Wells Fargo Confirms Its Shutting Down All Personal Lines of Credit

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This doesn’t affect bank-issued credit cards, bank suggests

The Epoch Times

Wells Fargo said it will no longer be offering personal lines of credit and will shut down all existing personal lines of credit for customers, according to reports. The move doesnโ€™t appear to affect credit cards.

A spokesperson for Wells Fargo confirmed the development and said the decision to do away with personal lines of credit will allow the firm to focus on its credit card and personal loan services.

โ€œAs we simplify our product offerings, we made the decision last year to no longer offer personal lines of credit as we feel we can better meet the borrowing needs of our customers through credit card and personal loan products,โ€ a Wells Fargo spokesperson told Fox News and other news outlets.

โ€œWe realize change can be inconvenient, especially when customer credit may be impacted,โ€ the spokesperson added. โ€œWe are providing a 60-day notice period with a series of reminders before closure, and are committed to helping each customer find a credit solution that fits their needs.โ€

The move affects the bank-offered revolving credit lines, which generally allow customers to borrow between $3,000 and $100,000. For example, personal lines of credit are often used for home renovations.

Personal lines of credit have generally lower interest rates than credit cards and offer higher limits on how much one can borrow. However, they have a set draw period, whereas credit cards can remain open indefinitelyโ€”but typically have higher interest rates.

โ€œWells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,โ€ the bank said in a letter obtained by CNBC. The bank will now focus on its credit cards and personal loans, the letter stated. The Epoch Times was not able to independently verify the authenticity of the letter.

In the letterโ€™s frequently asked questions segment, Wells Fargo warned customers that the closures โ€œmay have an impact on your credit score.โ€

โ€œWe apologize for the inconvenience this Line of Credit closure will cause,โ€ the San Francisco-based bank said. โ€œThe account closure is final.โ€

BYย JACK PHILLIPS

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