Please quote a reputable source.I know YOU do because your Wife worked there, but many people do NOT know that Wells Fargo (or Bank of America) is NOT FDIC insured.
Ed
Please quote a reputable source.I know YOU do because your Wife worked there, but many people do NOT know that Wells Fargo (or Bank of America) is NOT FDIC insured.
Ed
Read the thread please. This has already been hash over.Please quote a reputable source.
Yes thats all true....but six weeks ago i got a letter stating "dear mr.xxxxx due to you excellant credit score and years of banking with us we are pleased to raise your line of credit to xxxxx plus you have 18 months at zero percent on all purchases etc" dated june 8th 2021...then I getYou 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. )
I understand what you are saying, but this happens with any company, search for a complain about any company with 100's of thousands of employees there are always complaints.Yes thats all true....but six weeks ago i got a letter stating "dear mr.xxxxx due to you excellant credit score and years of banking with us we are pleased to raise your line of credit to xxxxx plus you have 18 months at zero percent on all purchases etc" dated june 8th 2021...then I get
dear mr xxxxx we have reviewed your credit rating and cant offer any credit to you at this time.....etc about 41 days later.
My credit score had gone up by 3 points since June's letter from 753 to 756..so stop mentally masturbating me WFC....what the hell is really going on?
No....Its not a credit card....Ive had a PLC for several years with WFC....I just dont like getting jacked around......one month they increase my line of credit by xxxxx because you are a great long time customer.. ...a few weeks later ......zero line of credit and your dog poo.....I understand what you are saying, but this happens with any company, search for a complain about any company with 100's of thousands of employees there are always complaints.
BUT, with that said, as far as your post. Why does it matter to you? Why do you care what is going on? Why even get upset, its just a bank. Just go to a different bank and do business with them.
This is really the tail wagging the dog. \\ You got a credit line increase on an existing card but denied new credit for something else you you applied for. Two different things.
Im not saying I wouldnt be pissed but this is what happens when people need to borrow money from other people, its the person lending it that is in control.
No....Its not a credit card....Ive had a PLC for several years with WFC....I just dont like getting jacked around......one month they increase my line of credit by xxxxx because you are a great long time customer.. ...a few weeks later ......zero line of credit and your dog poo.....
I can go to other banks sure....every time you apply for credit your credit take a hit....which im trying not to do now.....for many reasons....as stated i will take my money and go to a credit union.
I have a friend who works retail. She's trying to get a better job so tried for bank teller (not BofA but they're all the same). They offered her $2 above minimum wage, wanted her to somehow afford traditional business attire, and failed her background check because she has debt (that she's not in arrears on).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
To each is own....I prefer to use other people's money especially for 18 months interest free.....Despite your long customer history, banks only make money when LOC customers USE their credit line. With an Experian score of 824, I don't need no stinking line of credit.
1. You do know the entire country faces a staffing issue.I have a friend who works retail. She's trying to get a better job so tried for bank teller (not BofA but they're all the same). They offered her $2 above minimum wage, wanted her to somehow afford traditional business attire, and failed her background check because she has debt (that she's not in arrears on).
If BofA can't find staffing it's their own fault for being cheap.
I can't find people for entry-level positions that start at $20...I have a friend who works retail. She's trying to get a better job so tried for bank teller (not BofA but they're all the same). They offered her $2 above minimum wage, wanted her to somehow afford traditional business attire, and failed her background check because she has debt (that she's not in arrears on).
If BofA can't find staffing it's their own fault for being cheap.
Sure, but it doesn't really hurt them to leave these open either. As I said, I have two LOCs that I haven't used in years but there may come a time in the future when I do and I can only do that if they are still open. It doesn't seem logical to say since we aren't making money on you right now let's close the account now so you never use it in the future - not unless something has changed about the risk profile of the customer.Despite your long customer history, banks only make money when LOC customers USE their credit line. With an Experian score of 824, I don't need no stinking line of credit.
Can't answer where Wells Fargo makes its money,It's a mystery to me how banks make money in this era, where all their loan activity is. It doesn't seem like banks like Wells Fargo loan to businesses much anymore, at least not small to medium sized businesses. And now the end of the personal lines of credit further removes them from the classic role of a bank.
