Wells Fargo...the hot topic within the past 24-Hours Are you banking with them? If so, why? For the past 3 years to my memory, they have been highlighted for negative practices from: - December 2018 when a lot of homeowners went through foreclosures because WF said they had a "calculation error". The giant bank filed papers with the Securities and Exchange Commission, revealing it incorrectly denied 870 loan modification requests. About 60 percent of those homeowners went into foreclosure. - February 2020 when they settled for $3 Billion for creating FAKE accounts! The San Francisco bank admitted that for 14 years its aggressive sales goals led employees to open checking, savings, and other accounts customers didn’t want. - April 2020 when they canceled HELOC (Home Equity Line-of-Credit) Wells Fargo, one of the largest home lenders in the U.S., said it is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. - NOW TODAY: July 2021 they will end all current personal lines of credit in 60-days! The bank hasn’t responded to e-mailed questions about why customer credit scores would be affected. However, by reducing the amount of credit a customer has available, the closures could raise their credit utilization ratios, which may have a negative impact on their scores. I encourage all my customers to have a credit union that handles their personal finances. It's been my experience for over 25 years that through a credit union it's benefited me more with the affordabilities to safely secure my deposits and when I have had an overdraft the fee has been as little as $12 and not an over the head hit of $35+. If you walk away with anything in this post, please remember this: The Credit Unions are for the COMMUNITY! The Bank is for the CORPORATION! Need help with increasing your credit score, let's have a conversation and you may book an appointment with me for a Discovery Call: https://bit.ly/3rgz0hi. I partner with #MortgageLenders, #Realtors, and other #RealEstateProfessionals to help them close more homeowners! The more you know, the more you can grow! #BeAboutYourCredit #BeAboutYourFinances (at Rise Up Financial Freedom Solutions LLC) https://www.instagram.com/p/CRIhS5Shkih/?utm_medium=tumblr