Wells Fargo is shutting down all existing personal credit lines and no longer offers the consumer loan product, CNBC reported Thursday, citing letters from the bank.
The product, which typically gave users $ 3,000 to $ 100,000 in revolving credit limits, was set as a way to consolidate credit card debt with higher interest rates, pay for home renovations or avoid cash claims on affiliated checking accounts, the report said.
Customers have been given a 60-day notice that their accounts will be closed, according to the report.
Wells Fargo did not immediately respond to a Reuters request for comment.
The move comes more than a year after the bank suspended home loans given the economic uncertainty driven by the COVID-1
The fallout from the pandemic also caused the bank to stop granting loans to a majority of its independent car dealership customers last year.