Wells Fargo shutting down personal lines of credit

Wells Fargo shutting down personal lines of credit

Customers of Wells Fargo were upset when the bank announced shutting down personal lines of credit in the upcoming weeks. Charles Scharf, the CEO, has been imposed to make these unexpected decisions during the Pandemic, assets offloading and stepping back from some products because of limitations by Federal Reserve.

The service gave the consumers $3000 to $100,000 in revolving credit lines and was pitched to consolidate higher-interest credit card debt. The loan growth has been hard to muster during the early days of the Pandemic, which had most consumer base stuck at home and fewer reasons to use credit cards.

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