In July Wells Fargo announced it would be shutting down existing lines of credit. Based on consumer feedback Wells Fargo has now reversed that decision and existing personal credit lines will continued to be offered. Accounts that haven’t been used since October will also be given the option of keeping those accounts open.
John Rasmussen (executive vice president, leads student lending and personal lines and loans businesses) had the following to say:
Based on feedback from our customers (thank you if you provided feedback!) we are adjusting our approach
The terms of your account are not changing.
Hat tip to Bloomberg
