We have a credit card with Wells Fargo that we had for years. We used it all the time. Our mortgage was with Wells Fargo but it is paid off.
I read on here about Wells Fargo not doing business with a gun manufacturer. I told my husband. I said they do one more thing I am done with them.
Two days later I read on here that Wells Fargo is not doing mortgages with white people anymore but would for minorities. I told my husband that is it I am done.
I called Wells Fargo to cancel my credit card. The woman was friendly but didn't ask me why I wanted to cancel. She said you need to cash in your credit points or you will lose them.
So I hung up and did that. I called back and got some guy. He did ask me why I wanted to cancel. I told him the two reasons. He said he never heard that. Then my husband said tell them go woke go broke. I told him. He said I never heard of that.
The next day I received an email from Wells Fargo that stated they were looking into my inquiries. I just laughed it off.
The following day I was at work and my cell phone rang. It was an out of state numbers and I wasn't going to answer it thinking it was a telemarketer. Something told me to answer the phone.
It was Wells Fargo and she wanted to know where I heard these stories. I said I am right in front of my computer and I will let you know. I did a quick search on here and found all the articles. I told her what what news article they were on and read her some of the articles.
She thanked me for all the information.
The girl I work with is from Russia. Her entire family lives in Russia. She came here in 2008. She is now a citizen and did it the legal way. She heard my side of the conversation. When I hung up she said to me I even heard about Wells Fargo.
Thought I would share.
I have a checking account with Wells Fargo. I went to a drive up ATM to get some cash. After I got my card back and my cash. the screen read in large letters "INJUSTICE." What the heck does that mean?
No idea but take yor money out.
I'm working on it. Glad my mortgage is not with them
I bet a small few at the top are making these decisions and the thousands of hard-working minions below them who will be losing their jobs if they go BK, have no idea and would not have been on board with this!
You are probably correct.
go woke and turn npc too?
You are not kidding.
This looks like 08 all over again.
Yes it does.
Can you share those links?
Sure just type in the search bar on top Wells Fargo. They will all come up.
Thanks for the help.
We dumped Wells FARTGO because they stink! We bank with a local small bank now.
I closed my account when I saw Blm banners in the drive thru and was told it was a nationwide initiative.
So if you have a credit card balance with them and the go broke and steal your money to pay off creditors, does the credit card debt disappear too? Or do you get fecked both ways?
What?
Lol... I was in a hurry. Let's say you have a credit card with a balance of $1000. And, you also have a checking account with $1000. If they go bankrupt, everyone is saying that your money will be lost. So, my $1000 in checking would be gone. But, what happens to the $1000 in debt on the credit card? Does that just go away, or is it bought by a third party who now comes after me even though I lost my $1000 in the checking account?
If the debt instrument implodes, too, then it would make sense to withdraw cash on your credit instruments for a month or two, and if the bank goes bankrupt, then you have the cash and the debt goes away. Too good to be true, maybe... but, how often do you know that a bank is bankrupt? And, you could just redeposit the cash if it stays afloat, and pay interest for just a month or two.
It depends on the options available to Wells Fargo at the time if they file a bankruptcy. I'm operating off of old accounting classes I took but I think some of these options might still be around for them.
If in your CC contract with them there is a "call debt" clause like some old mortgages have, they could force the debt to be paid. You'd probably get a letter in the mail about having XX days to pay the credit balance in full and they would probably lock the card so new debt couldn't be added.
Another option would be for them to sell your CC debt to a 3rd party credit company at a discount to just get the cash and not chase you, in which case the credit company will chase you and the card would still be locked.
They could sell their CC division off to another bank/credit card company in which case your balance would transfer to a new bank and once you got a new card issued by them it would be back to normal for you. (minus whatever points Wells Fargo gave as a perk on their card)
Or they just get another bail out curtesy of the US Taxpayers, the most likely outcome if WF or any other national bank "went broke"
Thanks for the explanation! I really appreciate it.
They will always collect the debt.