Wells Fargo scraps personal lines of credit
(FOX BUSINESS) – Wells Fargo will no longer be offering personal lines of credit to customers.
In a statement to FOX Business, the bank confirmed the move, first reported by CNBC. "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. 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" according to a company spokesperson.
The move impacts new customers and for existing customers with open lines, those will be closed. The bank is giving customers a 60-day notice period and is encouraging them to apply for other lending needs. The move does not impact commercial accounts.
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