FINANCE Wells Fargo tells customers it’s shuttering all personal lines of credit

The bank warns customers that the account closures "may have an impact" on their credit scores  

The bank reportedly sent a letter to customers saying it'll no longer offer the lines of credit, which range from $3,000 to $100,000 

The bank's letter to customers warned that account closures "may have an impact on your credit score," according to CNBC 

Current customers should expect to receive 60 days' notice of the account closures and remaining balances will need to be paid off with minimum payments 

Wells Fargo CEO Charles Scharf has been forced to make difficult decisions during the coronavirus pandemic, offloading assets 

In 2018, the Fed barred Wells Fargo from growing its balance sheet until it fixes compliance shortcomings revealed by the bank’s fake accounts scandal 

It has also affected Wells Fargo’s customers: Last year, the lender told staff it was halting all new home equity lines of credit