Enbridge Inc T.ENB

Non ENB - Economic recovery or not?

[silkos]

So the mainstream media and all analysts point to a neat and near recovery. 

Well, WFC' decision to terminate all personal credit lines says something else entirely.

What's cooking?


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Wells Fargo to close all personal lines of credit - CNBC

July 8 (Reuters) - Wells Fargo & Co is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore, CNBC reported on Thursday, citing letters from the bank.

The product, which usually gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts, the report https://cnb.cx/3hm2yaB said.

Customers have been given a 60-day notice that their accounts will be shuttered, according to the report.

Wells Fargo did not immediately respond to a Reuters request for comment.

The move comes more than a year after the bank suspended home equity loans, given the economic uncertainty fueled by the COVID-19 pandemic.

The fallout from the pandemic also prompted the bank to stop providing loans to a majority of its independent auto dealer customers last year.

[FiddyFiddyOddz]

Good move by Wells Fargo, Canadian banks should look at doing the same.  People in Canada are especially guilty of "buy now, pay later".  They run their personal finances the same way the Liberals run the country's finances.   Eventually ya godda pay the piper ! Silkos wrote:"So the mainstream media and all analysts point to a neat and near recovery. 

[autofocus111]

LOC's are useful for those with uneven monthly income/expense flows. If the problem is excessive risk, then reel that in by upping the minimum payment to say 10% of outstanding balance. Banning LOCs and herding customers into high rate CC's or fixed amount loans is just a money grab. If my bank implemented this they'd lose my business pronto.

[FiddyFiddyOddz]

AUTO - So you'd withdraw all your money from your bank in an act of  defiance, and then go to the bank down the road who are practising the exact same behaviour ?  What's the point, they're all in cahoots man . . .  Auto wrote:"LOC's are useful for those with uneven monthly income/expense flows. If the problem is excessive risk, then reel that in by upping the

[autofocus111]

If all banks did this (note that it's WFC not all the banks doing this) I would convert my cash to BTC and look to DeFi to get flexible cost-effective credit on collateral. So yeah, I'd withdraw it. Banks can collectively GFT if they want to pull this level of chit on their customer base.

[Marner16]

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[silkos]

This post has been removed in accordance with Community Policy

[silkos]

This post has been removed in accordance with Community Policy