Wells Fargo is shutting down all lines of personal credit

Jene J. Long

Getty Images

Wells Fargo told customers that it plans to shutter all lines of personal credit in the coming weeks, CNBC reported on Thursday. The bank reportedly sent a letter to customers saying it’ll no longer offer the lines of credit, which range from $3,000 to $100,000 and serve to help fund things like home repairs and renovations or to consolidate credit card debt.

The bank’s letter to customers warned that account closures “may have an impact on your credit score,” according to CNBC. Current customers should expect to receive 60-days notice of the account closures, and remaining balances will need to be paid off with minimum payments at a fixed rate.

“As we simplify our product offerings, we made the decision last year to no longer offer personal lines of credit as we feel we can better meet the borrowing needs of our customers through credit card and personal loan products,” a Wells Fargo spokesperson told CNET. “We realize change can be inconvenient, especially when customer credit may be impacted. We are providing a 60-day notice period with a series of reminders before closure, and are committed to helping each customer find a credit solution that fits their needs.”

Next Post

Choosing A Business Structure

Working outdoors with your palms to tame and beautify the natural panorama could be a rewarding expertise, and since so many people find the work tedious, it may additionally be profitable. According to research from IBISWorld, the translation services business noticed a decline in 2020, as did many industries; nonetheless, […]