Jump to content

Wells Fargo Account Closures


Recommended Posts


  • Replies 58
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Wells Fartgo is closing all Line of Credit accounts on August 23rd.   They say its to allow them to focus on other more important things. Such as not offering some of the suckiest credit cards

From the article it looks like they will, but you probably got to ask.   "The bank has decided to keep the products available for those who actively used them or want to reactivate old ones,

Regarding #3, I called yesterday to proactively close my WF LOC to avoid the "Closed by Credit Grantor" and they told me that they had already decided not to report it that way to the CRAs. Not that

Yes, I received my letter on Saturday.

 

$100k revolving credit line closed. According to the letter, they will report to the bureaus as closed by creditor and they don't care how that affects your credit score. (They didn't use those exact words, but that was pretty much the tone.)

 

Time to get out of the stagecoach and try a... well maybe a Tesla would be better. 

Link to post
Share on other sites
14 hours ago, racer7949 said:

$100k revolving credit line closed. According to the letter, they will report to the bureaus as closed by creditor and they don't care how that affects your credit score. (They didn't use those exact words, but that was pretty much the tone.)

 

I certainly acknowledge your disappointment over the line closure.  Just be reassured that "Closed by Creditor" is not an adverse credit score event, nor do other creditors read anything into it.

 

Account closures initiated by a creditor happen for any number of reasons in addition to adverse action by a creditor (including product discontinuation, such as this).  It's a "matter of fact" event that is best taken in stride.

Link to post
Share on other sites
On 6/23/2021 at 2:09 PM, PotO said:

 

Wells Fartgo is closing all Line of Credit accounts on August 23rd.

 

They say its to allow them to focus on other more important things. Such as not offering some of the suckiest credit cards on the market, perhaps?

 

I personally have never banked with WF but during the recession my brother was in a great position to buy a new distressed condo in CO. WF was and still is the big dog there, especially where he lives in CO. He was in a position to put down a huge down payment, he has excellent credit, career, etc but when he walked into the local branch of WF they would not budge on their ridiculous interest rate. He said they were dismissive and rude in person. So, he stuck with his regional bank and immediately obtained a sweet deal. Based on that experience alone, he said he'd never do business with WF after that.

Link to post
Share on other sites

Wife had an interesting thing happen at WF a few days ago. They wouldn't accept an Treasury (IRS refund) check made out to both of us. It was all a return of excess payments she had made. We had both signed it but they  wouldn't accept it to deposit in her account because we didn't have a joint account.

 

Background: We have had individual accounts with WF for over 3 decades with over 6 figures for the last 10 years. But no joint account. 

 

She was going to just deposit it, no cash back,  but they wouldn't take it unless I came in to sign it in person.

 

Banks are within their rights to do this of course as technically it's a third party check unless both people are present or it's going into a joint account. It's not like both our signatures aren't on file and the money involved is a fraction of long standing account balances which means zero risk to the bank.

 

As she was leaving another waiting customer spoke out "Just deposit it in the ATM. That works."

 

It did.

Link to post
Share on other sites
4 hours ago, cashnocredit said:

Wife had an interesting thing happen at WF a few days ago. They wouldn't accept an Treasury (IRS refund) check made out to both of us. It was all a return of excess payments she had made. We had both signed it but they  wouldn't accept it to deposit in her account because we didn't have a joint account.

 

Background: We have had individual accounts with WF for over 3 decades with over 6 figures for the last 10 years. But no joint account. 

 

She was going to just deposit it, no cash back,  but they wouldn't take it unless I came in to sign it in person.

 

Banks are within their rights to do this of course as technically it's a third party check unless both people are present or it's going into a joint account. It's not like both our signatures aren't on file and the money involved is a fraction of long standing account balances which means zero risk to the bank.

 

As she was leaving another waiting customer spoke out "Just deposit it in the ATM. That works."

 

It did.

The stagecoach got strange a few years back when it came to applications of the KYC rules.  I had a place I was leasing from a guy who lived outside of the US.  I usually just went in and would make the payment in cash.  That was fine for a while and they got squirrel.  I just started pushing a check from my account because the hoops were not worth jumping through.  As I recall, they had changed to where a cash deposit into someone else's account would only be taken if I ALSO had an account with the stagecoach.  If it wasn't that, it was something equally stupid...

