Why is Wells Fargo closing accounts?
Wells Fargo closing all personal lines of credit, which may affect customer credit scores. ... The bank said it is discontinuing the product so it can focus on personal loans and credit cards, and warned in its letter that the closure of the accounts "may have an impact on your credit score." The Week MagazineWells Fargo closing all personal lines of credit, which may affect customer credit scores
Is Wells Fargo shutting down my credit card?
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. USA TODAYWells Fargo to end all personal lines of credit: It could affect credit scores
09 July, 2021 - 01:14pm
Dow futures bounced more than 200 points Friday, one day after a broad sell-off on Wall Street. The Dow lost 259 points, or 0.75%, on Thursday, finishing roughly 1% away from last Friday's record close. The 30-stock average had been down as much as 536 points during Thursday's session. The S&P 500 and Nasdaq also ended off their lows of the day, retreating from Wednesday's record closes. All three stock benchmarks, as of Thursday's close, were on track to finish lower for the week. Concern about a slowdown in economic growth, due to the spread of the Covid delta variant, hurt sentiment Thursday, with investors buying bonds for their perceived safety and driving yields lower.
Bond yields, which move inversely to prices, rose Friday. The 10-year Treasury yield was back above 1.34% after falling Thursday as low as 1.25% to levels not seen since February. The 10-year yield hit a then-14-month high of 1.78% in March. It began 2021 at less than 1%. Treasury yields have generally been falling over the past week, with declines accelerating Thursday on delta variant worries and an unexpected jump in first-time filings for jobless claims for last week, rising from the previous week's Covid-era lows.
The White House is expected to announce Friday a new executive order aimed at cracking down on anti-competitive practices in Big Tech, labor and numerous other sectors The sweeping order, which includes 72 actions and recommendations that involve a dozen federal agencies, is intended to reshape the thinking around corporate consolidation and antitrust laws, CNBC's Ylan Mui reported. "The impulse for this executive order is really around where can we encourage greater competition across the board," the White House's chief economic advisor, Brian Deese, told Mui in an exclusive interview.
Pfizer and BioNTech are developing a Covid booster shot intended to target the delta variant, already the dominant form of the disease in the U.S. While they believe a third shot of their current two-dose vaccine can preserve the "highest levels" of protection against all currently known variants, the companies are "remaining vigilant" and working on an updated version of the vaccine. Thursday's announcement came the same day Olympics organizers said they're banning all fans from the games this year after Japan declared a state of emergency for Tokyo to curb a wave of new Covid infections.
Wells Fargo plans to end a popular consumer lending product, angering some of its customers. The bank is shutting down all existing personal lines of credit in the coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The revolving credit lines, which typically allow users to borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations, or avoid overdraft fees on linked checking accounts. Wells Fargo is still recovering from the aftermath of its 2016 fake accounts scandal.
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