Advertisement

Wells Fargo shuts down personal lines of credit

Wells Fargo notified customers who use its personal lines of credit no more money is available...
Wells Fargo notified customers who use its personal lines of credit no more money is available to them.(Source: Stringr/CNN)
Published: Jul. 9, 2021 at 7:19 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

(CNN) - Wells Fargo has angered many customers by shutting down one of its popular credit products.

The bank notified customers who use its personal lines of credit no more money is available to them.

People who used that credit offering could borrow up to $100,000 for things like home repairs or to consolidate credit card debt.

In a notice to customers about the closure, Wells Fargo warned it could impact their credit scores.

That gained the attention of Sen. Elizabeth Warren, D-Mass., who slammed the decision on Twitter and called the bank incompetent.

She was also a key figure when Wells Fargo admitted to opening millions of fake accounts and in 2017 publicly told the bank’s CEO he “should be fired.”

A Wells Fargo spokesman said customers who previously used its personal lines of credit should now use credit cards and personal loans instead.

Copyright 2021 CNN Newsource. All rights reserved.