Wells Fargo is shutting down all personal lines of credit that typically gave users $3,000 to $100,000, telling customers the account closings are final and ”may have an impact on your credit score,” CNBC reports.
The move is expected in the coming weeks. Current customers with credit lines must pay off the balances at a fixed rate.
”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 a letter to customers.
Wells Fargo has been operating under a $1.95 trillion asset cap for more than three years, considered one of the costliest bank punishments ever, after reaching a settlement with federal prosecutors and the Securities and Exchange Commission over its abuse of customers in a phony account scandal.
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{Matzav.com}
