Bank of America and Wells Fargo. In my experience, Wells' customer service is an order of magnitude better than BoA. I'll be closing BoA accounts as soon as I can get all the auto payments turned off or transferred.
I've heard of the scandals, and I'm not at all saying they're a great company. I'm simply saying I always hear about how terrible they are but haven't seen it myself.
In fact the one time I've really needed them they stepped in and took care of it. Someone got my debit card info and were trying to buy a bunch of crap online. WF blocked the transactions and cancelled the card and immediately called me to inform me a new card was on the way. I didn't have to do a single thing.
Not a big concern if you are a net borrower.
Consider yourself lucky.
Good credit isn't always a good thing.. good credit is actually a higher risk... an individual with good credit can take out more credit and tend to bite off more than they can chew.
This is a really scary post, nothing could be further from the truth. More scary some will believe it. Of course Wells Fargo, BOA and just about any bank in the USA is FDIC insured...
Wells Fargo, Bank of America are . commercial banks. If you to not need them for business banking you should be in a credit union. Commercial banks are VERY expensive to do business with and useless unless you need handholding from a banker.
You can join an online credit union like Alliant and get literally 10 times more interest on your money from .02% at a commercial bank to .60% at Alliant with no fees at all plus interest in your checking as well.
Sick of hearing the belly aching about Wells Fargo shutting down personal lines of credit, big deal, dont like it, go to another bank, they could care less. Then there are the "drones" of mass media all whining about oh my god my credit rating is going to go down, big deal, a tiny hit because you have less available credit to you, some people will actually go up! Wont hear that in the press or peoples whining.
Its a free country, dont like it, switch and if your credit is so bad that you are hostage to one bank closing down a credit line, then, well, look in the mirror.
)
You can join an online credit union like Alliant and get literally 10 times more interest on your money from .02% at a commercial bank to .60% at Alliant with no fees at all plus interest in your checking as well.
Sick of hearing the belly aching about Wells Fargo shutting down personal lines of credit, big deal, dont like it, go to another bank, they could care less. Then there are the "drones" of mass media all whining about oh my god my credit rating is going to go down, big deal, a tiny hit because you have less available credit to you, some people will actually go up! Wont hear that in the press or peoples whining.
Its a free country, dont like it, switch and if your credit is so bad that you are hostage to one bank closing down a credit line, then, well, look in the mirror.
)
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Wells Fargo is not in financial trouble and is quite profitable.
The personal credit line issue seems to be a result of government oversight put in place after the credit card debacle: WFC’s total asset size has been limited making it look very hard at every line of business and concentrate on those that are most profitable. Looks like personal lines of credit didn’t make the cut and WFC decided it would be better to invest in commercial loans, mortgages, etc.
The personal credit line issue seems to be a result of government oversight put in place after the credit card debacle: WFC’s total asset size has been limited making it look very hard at every line of business and concentrate on those that are most profitable. Looks like personal lines of credit didn’t make the cut and WFC decided it would be better to invest in commercial loans, mortgages, etc.
They could also be worried about an economy downturn and people not being able to pay the loan back. I read an article that they did this exact same thing back before the housing crash in 2007 or 2008. I also have had accounts with Norwest and now Wells Fargo. It seems like their loan rates are out of wack with others, but I don't have any loans through them and I have never had a problems over roughly 25 or 30 years. I have a credit union that is great, but I keep the Wells Fargo checking since I can get cash without fees pretty much anywhere if traveling .
Every individuals portfolio is different so that is not exactly how it works. ^^ I keep my fico always at between 770-810. Sometimes I need to close lines of credit to keep at this level. The OP already stated his fico was 750. If the card closes which I presume is 10k or more line of credit it is likely to go up a few points?
I'm well aware of how shady Wells Fargo is, but I personally have never had an issue with them over 20 years. They took care of at least two stolen credit card numbers without any pushback whatsoever, the branch staff are almost annoyingly helpful, and they are everywhere around here. Also there's no way in hell I'd ever get a credit card from a different back or credit union with a 25k limit nowadays (not that I really need it).
Should I leave them? Yeah. But I' not in any hurry.
Should I leave them? Yeah. But I' not in any hurry.
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Joel,
Used Wells Fargo for numerous accounts including a mortgage, everything went well every time. Would use Wells Fargo in a heartbeat again.
Wells Fargo is the go to beat up major bank by certain members of Congress. The real corrupt major banks that are NYC based get a pass, but they always get special bail outs. I feel bad for Wells Fargo, they appear to be the cleanest of the real big banks, yet get pounded on while their NYC based peers get a pass.
Think the real question--- why is a top five financial institution dropping unsecured personal loans/ lines of credit. These are often very profitable, until mass defaults occur. Is leadership at Wells Fargo seeing something concerning in the future of USA consumers?
Finally, a banks' best customer is not a 800 credit score and always pays their bills on time. They are the least profitable for a bank. A banks' best customer is one the typically pays 30 days late. The fees are the prize.... not on-time payments at low interest rates.
And the diminishing spread on these types of loans as the Fed keeps overnight rate near zero. These banks simply do not want loans that have a higher rate of default (personal for example) nor those that they can't be competitive AND maintain a floor on rates. Wells is making a business decision.
WRT WF customer service, I have no experience. We utilize two credit unions only.
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haha, i know right. two of the larges banks not fdic insured... hahhahahhahahhaha
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I plan on leaving Wells Fargo. I've been unhappy with them for awhile now.
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