Banks used to issue their own currencies up to about the early 1900s, mostly in the 1800s. This was in the US, Europe, really everywhere. In the US the banks were fundamentally sabotaged by requirements that they buy state government securities, bonds, etc. issued by the state they were in. This distorted the industry and compromised banks' ability to make rational investment decisions, forcing them to buy subpar government instruments, and this contributed to their instability. Banks in Scotland and Hong Kong still issue their own private currencies, but they're based on the core government currency, not truly private or free market.
Without issuing currencies, modern American banks seem strange to me. They're like branches of the Federal Reserve, just with some minor differentiation on how they package their accounts, features, logos and color schemes, etc. They all get money from the Fed via mechanisms I've never fully understood, they have reserve accounts with the Fed that seem like arbitrary Monopoly money, and so forth. What makes one bank more profitable than another is a mystery to me. The mortgage crisis exposed some ways they made money, but that seemed like a fluctuation, not a normal forever thing. It will be interesting to see how banking evolves from here. I'd love to see more innovation and fewer barriers to entry. These big incumbents have coercive monopolies because it's almost impossible for anyone to start a bank in the US. I'd also like to see private currencies, with a lot more transparency about supply – there's no compelling reason to have permanent, chronic inflation in prices, and lots of reasons to prefer a stable or slightly deflationary currency.
If your friend can’t find a job that pays well it is her own fault and no one else’s.I have a friend who works retail. She's trying to get a better job so tried for bank teller (not BofA but they're all the same). They offered her $2 above minimum wage, wanted her to somehow afford traditional business attire, and failed her background check because she has debt (that she's not in arrears on).
If BofA can't find staffing it's their own fault for being cheap.
I have family on Wall Street and in banking and they are literally swimming through their gold like ****ing Scrooge McDuck! Don't worry...they are making plenty of money.It's a mystery to me how banks make money in this era, where all their loan activity is. It doesn't seem like banks like Wells Fargo loan to businesses much anymore, at least not small to medium sized businesses. And now the end of the personal lines of credit further removes them from the classic role of a bank.
Banks used to issue their own currencies up to about the early 1900s, mostly in the 1800s. This was in the US, Europe, really everywhere. In the US the banks were fundamentally sabotaged by requirements that they buy state government securities, bonds, etc. issued by the state they were in. This distorted the industry and compromised banks' ability to make rational investment decisions, forcing them to buy subpar government instruments, and this contributed to their instability. Banks in Scotland and Hong Kong still issue their own private currencies, but they're based on the core government currency, not truly private or free market.
Without issuing currencies, modern American banks seem strange to me. They're like branches of the Federal Reserve, just with some minor differentiation on how they package their accounts, features, logos and color schemes, etc. They all get money from the Fed via mechanisms I've never fully understood, they have reserve accounts with the Fed that seem like arbitrary Monopoly money, and so forth. What makes one bank more profitable than another is a mystery to me. The mortgage crisis exposed some ways they made money, but that seemed like a fluctuation, not a normal forever thing. It will be interesting to see how banking evolves from here. I'd love to see more innovation and fewer barriers to entry. These big incumbents have coercive monopolies because it's almost impossible for anyone to start a bank in the US. I'd also like to see private currencies, with a lot more transparency about supply – there's no compelling reason to have permanent, chronic inflation in prices, and lots of reasons to prefer a stable or slightly deflationary currency.
Are you sure? I heard people on the internet said it is the $300 checks and the eviction ban that now Investment Banks like Goldman Sachs have to raise base pay and limit overtime to junior bankers to 100k a year....I have a friend who works retail. She's trying to get a better job so tried for bank teller (not BofA but they're all the same). They offered her $2 above minimum wage, wanted her to somehow afford traditional business attire, and failed her background check because she has debt (that she's not in arrears on).
If BofA can't find staffing it's their own fault for being cheap.
Is $20 a good pay these days? I mean we have McD advertising for $17.50 already. I know a lot of undocumented will charge more than $20 for most work.I can't find people for entry-level positions that start at $20...
Home Depot parking lot, In and Out burger, etc (of course it is around where I am at). Let's put it this way, "America" means nothing without factoring in local cost of living, and college degree is worthless unless it is something useful like STEM, legal (actually they aren't that useful these days), medical, etc.Where in the United States of America can someone get paid $20 an hour without a college education and absolutely no experience?