Wells Fargo closing all personal lines of credit
Wells Fargo has begun informing customers that it will no longer be offering personal credit lines, with all existing lines being shut down in the coming weeks.
In a six-page letter to customers obtained by CNBC, Wells Fargo said it had “recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” instead setting its focus on credit cards and personal loans.
The revolving credit lines had been a popular consumer lending product, allowing customers to consolidate higher-interest credit card debt, avoid overdraft fees on checking accounts, as well as other actions.
The credit lines usually allowed customers to borrow anywhere from $3,000 to $100,000, according to CNBC.
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