Investing.com – Wells Fargo stock (NYSE:WFC) dipped 0.4% on Thursday after the lender decided to keep personal credit lines open for customers who actively used them or want to reactivate old ones.
In doing so, the bank reversed its earlier decision to close down the revolving credit lines. The product will still not be offered to new customers.
Wells Fargo was forced to backtrack after a backlash from customers who complained of inconvenience. Another factor behind the public outcry was the potential negative effect on individual credit scores.
According to the bank, inactive credit lines will be closed on December 2.