Wells Fargo to close all personal lines of credit – CNBC

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The product, which usually 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, the report https://cnb.cx/3hm2yaB said.

Customers have been given a 60-day notice that their accounts will be shuttered, according to the report.

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, given the economic uncertainty fueled by the COVID-19 pandemic.

The fallout from the pandemic also prompted the bank to stop providing loans to a majority of its independent auto dealer customers last year.