Wells Fargo tells customers it's shuttering all personal lines of credit [View all]

[lindysalsagal]

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

Wells Fargo tells customers it’s shuttering all personal lines of credit
PUBLISHED THU, JUL 8 202110:34 AM EDTUPDATED 2 HOURS AGO
Hugh Son @HUGH_SON

Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.

The bank is shutting down all existing personal lines of credit in coming weeks and has stopped offering the product, according to customer letters reviewed by CNBC.

The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.

“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 said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.

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I hate this effing bank

I didn't mortgage with them, but my company sold my mortgage to them, and I had to deal with them. They'd let my payment check sit around on someone's desk until it was "late." Then snag me for $80. I had to pay in person at their teller to make sure I got a receipt. So glad I sold my house and divorced wells forgo. Bastids.