Wells Fargo closes personal lines of credit

(CNN) – Wells Fargo has angered many customers by shutting down one of its popular credit products.

The bank advised customers using its personal lines of credit that there was no more money available for them. People who used this credit offer could borrow up to $ 100,000 for things like home repairs or credit card debt consolidation.

Not one @Wells Fargo the customer should see their credit rating suffer just because their bank restructures after years of scams and incompetence. Sending a warning just isn’t enough – Wells Fargo needs to fix it. https://t.co/wyuuY2WEk5

– Elizabeth Warren (@SenWarren) July 8, 2021

In a notice to customers regarding the shutdown, Wells Fargo warned that it could impact their credit scores. It caught the attention of Senator Elizabeth Warren – who criticized the decision on Twitter and called the bank incompetent.

She was also a key figure when Wells Fargo admitted to opening millions of fake accounts and publicly told the bank CEO in 20-17 that he “should be fired.”

A Wells Fargo spokesperson said customers who previously used their personal lines of credit should now use credit cards and personal loans instead.