I know... it's WF. But I started banking with them in 2000 before I knew about how evil they are, and when you build up a lot of credit, it's hard to just leave (especially living in a rural town where local banks are much more conservative).
ANYWAY...
Got a letter from WF yesterday saying that at the end of August they are closing all personal lines of credit, and transferring existing balances to loans. Thankfully my balance is zero. BUT, as a self-employed person it was nice to have that instrument as a backup.
I am sharing this because I wonder if it means something is coming and they don't want the exposure? Furthermore, there was no page with text in Spanish, but there were pages of Chinese text. Wtf?
Anyone else seeing the credit line closure? Why would a bank just close a product when it is easy interest?
I think it may have to do with fears of a market crash, not sure though. I heard something before that a lot of money may be leaving the stock market and it would affect margin loans from stock brokers but I'm not sure exactly how this would relate to a line of credit
QFS incoming
Also may be crash initiated by the MOASS of GME, when the hedges are liquidated it will create dominoes that start to fall
Makes me wonder... if there is a huge crash, what is the chance that WF implodes, and if I had maxxed out that line (and saved it), the whole thing wouldbe wiped away? Is it worth it to try, do you think, and simply preserve the principal in a different account and just pay interest on it for a few months?