Loans
Wells Fargo to Shut Personal Credit Lines in Shift to Cards
- Bank says move is to ‘simplify our product offerings’
- Scharf has been exiting businesses deemed inessential
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Wells Fargo & Co. said it’s shutting down all existing personal lines of credit and will no longer offer the product to its customers.
“In an effort to simplify our product offerings, we’ve made the decision 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,” the bank said in an emailed statement. “We realize change can be inconvenient, especially when customer credit may be impacted.”