Wells Fargo Bank just cancelled lines of credit giving 60 days notice. How does it affect everyone?

Wells Fargo Bank just cancelled lines of credit giving 60 days notice. How does it affect everyone?
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1 Answer

Answer :

Effect on me: Zero – never had an account with them. My guess is that their new CEO decided that the profit margin on those was not large enough. Their prerogative. They have no obligation to lose money. My further guess is that some customers will leave Wells-Fargo – but that W-F doesn’t care, because those people weren’t profitable in the first place. Bottom line – this is normal business decision-making. Next question: is this going to spread around the industry?  doubtful. Wells Fargo is still trying to dig themselves out of the hole they created with the fraudulent accounts they created. This is a one off
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