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Wells Fargo Dumping Personal Lines Of Credit

FILE - In this Jan. 18, 2011 file photo, a customer exits a Wells Fargo bank branch in Los Angeles. Wells Fargo & Co. said Tuesday, July 19, 2011, its second-quarter profit rose 30 percent, boosted by a release of reserves set aside to cover souring loans as its customers continued to improve their loan and credit card payments. (AP Photo/Reed Saxon, file)
FILE - In this Jan. 18, 2011 file photo, a customer exits a Wells Fargo bank branch in Los Angeles. Wells Fargo & Co. said Tuesday, July 19, 2011, its second-quarter profit rose 30 percent, boosted by a release of reserves set aside to cover souring loans as its customers continued to improve their loan and credit card payments. (AP Photo/Reed Saxon, file)

Wells Fargo is no longer offering personal credit lines to its customers.

People who have an existing line of credit at Wells Fargo, will be losing that credit, as the bank shuts down those accounts in the coming weeks.

Wells Fargo will focus on credit cards and personal loans.

Personal credit lines allowed some customers to borrow up to 100-thousand-dollars. But those days are ending.

In a letter to customers, the bank explained the account closures “may have an impact on your credit score.”

Wells Fargo said customers will be given a notice 60 days before their account is shut down.

 

FILE – In this Jan. 18, 2011 file photo, a customer exits a Wells Fargo bank branch in Los Angeles. Wells Fargo & Co. said Tuesday, July 19, 2011, its second-quarter profit rose 30 percent, boosted by a release of reserves set aside to cover souring loans as its customers continued to improve their loan and credit card payments. (AP Photo/Reed Saxon, file)  July 9th 2021

 

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