Wells Fargo Informs Customers its Closing Personal Lines of Credit
Posted on 07/09/2021
Wells Fargo decided to end its personal lines of credit program, which will occur in a few weeks. The bank has ceased offering the consumer lending product. The revolving credit lines typically lets users borrow between US$ 3,000 to US$ 100,000.
The program was marketed as a means to consolidate higher-interest credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts.
According to the 6-paged letter, “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 adds, “The move would let the bank focus on credit cards and personal loans.”
Wells Fargo warned customers that the account closures “may have an impact on your credit score.”
In 2020, Wells Fargo informed its employees that it was halting all new home equity lines of credit.
Keywords: Wells Fargo & Company. Wells Fargo Bank.