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

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?

Answer: 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

Cut also back last year most of your car loans for independent car dealers. I have to agree W-F is cutting their losses. (Bad loans they had to chase the assets to get money back – - Repo on autos)

Yeah, I read they did a lot of those home loans 15–20 years ago for people who couldn’t afford to pay them back. Like someone who can afford $150k and they loaned them $300k. Don’t let the door hit ya!

None. Don’t have an account with them.