What if you currently are paying one off?? Then what?
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Any customer that relies on a $1500-$5000 line of credit in order to make it to their next pay check, or perhaps to pay rent or buy their mistress a nice new red dress, this isn't the type of customer WFC is interested in. You mad that you'll no longer have that line of credit for your 6 pack to get you through these next two weeks? Good riddance.
For those with lines of credits of $50k-$100k, they likely already have a relationship (or will now be more inclined to) with WFA where they can access secured security based loans borrowed against their wealth managed by WFA. Wells collects the advisory fee from the client's assets as well as the lending fees.
Trust me, this move is not a d-mb move. WFC is cutting costs and becoming more profitable as a result of this move. These products are more of a courtesy type of product that banks extend.
If you're currently paying one you can stop paying it lol....
You can pay it off. You cannot get more credit. I don't know how long they will give you to pay if off though. I'm sure this will make a LOT of customers NOT HAPPY. They want to reduce employees and customers I guess.
Then keep paying it off?