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Wells Unexpectedly Shuts All Existing Personal Lines Of Credit, Hinting US Economy On The Edge

on July 9, 2021
in Economy
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Wells Fargo just announced that it’s shutting down all of its existing personal lines of credit – a popular product offered by the retail-focused Wall Street giant – a move that will likely infuriate legions of customers.

The revolving credit lines, which will be shut down in the coming weeks, typically allow users borrow $3K to $100K, were pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on checking accounts attached to the loan.

Customers have been given a 60-day notice that their accounts will be shuttered, and remaining balances will require regular minimum payments, according to the statement.

Wells CEO Charlie Scharf

Full Story on Zero Hedge here: https://www.zerohedge.com/markets/wells-fargo-infuriates-customers-abruptly-shuttering-personal-credit-business

Image by Vlad Vasnetsov from Pixabay

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