Wells Fargo: Resists Threats Aimed at Getting It to Drop Gun Clients

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  • danb

    dont be a dumbass
    Feb 24, 2013
    22,704
    google is your friend, I am not.
    http://reason.com/volokh/2018/04/08/wells-fargo-resists-union-threats-aimed

    The American Federation of Teachers is demanding that Wells Fargo drop its relationship with gun manufacturers (and with the NRA). To its credit, Wells Fargo isn't budging. As the response from the CEO said (alongside the usual, and understandable, we-hear-you-and-we-want-you-to-be-our-friends business-speak),

    As I have publicly stated, I do not believe that the American public wants banks to decide which legal products consumers can and cannot buy.

    Also, pdf of resonse here: https://www.aft.org/sites/default/files/president_weingarten_040318.pdf


    If the American Federation of Teachers plays politics as badly as they educate Baltimore City kids, I would not worry too much.
     

    dist1646

    Ultimate Member
    May 1, 2012
    8,758
    Eldersburg
    Wells Fargo is known to be anti gun! Had that conversation with them years ago. My wife had one of our accounts there and we closed it due to their anti gun positions!
     

    BigSteve57

    Ultimate Member
    Feb 14, 2011
    3,245
    I had to switch to Wells Fargo for financial reasons but I wasn't happy about it due to their recent reputation of creating fraudulent accounts and anti-gun stance. Thankfully they haven't tried any BS with us.
     

    danb

    dont be a dumbass
    Feb 24, 2013
    22,704
    google is your friend, I am not.
    Any gathering of "New York Republicans," common in the financial industry, will probably be (on average) less supportive of the 2A than for example a Texas Democrat. Bloomberg was a rich "Independent." but a lot of NY Republicans are in the same holier-than-thou mold. They probably favor some gun control because (like so many things about NYC law) they assume it wont apply to people with the money to game the system, like them.
     

    dist1646

    Ultimate Member
    May 1, 2012
    8,758
    Eldersburg
    Strange...

    I'd never seen anything official, but heard that they were what I'll call "2A-Tolerant" (much like Starbucks).

    The bank manager told me about it when we were there one day. That is why we immediately closed the account.
     

    Pale Ryder

    Ultimate Member
    Jan 12, 2009
    6,234
    Millersville
    I'd stick money in a hole in the ground before using Wells Fargo. Had one of their employees scream at my wife and I because she felt we were to close to her, her desk, and her customer. (Overly rude pie eater ) at the Severn branch.
    Promptly closed two accounts and canceled a commercial loan application with them. Went down the way to Sandy Spring Bank, where service and people are much better. Don't know their 2 A stance, and they haven't ever asked mine.
     

    Beach Runner

    Member
    Mar 20, 2018
    90
    Since I haven’t heard any news about any other customers being dropped, I do have to wonder if the speculation someone had that it has nothing to do with being tangentially related to “guns”, but was suspicious activity report or something else TNVC has done that Wells Fargo is aware of and why they’ve dropped them.

    I can’t imagine Wells doesn’t supply banking services to a number of gun parts suppliers, gun stores, etc.

    I don’t like banks (BoA chopped my HELOC credit limit with only retroactive notice! Good thing I had finished my renovation a couple of months ago or that could have sucked having bills come due only to find out my credit line had been slashed a week or two before).

    Like not even a little.

    That being said, I kind of doubt WF didn’t notify TNVC what the policy was they had violated. Probably a good bet TNVC was informed of what the policy was and they aren’t mentioning it because it makes them look really bad.

    It does seem very inconsistent. The reason given of "policies" reminds me of the reason given for accounts that were closed under Operation Choke Point. With the recent dropping of NRA affiliation by several companies, I am glad to hear that Wells Fargo is maintaining their relationship. Hopefully we do not hear of any other firearms related accounts being closed.
     

    rob

    DINO Extraordinaire
    Oct 11, 2010
    3,099
    Augusta, GA
    I don't get this... A bank can decline service because you are engaged in a constitutionally protected activity. But a bakery can't decline to service someone they don't agree with. Wtf?

    Sent from my SAMSUNG-SGH-I527 using Tapatalk
     

    Mr H

    Banana'd
    If I were Wells Fargo??
     

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    jrumann59

    DILLIGAF
    MDS Supporter
    Feb 17, 2011
    14,024
    I take it with a grain of salt. Why same reason Murdoch created Fox and Fox News, he saw a hole in the market that needed to be filled. WF is seeing other banks dropping firearms related business, so they decide to double down when there are new potential clients looking for a bank now.
     

    pbharvey

    Habitual Testifier
    MDS Supporter
    Dec 27, 2012
    30,156
    I take it with a grain of salt. Why same reason Murdoch created Fox and Fox News, he saw a hole in the market that needed to be filled. WF is seeing other banks dropping firearms related business, so they decide to double down when there are new potential clients looking for a bank now.

    Exactly.
    Banks make money off money.
    That’s what they’re supposed to do, they aren’t supposed to have an opinion on social or political issues.
    That said, it might be a trap.
    I’d hate to see Ruger or another gun company get the rug pulled out from underneath them.
     

    ComeGet

    Ultimate Member
    Sep 1, 2015
    5,911
    I take it with a grain of salt. Why same reason Murdoch created Fox and Fox News, he saw a hole in the market that needed to be filled. WF is seeing other banks dropping firearms related business, so they decide to double down when there are new potential clients looking for a bank now.

    Which is exactly what a commercial concern in a capitalist system ought to be doing.
     

    Kicken Wing

    Snakes and Sparklers
    Apr 5, 2014
    868
    WASH-CO
    The scary part is all of the gun manufacturers putting all of their eggs in one basket (Wells Fargo). I applaud their stance but nobody knows what the future holds. All it takes is pressure from the anti's and a spineless jellyfish in charge of the money to make that safe space for gun manufacturers disappear.
     

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