Wells Fargo said it would stop offering personal lines of credit and shutter those current accounts.
The bank will no longer offer the product, which enabled users to borrow between $3,000 and $100,000 and was pitched as tool to consolidate higher-interest credit-card debt, pay for home renovations and avoid overdraft fees on linked 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 a six-page letter that was reviewed by CNBC.
