Case Update:

Wells Fargo Closing All Personal Lines of Credit (PLCs): What You Need to Know 

For many people, lines of credit are the only way they can achieve their goals. Unfortunately, Wells Fargo – one of the nation’s largest banks and lenders – has chosen to set its borrowing customers back by closing all outstanding personal lines of credit (PLCs). This decision is especially disconcerting for consumers who need these PLCs following a long, hard year of unemployment or overall loss of income due to the global COVID-19 pandemic. Wells Fargo PLCs have provided a lifeline for thousands of customers in desperate need of money to continue to pay their bills.  

We are no longer accepting new cases pertaining to the closure of PLCs by Wells Fargo. If you have another financial service concern, please call (909) 345-8110 or fill out our online form today.  

How the Closure of PLCs Affects Credit Scores 

According to a Wells Fargo spokesperson, the decision to close all PLCs could negatively impact credit scores. In addition, those same new borrowers will be without their needed credit and will be expected to repay the outstanding balances at an undisclosed fixed interest rate. As of March, the total due for repayment is a whopping $24.9 million. Borrowers have only 60 days’ notice of the closing of their PLCs, giving most an extremely limited amount of time to figure out a new way to stabilize their finances and prepare for the dip in their credit scores.  

What Can Affected Account Owners Do? 

Although McCune Law Group is not accepting new cases at this time, you still have legal options. If you’ve experienced issues with your PLC, you can:  

• Explore Other Options for PLCs: While Wells Fargo has closed PLCs, other financial institutions may offer a similar service. 
• Explore Other Legal Avenues: If you have experienced other issues pertaining to banking and lending, you may qualify for legal action. Explore our Financial Services cases for more details.   

Related Cases and Legal Areas:  

In addition to our Financial Services practice area, individuals who have been negatively impacted by their dealing with a financial institution may want to explore: 

• Consumer Fraud Class Actions: In cases where a company has made false promises to their customers, individuals may be able to pursue a claim of fraud.
• Class Action Lawsuits: If numerous consumers have been impacted by the same issue, they may form a class action to bring a joint suit against a negligent company. 

Need Legal Assistance? 

If you are dealing with another financial issue or class action related matter, our experienced attorneys are here to help. Get in touch with our financial services team to explore your legal options. 

For general inquiries, you can reach us at (909) 345-8110 or via our online form. 

Final Note 

This page is no longer accepting new clients for the closure of PLCs by Wells Fargo but remains active as an informational resource to serve affected account owners.   

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