In recent weeks, customers of a certain big national bank abruptly changed course, canceling all of their personal lines of credit.
Wells Fargo released a six-page letter to customers (should it really take six pages to break the news?), stating that the bank had “decided to discontinue offering new Personal and Portfolio line of credit accounts and to close all existing accounts.”
Previously one of the biggest issuers of personal loans that ranged from $3,000 to $100,000, Wells Fargo reported in their breakup letter (page five?) that the shutdowns would occur within 60 days.