Wells Fargo , Ends Personal, Lines of Credit.
The bank confirmed the move
to Fox Business on July 8.
As 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, Wells Fargo spokesperson, to Fox Business.
We realize change can be inconvenient, especially when customer credit may be impacted, Wells Fargo spokesperson, to Fox Business.
We 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, Wells Fargo spokesperson, to Fox Business.
Commercial accounts will not be affected.
According to CNBC, the decision
"may have an impact on your credit score.".
According to Fox Business, the move comes as CEO Charles Scharf, who took over in 2019, .
continues his attempt to turn the company around after being shrouded in an
account fraud scandal in 2016