Your Wells Fargo Account

[Zonadog]

For anyone who has not acknowledged that Wells Fargo is the worst bank in America and moved their money to a less predatory bank or CREDIT UNION:

After arbitrarily closing accounts of depositors they didn't like, with no adverse events and no warning
After refusing to submit hundreds of thousands of PPP loan applications for small business clients
After using federal relief funds to finance executive retreats
After failing to pay property taxes and insurance for thousands of mortgage holders from escrowed funds
After opening unauthorized accounts for depositors without their permission

Wells Fargo has announced that they have no money to support personal lines of credit and will close all related consumer accounts, with loan balances called due on closure. Your credit score may be adversely affected.

Per CNBC, those whose credit lines are involuntarily closed will still see their FICO scores penalized as if they had elected to close the credit line willingly.

 

[poochpup]

For anyone who has not acknowledged that Wells Fargo is the worst bank in America and moved their money to a less predatory bank or CREDIT UNION:

After arbitrarily closing accounts of depositors they didn't like, with no adverse events and no warning
After refusing to submit hundreds of thousands of PPP loan applications for small business clients
After using federal relief funds to finance executive retreats
After failing to pay property taxes and insurance for thousands of mortgage holders from escrowed funds
After opening unauthorized accounts for depositors without their permission

Wells Fargo has announced that they have no money to support personal lines of credit and will close all related consumer accounts, with loan balances called due on closure. Your credit score may be adversely affected.

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Haven't kept up with banking news. My mom has a loan through WF, set-up through a local business (Heating and Air). It's not paid off yet. Are you saying those "consumer" loans are going to be closed down w/a balance due? I shall ask my mom if she has received and email or correspondence.

 

[Zonadog]

Haven't kept up with banking news. My mom has a loan through WF, set-up through a local business (Heating and Air). It's not paid off yet. Are you saying those "consumer" loans are going to be closed down w/a balance due? I shall ask my mom if she has received and email or correspondence.

What she has is a different type of account, but I would not trust WF at all with any type of account at any time.

They are closing out lines of credit frequently used for overdraft protection on deposit accounts. It is an account one uses occasionally for a temporary need. They typically cost less than credit card interest, but give an account holder access to an open ended loan attached to a checking account.

With a PLOC you have a credit limit, an interest rate charged on any balance due, and may have fees for dipping into it.