The financial institution is shutting down all current private traces of credit score in coming weeks and now not affords the product, based on buyer letters reviewed by CNBC.
The product, which usually gave customers $3,000 to $100,000 in revolving credit score traces, was pitched as a approach to consolidate higher-interest bank card debt, pay for dwelling renovations or keep away from overdraft charges on linked checking accounts.
With its newest transfer, Wells Fargo warned prospects that the account closures “could have an effect in your credit score rating,” based on a regularly requested questions section of the letter.
“Wells Fargo not too long ago reviewed its product choices and determined to discontinue providing new Private and Portfolio line of credit score accounts and shut all current accounts,” the financial institution mentioned within the six-page letter. The transfer would let the financial institution give attention to bank cards and private loans.
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