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Wells Fargo ends personal lines of credit: What it means for consumers
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Wells Fargo ends personal lines of credit: What it means for consumers
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Wells Fargo ends personal lines of credit: What it means for consumers
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KXLY
July 8, 2021 5:17 PM Annie Millerbernd
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Wells Fargo customers have begun receiving notification that their personal line of credit accounts will close, and the company confirmed Thursday that it will no longer offer the product. Once the accounts are closed, customers will no longer be able to draw from them.
The company announced that it would discontinue the product last year, said Wells Fargo spokesperson Manuel Venegas in an emailed statement. But if the looming closure of your account is news to you, it may be an unwelcome surprise.
Not only will the accounts close, but Wells Fargo also indicated consumers’ credit scores may take a hit as a result.