I can’t pretend I know why. Like I said, I am still trying to verify but can’t make the calls until AM. It could have something to do with commercial credit. In the trucking industry fuel or the ability to purchase fuel is done on weekly basis. You are billed and true up via ACH weekly.
But even then, their credit isn't going away. And they would still need gas to sell even if personal lines of credit were disrupted. They may order less gas due to wells Fargo stopping personal lines but it shouldn't affect people who aren't affected beyond logistics of reduced trucks on the road
Let's not use How low will Fargo as a bell weather for economics.
Their closing of personal credit lines was a result of there f-ery they did with fake accounts and opening up shadow lines of credit for real customers without their knowledge.
According to CNBC, it's the latest "difficult decision" facing Wells CEO Charlie Scharf, who is being forced to make cutbacks to the banks' business thanks to restrictions imposed by the Federal Reserve years ago as punishment for the bank's criminal scandals like the now-infamous scandal whereby branch managers opened credit lines for customers without permission. a scandal that outraged the public.
"Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said. https://www.zerohedge.com/markets/wells-fargo-infuriates-customers-abruptly-shuttering-personal-credit-business
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