Wells Fargo is Closing All Personal Lines of Credit (PLCs)
Thousands of Wells Fargo customers may suffer a decrease in credit score.
Wells Fargo has decided to close all personal lines of credit (PLCs), despite many Americans’ ongoing need for financial relief due to COVID-19. The bank sent out an official notice to all current borrowers stating their PLCs would be closed in 60 days. Borrowers are then expected to repay the outstanding balance from their PLCs, leaving many scrambling to find the money for their expenses and loan repayment. Additionally, the sudden loss of a line of credit could impact customers’ credit scores. If you received notice that your PLCs with Wells Fargo will be closed and are concerned about the effect this will have on your credit score, contact the Financial Services attorneys at McCune Wright Arevalo, LLP, today!
Is Wells Fargo Closing Your PLCs?
Wells Fargo Closing All Personal Lines of Credit (PLCs)
Opening a line of credit is one of the fastest, simplest ways to boost your credit score, allowing you to access a revolving line of credit for things like small business expenses,
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.
If you have opened a personal line of credit (PLC) with Wells Fargo and are concerned about how the closure could impact your credit score, you deserve a team that will fight for you. Contact us today or call (909) 345-8110 for your free consultation.
Your Credit Score Could Be in Danger
With the sudden closure of a PLC, thousands of borrowers are now concerned for their credit standing. 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. Wells Fargo has issued a statement admitting their decision is “inconvenient” – an understatement, to say the least.
If you’ve received notice that your PLC will be closed and are worried for your credit standing, there may be something you can do about it. Contact us by filling out the form or call (909) 345-8110 to receive your free consultation today.
Let Our Team Fight for You
The Financial Services attorneys of McCune Wright Arevalo, LLP, have represented the rights of consumers in the Inland Empire for decades. We believe that unscrupulous businesses cannot go unchecked, no matter the size. With more than $1 billion in compensation obtained for our clients and successful verdicts against some of the nation’s largest companies like Wells Fargo, our Class Action team has the experience and skills to fight for justice against banks and credit unions who value their bottom line more than the financial future of their customers.
If you or someone you know has received notice of the closure of a Wells Fargo PLC, contact us by completing the form or calling (909) 345-8110 today!
Attorney Handling this Case
Richard D. McCune is the founding partner of McCune Wright Arevalo, LLP. He has 30 years of experience in representing plaintiffs throughout the United States, California and the Inland Empire in class action, government UDAP civil penalties, product liability, catastrophic personal injury, and business fraud cases.
Mr. McCune’s trial and settlement success have resulted in his achieving the highest possible AV Rating™ from Martindale-Hubbell®. He is also a member of the Multi-Million Dollar Advocates Forum®, which is reserved for attorneys who have achieved multi-million dollar trial or settlement results for their clients. He is in the Top 100 of the National Trial Lawyer Association, including being in the Top 25 in Class Action and Product Liability. He has been peer selected as one of the top 5% of attorneys, selected to the California Super Lawyers. He was one of the select finalists for the 2011 California Consumer Attorney of the Year. In 2021, Mr. McCune was appointed by the Rules Committee of the Central District of California to serve on the Court’s Local Rules Advisory Committee (LRAC).
Mr. McCune frequently lectures at attorney conferences, where he has made presentations on banking class actions, foreclosure class actions, and automobile product liability cases. He was appointed by Judge Selna as one of the leading firms for the personal injury/wrongful death cases in the high-profile Toyota sudden unintended acceleration litigation. He was selected by the State of Arizona to represent the citizens of Arizona against Volkswagen in the high-profile Volkswagen emissions fraud lawsuit.
As part of representing his clients, Mr. McCune has been featured on numerous news shows, including The Today Show, Fox Business News, NBC LA and CNN, as well as quoted and interviewed for wide-ranging newspapers and magazines including the LA Times, Forbes, Sacramento Bee, San Bernardino Sun, and The Economist.
Mr. McCune’s successful results for his clients include a $203 million class action verdict in 2010 on behalf of the 1.14 million California Wells Fargo Bank customers for unfair bank overdraft fees. He has been involved in numerous settlements and verdicts that have generated over one million dollars for individual clients.