Wells Fargo will no longer offer personal lines of credit to customers and will shut down existing ones in the coming weeks, according to a CNBC report.
Revolving lines of credit had been a popular consumer lending product, which typically gave users $3,000 to $100,000 in revolving credit lines and was pitched as a way for customers to consolidate higher-interest credit card debt or avoid overdraft fees on 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 a six-page letter to customers obtained by CNBC.
The move would instead allow the bank to focus on credit cards and personal loans, the letter said.
Congress considers credit-reporting overhaul: This would include putting government in charge of scores
Customers have been given a 60-day notice before their accounts are shut down, with remaining balances requiring regular minimum payments at a fixed rate, according to CNBC.
Wells Fargo also warned customers that the account closures “may have an impact on your credit score,” CNBC reported.
The move comes after the Federal Reserve barred the bank from growing its balance sheet until it fixed compliance issues that stem from the bank’s fake accounts scandal. Last year, the bank announced it would no longer offer home equity lines of credit and later said it would stop making auto loans to most independent car dealerships.
OVERVIEW
OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!
OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.
The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.
OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.
The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….
The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.
The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.
Download App Now – https://r.onmyway.com
Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com.
OnMyWay is the Only Texting and Driving Solution That Pays
Trusted and 
By Millions of OnMyWay Mobile App Users