Wells Fargo is reportedly closing all personal lines of credit

 Wells Fargo is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore, CNBC reported on Thursday, citing letters from the bank.

The product, which usually gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts, the report said. Customers have been given a 60-day notice that their accounts will be shuttered, according to the report.