Wells Fargo stops all lines of personel credit....

Crazy. I have used Wells Fargo checking for ten years. Zero problems, I pay them no service fees, never a bank error or any issue at all.

I use big banks because I can travel to most places in the US and grab cash from a branch.

Before them we used BOA, again no problems with them either.

I use online bill pay for everything and i never even had a single error with that.

I had a home loan with wells, they did a nice job and were competitive.

For those who say the bank sucks what are you experiencing?
 
Been with WF since they swallowed up Wachovia with no issue. IMO it is a smart move and should be read like tea leaves. They are limiting exposure in a market flooded with cheap/free money, overheating real estate and a lit fuse on an inflation bomb. If that isn't enough it is now OK for a citizen to walk out of a business with arms full of merch and no repercussions. ...Call it a stupidity bubble ripe for financial disaster they are trying to avoid.
 
NitroM3 said:
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?
Click to expand...
No, the loss of line of credit will not have a positive impact on your score. Best case scenario is that it will remain stagnant. However, for most people, they're carrying debt over month-to-month and the loss of a line of credit will increase their utilization percentage, thereby having a negative overall effect on their score. If you're closing accounts and that ultimately is increasing your score, then you're closing accounts below your average account age, which leads to an increased average account age which is causing your score to increase.

Wells Fargo didn't go as far as to explain this, rather they just told their customers that it could likely have a negative impact on their score.
 
MNgopher said:
I've banked in some form with Norwest Bank back to 1993, and then into Wells Fargo. At one time, they were a good bank. Those days are long gone.

My credit union pays interest at rates 20+ times higher than WF. WF loan rates have consistently been about 0.5% higher than the local credit unions. To keep banking Free at WF required meeting something like 5 different requirements, while my credit union has no requirements other than maintain at least $5 in an account...

Can't understand why I left...
Click to expand...
To be fair: 20 times of near zero is .... still near zero.
 
diyjake said:
Are you sure? Quick google says:
All types of deposits held at Wells Fargo Bank are covered by FDIC insurance including the following examples: Checking Accounts. NOW Accounts. ... Outstanding Cashier's Checks, Money Orders, Loan Disbursement Checks, Interest Checks and Drafts issued by Wells Fargo.
Click to expand...
Forget about Google...did you look at their website?

Ed
 
alarmguy said:
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...
Click to expand...
Take a look at their websites if you doubt me. I too used to work in banking and it's common knowledge that their (i.e., YOUR) deposits are not FDIC insured...unless that has changed. Or...call a branch and ask them if deposits are FDIC insured (up to the typical 100K amount). I'd be curious what they tell you.

Ed
 
PandaBear said:
You cannot run a bank or credit union without FDIC or the CU equivalent in the US.
Click to expand...
You're wrong.

Among other reasons, this is why the "Emergency Economic Stabilization Act of 2008" was passed. There was fear that the "big banks" would get sucked under...and a lot of consumer money with them!

Ed
 
Passport1 said:
I have had two mortgages with WF. Never again. They really screwed up my escrow twice. This spring tried to get a refi. Their process was so byzantine that I told the loan officer to pull my application after I had completed the requisite paper blizzard at least two times. BoA is hardly better. Their only satellite office in my little town has been basically closed for months. First they said it was because of covid then after that it was because of staffing issues. Bunk.

rant over
Click to expand...
All banks treat honest people with good credit like criminals when they are applying for a mortgage or re-fi. But certain people who can't afford them are given loans...no problem.
 
I stand corrected!

I see this on Wells Fargo's website..."Fortunately for consumers, there are thousands of financial institutions that are FDIC-insured, including Wells Fargo. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts. Some items that are not FDIC-insured include mutual funds, safety deposit box contents, annuities, and others. It is possible to qualify for more than the current $250,000 in coverage depending on type of account and ownership category; you should ask your banker about your specific situation or visit the FDICOpens Dialog for more information."

How Do I Know my Money is Safe? | Wells Fargo

At Wells Fargo, deposits are FDIC protected and insured. Learn more.
www.wellsfargo.com www.wellsfargo.com

Ed
 
Ed_Flecko said:
Take a look at their websites if you doubt me. I too used to work in banking and it's common knowledge that their (i.e., YOUR) deposits are not FDIC insured...unless that has changed. Or...call a branch and ask them if deposits are FDIC insured (up to the typical 100K amount). I'd be curious what they tell you.

Ed
Click to expand...
Link
 
And this my friends is why I use a local credit union. The banking is way easier and they are usually here to serve you. I hate big banks especially after 2008 when banks like Citi got bailed out because they mad stupid decisions. No one is bailing my a$$ out if I make bad decisions with my investments.

Just my $0.02
 
tnt_motorsports said:
And this my friends is why I use a local credit union. The banking is way easier and they are usually here to serve you. I hate big banks especially after 2008 when banks like Citi got bailed out because they mad stupid decisions. No one is bailing my a$$ out if I make bad decisions with my investments.

Just my $0.02
Click to expand...

This is the way I'll be going after I leave Wells Fargo.
 
You know, I read through these posts and except for a few, I think to myself, my god.
Hey, if you dont like a bank switch, hey, if you dont like Well Fargo closing out personal lines of credit, well too bad, that is what happens when you rely on other people to lend you money.

Wells Fargo is a business, in business to make boat load of money for their shareholders. That is job one of any publicly held company.
Stop belly aching. Its been mentioned many times in here, if all you do is personal banking join credit union, your costsare WAY lower, interest WAY higher, so why bank with a commercial bank?

I mentioned before, you can sign up right now with Alliant Credit Union or any local credit union and save money.
Alliant only has one branch in the country an serves the whole country, 10s of thousands of fee free ATMs plus if you want you can keep a second free checking account at a bank near you for instant huge cash withdrawals if need be.

Simple stuff ... made difficult via = forums. :eek:)
 
Dave Hess said:
Even with credit cards some banks are lowering limits.

You really can’t blame them prep for all the bad news that’s coming....
Click to expand...
Something has to give eventually. A lot of people are being artificially propped up that do not manage their money well.
 
Passport1 said:
I have had two mortgages with WF. Never again. They really screwed up my escrow twice. This spring tried to get a refi. Their process was so byzantine that I told the loan officer to pull my application after I had completed the requisite paper blizzard at least two times. BoA is hardly better. Their only satellite office in my little town has been basically closed for months. First they said it was because of covid then after that it was because of staffing issues. Bunk.

rant over
Click to expand...

****. Nothing but praise for WF mortgage.
went to them since HSBC calls ended up overseas.
 
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