Wells Fargo will close all personal lines of credit

Wells Fargo will close all personal lines of credit
Pixabay; LU Staff

[Ed. – Canary in the coal mine?  I don’t know what Wells Fargo’s client base looks like, but the range of products they’re closing down is all about not investing in consumer debt.  Sounds like a “We see inflation, people” move.]

Wells Fargo & Co (WFC.N) is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore, CNBC reported on Thursday, citing letters from the bank.

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 said.

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

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The move comes more than a year after the bank suspended home equity loans …

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