In July Wells Fargo announced it would be shutting down existing lines of credit. Based on consumer feedback Wells Fargo has now reversed that decision and existing personal credit lines will continued to be offered. Accounts that haven’t been used since October will also be given the option of keeping those accounts open.
John Rasmussen (executive vice president, leads student lending and personal lines and loans businesses) had the following to say:
Based on feedback from our customers (thank you if you provided feedback!) we are adjusting our approach
The terms of your account are not changing.
Hat tip to Bloomberg
2011 WF opens line of credit even if you dont need one
2021 WF closes line of credit even if you need one
2021 I dont know what am I doing.
Welcome to the club WF. Everybody have lost their mind after 2020
they’re such a joke lol
Your joke is a joke
lmao that was corny but made me chuckle harder than I expected hahaha
I thought this has been a marketing stunt. after all, why nag me to open a PLOC every time I went to WF site if you are going to terminate them all?
No, I think that it had to do with govt officials actually scolding them for their decision. Why would this be a stunt? What would they gain? The only thing that they’d do is piss off customers and lose the customers who decided to be proactive and close the acct on their own after getting a LOC with someone else.
I wonder if you had read my whole sentence…
Sarcasm doesn’t translate well on the internet.
Yes it does.
Once again, this will prompt a litany of complaints from people who still think that PLOCs are credit cards, student loans, and mortgages–followed by some stale jokes from 2016 about WF opening accounts.
Based on consumer feedback Wells Fargo has now reserved that decision and existing personal credit lines will continued to be offered.
*reversed*
Thank you gentlemen for the update.
I bet lots of wealthy clients told WF they were going to move all of their assets out. Seemed like a very dumb move to me.
Do those monkeys just toss a magic 8-ball around the C-suites to define their business plans?
Should be “reversed” in title and body.
Thank you, I was very confused.
Fixed, thanks
I still see “Wells Fargo has now reserved that decision” in the second sentence. If you need a freelance copy editor, let me know.