Wells Fargo tells customers it’s shuttering all personal lines of credit

[ShruteSastry]

KEY POINTS

 

• The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
• The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
• With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.

[ShruteSastry]

Source: https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

[Spartan]

may be signs of getting the banking system straight before everything falls apart again like in 2007

[ShruteSastry]

2 minutes ago, Spartan said:

may be signs of getting the banking system straight before everything falls apart again like in 2007

yeah, looks like it.