FILE PHOTO: A Wells Fargo logo is seen in New York City, the United States, Jan. 10, 2017. REUTERS / Stephanie Keith
July 8, 2021
(Reuters) – Wells Fargo & Co is closing all existing personal credit lines and is no longer offering the consumer credit product, CNBC reported Thursday, citing letters from the bank.
The product, which typically gave users $ 3,000 to $ 100,000 in revolving credit lines, has been suggested as a way to consolidate higher-interest credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts, according to the https: // cnb report .cx / 3hm2yaB said.
According to the report, customers were given 60 days notice that their accounts will be closed.
Wells Fargo did not immediately respond to a Reuters request for comment.
The move comes more than a year after the bank suspended home equity loans amid the economic uncertainty fueled by the COVID-19 pandemic.
The aftermath of the pandemic also led the bank to stop lending to the majority of its independent car dealer customers last year.
(Reporting by Niket Nishant in Bengaluru; editing by Aditya Soni)
This article originally appeared on www.oann.com