Link to post
Share on other sites
5 hours ago, centex said:

The stagecoach got strange a few years back when it came to applications of the KYC rules.  I had a place I was leasing from a guy who lived outside of the US.  I usually just went in and would make the payment in cash.  That was fine for a while and they got squirrel.  I just started pushing a check from my account because the hoops were not worth jumping through.  As I recall, they had changed to where a cash deposit into someone else's account would only be taken if I ALSO had an account with the stagecoach.  If it wasn't that, it was something equally stupid...

 

I added my mother to my WF checking account after she went into a branch with one of my deposit slips and some cash, and they politely told her to FOAD.

 

Separately, I didn't like the fact that my parents didn't have a local banking option when they're here in California for six months of the year, so it was past time to do something like this regardless.

Link to post
Share on other sites
The stagecoach got strange a few years back when it came to applications of the KYC rules.  I had a place I was leasing from a guy who lived outside of the US.  I usually just went in and would make the payment in cash.  That was fine for a while and they got squirrel.  I just started pushing a check from my account because the hoops were not worth jumping through.  As I recall, they had changed to where a cash deposit into someone else's account would only be taken if I ALSO had an account with the stagecoach.  If it wasn't that, it was something equally stupid...


Is it really KYC or just their bone-headed move to force people to open accounts with them to boost their numbers?


Sent from my iPad using Tapatalk
Link to post
Share on other sites
On 6/23/2021 at 5:09 PM, PotO said:

 

Wells Fartgo is closing all Line of Credit accounts on August 23rd.

 

They say its to allow them to focus on other more important things. Such as not offering some of the suckiest credit cards on the market, perhaps?

 

In July Wells Fargo will have a new credit card that is a flat 2% back on all purchases.  I'm not well versed in rewards but I think that's not bad.

Link to post
Share on other sites
6 hours ago, creditcaper1 said:

In July Wells Fargo will have a new credit card that is a flat 2% back on all purchases.  I'm not well versed in rewards but I think that's not bad.

 

Not bad at all.  So, is anyone surprised that WF had to muster all its resources (incl the LOC retraction) in order to introduce a credit card with all of the features that Citi introduced 7 years ago with Double Cash?  ;)

Link to post
Share on other sites
6 hours ago, hdporter said:

 

Not bad at all.  So, is anyone surprised that WF had to muster all its resources (incl the LOC retraction) in order to introduce a credit card with all of the features that Citi introduced 7 years ago with Double Cash?  ;)

I'm confused (easily). They're closing all credit card accounts? And offering new card in July? Explain...

Link to post
Share on other sites
6 hours ago, hdporter said:

all of the features that Citi introduced 7 years ago with Double Cash

 

The only thing Citi introduced with the Double Cash was a Rube Goldberg device to calculate how to pay 2% back.

 

vFoT3cP.png 

 

I hate this card.

 

 

 

Edited by cv91915
Link to post
Share on other sites
4 hours ago, jonson said:

 

Yuck... so basically just a lot of people with bad taste in banking.

 

Literally or figuratively, it's remarkable how many people will settle for a ham sandwich.

Link to post
Share on other sites
5 hours ago, DebtFreeIn04 said:

I'm confused (easily). They're closing all credit card accounts? And offering new card in July? Explain...

 

"muster all their resources" <> (does not equal) "closing all credit card".

 

Merely extrapolating on PotO's explanation from WF that they closed his (all) personal lines of credit to "focus on other more important things".  It appears that this was necessary in order to introduce a clone of a competitor product.

Link to post
Share on other sites
6 hours ago, cv91915 said:

 

The only thing Citi introduced with the Double Cash was a Rube Goldberg device to calculate how to pay 2% back.

 

From what I can tell, their cashback mechanism protects them from Rube Goldberg schemes to extract unearned cb (meaning I have yet to figure out what risk they're actually protecting themselves from via their Byzantine implementation of a rewards scheme).

 

Bottom line, I've made my peace with it.  Any deviation between my expected cb and what they award is a fractional sliver.  Not worth sweating ... still a sound product, fleas notwithstanding.

Link to post
Share on other sites
4 hours ago, hdporter said:

 

From what I can tell, their cashback mechanism protects them from Rube Goldberg schemes to extract unearned cb (meaning I have yet to figure out what risk they're actually protecting themselves from via their Byzantine implementation of a rewards scheme).

