If any company in any industry in the nation gets too large, there can be enormous impacts on the quality of life for average Americans. Big Pharma, Big Tech, and Big Oil are the most frequent targets of our rage, but the Big Banks are not far behind.
One bank, in particular, has been the recipient of our ire time and again: Wells Fargo.
Now, the gigantic financial institution is announcing a suspension of all personal credit lines – something that could leave some of their current customers a huge mess to fix on their credit report.
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Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned.
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 revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.
The bank was unapologetic.
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.
Another part of the FAQ asserted that the account closures couldn’t be reviewed or reversed: “We apologize for the inconvenience this Line of Credit closure will cause,” the bank said. “The account closure is final.”
Wells Fargo was trending on Twitter during the afternoon on Thursday, as user lamented the move.
Cross-posted with Flag and Cross
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