Wells Fargo Reverses Decision On Closing Personal Credit Lines

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

 

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17 Comments
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Raymond
Raymond (@guest_1241831)
August 19, 2021 18:00

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

sonia
sonia (@guest_1241307)
August 19, 2021 02:41

they’re such a joke lol

TB
TB (@guest_1241513)
August 19, 2021 11:51

Your joke is a joke

sonia
sonia (@guest_1242039)
August 20, 2021 03:23
  TB

lmao that was corny but made me chuckle harder than I expected hahaha

SU
SU (@guest_1241198)
August 18, 2021 21:52

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?

vc
vc (@guest_1241288)
August 19, 2021 01:28
  SU

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.

SU
SU (@guest_1241624)
August 19, 2021 13:15
  vc

I wonder if you had read my whole sentence…

TB
TB (@guest_1241942)
August 19, 2021 21:14
  SU

Sarcasm doesn’t translate well on the internet.

Danno
Danno (@guest_1242985)
August 22, 2021 23:23
  TB

Yes it does.

Vy
Vy (@guest_1241175)
August 18, 2021 21:04

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.

Joseph T.
Joseph T. (@guest_1241168)
August 18, 2021 20:48

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.

David
David (@guest_1241161)
August 18, 2021 20:36

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.

Guy who buys stuff
Guy who buys stuff (@guest_1241135)
August 18, 2021 19:57

Do those monkeys just toss a magic 8-ball around the C-suites to define their business plans?

SomethingNashty
SomethingNashty (@guest_1241118)
August 18, 2021 19:43

Should be “reversed” in title and body.

Vic
Vic (@guest_1241155)
August 18, 2021 20:27

Thank you, I was very confused.

Chuck
Editor
Chuck(@chucksithe)
August 18, 2021 20:32

Fixed, thanks

Vy
Vy (@guest_1241172)
August 18, 2021 20:58

I still see “Wells Fargo has now reserved that decision” in the second sentence. If you need a freelance copy editor, let me know.