 

Bottom line, I've made my peace with it.  Any deviation between my expected cb and what they award is a fractional sliver.  Not worth sweating ... still a sound product, fleas notwithstanding.

 

I'm not saying that it doesn't pay back 2% eventually.  I'm saying that how they do it is stupid. 

 

If it was the only 2% card out there, and that's the best there was for non-category spending... well, okay.

 

But good lord.  People have options.

 

 

Edited by cv91915
Link to post
Share on other sites
I'm confused (easily). They're closing all credit card accounts? And offering new card in July? Explain...

No. They are closing LOC (Line of Credit) accounts. That's not the same as credit cards.
Link to post
Share on other sites
 
The only thing Citi introduced with the Double Cash was a Rube Goldberg device to calculate how to pay 2% back.
 
vFoT3cP.png 
 
I hate this card.
 
 
 

So do most tools that don't PIF.

Those that don't PIF should be lobotomized.
Link to post
Share on other sites

 

16 hours ago, cv91915 said:

 

I'm not saying that it doesn't pay back 2% eventually.  I'm saying that how they do it is stupid. 

 

 

Come on now ... "how they do it" is so simple.  < here's my explanation: >

 

 

The "Purchase Tracker" is their protection mechanism to ensure that you only earn cashback on payments that actually pay for prior purchases posted to the card (ensuring that payments against other charges, such as fees, don't earn cashback).

 

So, your purchases each month add to the "purchase tracker"; each payment is subtracted.  In this way, it's not possible to earn cashback on payments in excess of purchases, since that would presumably result in a negative "tracker" balance ... a signal for some portion of payments to be cashback ineligible.

 

Absent extraneous factors (something outside of purchases/payments somehow impacting the "tracker" balance), your statement balance should equal your "tracker" balance, plain and simple. 

 

One "extraneous" factor that comes into play is when you revolve a balance.   A payment that settles interest expense in addition to account purchases will reduce your "tracker" balance to below your ending statement balance.  When your total payments bring your "tracker" balance to a "0" amount, any residual account balance would represent accumulated interest/fees since you last brought the account to a "0" statement balance.  Payments against this residual won't earn cashback since the "tracker" had previously been reduced to "0".  Under this mechanism, ultimately only payments in an amount equal to cumulative purchases should earn cashback.

 

------>  To @cv91915's credit, anything that requires this much to adequately explain it, should have immediately been ruled out as a card feature.  :yes2:

What the hell would have been less attractive about a simple "2% cb  on net purchases" cashback mechanism ???

 

------------

 

CV, I gotta ask you what your ending account balance was for the statement from which you extracted the "Purchase Tracker" image?   I had the impression that you actively target a "0" balance for each of your active accounts, but (on it's face) this "Tracker" suggests otherwise ...

Link to post
Share on other sites
7 hours ago, hdporter said:

CV, I gotta ask you what your ending account balance was for the statement from which you extracted the "Purchase Tracker" image?   I had the impression that you actively target a "0" balance for each of your active accounts, but (on it's face) this "Tracker" suggests otherwise ...

 

Statement balance is always paid in full.  

 

Account summary below is from the same statement as the rewards calculation image (reposted below for ease of comparison).

 

A rational rewards program on a 2% card should look like this:

 

Net purchases:  $4,486.63

2% cashback:         $89.73

 

But no........   Citi does this instead:

 

8Rh95fK.png 

 

vFoT3cP.png 

 

 

Link to post
Share on other sites
Posted (edited)
4 hours ago, cv91915 said:

 

Account summary below is from the same statement as the rewards calculation image (reposted below for ease of comparison).

 

A rational rewards program on a 2% card should look like this:

 

Net purchases:  $4,486.63

2% cashback:         $89.73

 

But no........ 

 

I trust my previous post was seen to clearly concur with you on that point.

 

 

Edited by hdporter
Link to post
Share on other sites
On 6/30/2021 at 10:55 AM, cv91915 said:

 

The only thing Citi introduced with the Double Cash was a Rube Goldberg device to calculate how to pay 2% back.

 

vFoT3cP.png 

 

I hate this card.

 

 

 

 

Once I paid mine to a negative balance and they didn't credit the cashback on that for a few months.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Member Statistics

    • Total Members
      183,028
    • Most Online
      2,046

    Newest Member
    dallas21
    Joined
×
×
  • Create New...

Important Information

Guidelines