In this video

Share

Wells Fargo shuttering all personal lines of credit

The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The product, which typically 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. With its latest move, Wells Fargo warned customers that the account closures "may have an impact on your credit score," according to a frequently asked questions segment of the letter.
01:37
Fri, Jul 9 20217:09 AM EDT