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Photo: Alex Tai/ Getty Images

Not so long ago, Wells Fargo was in trouble for opening accounts its customers didn't want. Now, having seen the error of its ways, it has decided instead to close accounts its customers do want.

Driving the news: Wells is shutting down all existing personal and portfolio lines of credit, after last year deciding it would stop issuing new home equity credit lines.

What they're saying: "We apologize for the inconvenience this Line of Credit closure will cause," the bank is saying in a letter to its customers obtained by CNBC. "The account closure is final."

Between the lines: Wells Fargo is keeping all its credit card accounts, which generally carry much higher interest rates. Personal lines of credit are often used as a way to pay down credit card balances and reduce total interest payments.

The big picture: Offering personal loans to customers used to be a core part of what any self-respecting bank had to do. But those loans tend to be labor-intensive and not very profitable, and new online banks can get millions of customers without having any loan products at all.

The bottom line: Banks have for decades tried to steer customers into lucrative credit cards rather than staid personal loans. But it's still shocking to see one of America's big four consumer banks getting out of personal credit lines entirely — especially when many customers used those lines as a way of avoiding overdraft fees.

Go deeper

FEC questions GOP Rep. Lauren Boebert over suspected personal use of campaign funds

Rep. Lauren Boebert (R-Colo.). Photo: Win McNamee/Getty Images

The Federal Election Committee sent a letter to the campaign treasurer for Rep. Lauren Boebert (R-Colo.) inquiring about the suspected use of campaign funds for her personal expenses.

State of play: The FEC letter shows four Venmo payments totaling over $6,000 described as "personal expense of Lauren Boebert billed to campaign account in error." It is then noted that the expenses were reimbursed.

At least 3 dead after Amtrak train derails in Montana

Photo: Jacob Cordeiro/Twitter

An Amtrak train derailed near Joplin, Montana, resulting in at least three deaths and multiple injuries to passengers and crew on Saturday, per authorities and a company statement.

The big picture: 141 passengers and 16 crew members were estimated to be on the Empire Builder train, traveling from Chicago to Seattle and Portland, when eight of the 10 cars derailed about 4p.m., Amtrak said early Sunday.

Updated 5 hours ago - Politics & Policy

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court is set to hear a challenge Wednesday to a vaccine mandate planned for New York City school employees.

Why it matters The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system. But a judge on Friday temporarily blocked the measure, per AP.