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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

Focus group: Child tax credit expansion divides swing voters

Photo by Chip Somodevilla/Getty Images

Some swing voters say the most important elements to preserve in Democrats' massive social spending package are the ones that would lower prescription drug costs, reduce pollution and make childcare or pre-K free or more affordable.

Yes, but: Considerably less popular among Trump-to-Biden voters: Extending the expanded child tax credit to 2025.

Updated 42 mins ago - Technology

Pandemic gave cover to online dating scams

Illustration: Annelise Capossela/Axios

Crooked Casanovas used online dating scams to steal an estimated $500 million from lonely victims last year, according to a new analysis of government fraud data by Atlas VPN, an internet security provider.

Why it matters: The isolation of the lingering pandemic provided cover to fraudulent suitors who had an excuse for not meeting up in person even as they fleeced their would-be lovers out of gift cards, money — even cryptocurrency.

Updated 50 mins ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Omicron is finally burning out — It's very difficult to get access to antiviral COVID treatments — Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Navy discharges 45 sailors for refusing vaccine — Spotify to remove Neil Young's music after his Joe Rogan ultimatum — New York Supreme Court grants stay for indoor mask mandate.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker