Wells Fargo Dumps Tactical Night Vision Company…Because Guns

Decoy · Apr 4, 2018

So Wells Fargo gave us the 60 day notice – We don’t meet their new “policies”

So after 37 years of business, (13 years of direct corp business), they have given us notice that we have to look for another bank to do our business with. This based on our “profile”, whatever that means. they would not tell us any details. A few years ago Chase told us they could not do any of our Merchant Card Processing because we sold “high power lasers”.

It seems the more and more of the banking industry is joining suit as many know just as Citi Bank announced THIS I know McMillan and a few others have already been down this path. Heck we’re not even a firearms manufacture (not that it matters), this is outrageous family run business’s getting held hostage for political gains. After all, the firearms industry as a whole is a multi-billion dollar industry. All too familiar what U-Tube is doing as well.

We know, “welcome to the party pal”….It begins.

danb · Apr 4, 2018

I think that there is more to this story. "High power lasers" are not being targeted, except by some acronym heavy agencies looking for export violations.

Mini14tac · Apr 4, 2018

And the insanity continues....

clandestine · Apr 4, 2018

I am a loyal TNVC customer. This pisses me off seeing them treated this way. They're good people.

Meanwhile people get sued for not making cakes for gays.

clandestine · Apr 4, 2018

danb said:
I think that there is more to this story. "High power lasers" are not being targeted, except by some acronym heavy agencies looking for export violations.

They don't sell high-powered lasers to the civilian Market.

GOG-MD · Apr 4, 2018

It's getting hard to keep track of all these anti-2A or simply coward companies bowing to pressure. I sure won't give any business to companies that hold such little regard for our constitutional rights.

danb · Apr 4, 2018

clandestine said:
They don't sell high-powered lasers to the civilian Market.

Most of the really cool stuff that they sell is subject to export restrictions. According to their website, most of the "law enforcement" restrictions are at the request of the DoD and manufacturers due to heavy defense department demand.

I strongly suspect that there is more to this than "anti gun" policy. I'd bet a paycheck on it. Could be problems with export restrictions, credit and receivables, or any one of a zillion other issues.

But the CEO will blame the gun to deflect, like everyone else.

clandestine · Apr 4, 2018

danb said:
Most of the really cool stuff that they sell is subject to export restrictions. According to their website, most of the "law enforcement" restrictions are at the request of the DoD and manufacturers due to heavy defense department demand.

I strongly suspect that there is more to this than "anti gun" policy. I'd bet a paycheck on it. Could be problems with export restrictions, credit and receivables, or any one of a zillion other issues.

But the CEO will blame the gun to deflect, like everyone else.

They are ITAR Controlled and watched by the State Department. Not only does the manufacturers have restrictions on the end-users the US government does as well.

You would hear about violations in the news before any banking institutions cut ties.

jrumann59 · Apr 4, 2018

too bad we do not have a gov't with balls. have FDIC pull their insurance backing and see how they like that.

danb · Apr 4, 2018

clandestine said:
You would hear about violations in the news before any banking institutions cut ties.

No you wouldn't.

Banks are going to fill out suspicious activity reports and other reports and file them, and cut ties. It may take months or years for the .gov to get around to making investigations public. In this climate, a bank is definitely not going to wait for the headline to cut ties. If they do, people will ask "why did you wait so long when you had the suspicious activity reports on file." Banks are looking for fraud, money laundering, drug activity, and about a million other things in financial records.

Hypothetically, if I were a high paid manager in the dept at Wells Fargo that looks at these reports, and I saw certain reports, my advice would be cut and not wait for the headline to materialize. Whatever small amount of business this client is simply not worth it.

5.56blaster · Apr 4, 2018

Wells Fargo sucks $hit!!

Mr H · Apr 4, 2018

Waiting to hear more about the background, and if any other companies are effected.

We're with WF for the foreseeable future, but if more of this happens, we can certainly manage without them. The real pain would be having to move what's left of the mortgage, though I suppose I'd be OK just closing out the deposit and HELOC accounts for the duration.

Magnumst · Apr 4, 2018

clandestine said:
I am a loyal TNVC customer. This pisses me off seeing them treated this way. They're good people.

Meanwhile people get sued for not making cakes for gays.

I have a few of their products as well and still in the need for a mount or 2. Looks like a good time to finish out my mods.

fidelity · Apr 4, 2018

clandestine said:
They don't sell high-powered lasers to the civilian Market.

The Congress should write legislation that cuts off government business to financial institutes that purposefully discriminate against manufacturers that, as a part of their business, provide products to the US armed forces.

RepublicOfFranklin · Apr 4, 2018

In all honesty WF is one of, if not the most, dirtiest players in the game. This move doesn’t surprise me at all, they’re dying for any sort of positive publicity.

If there were ever anyone worth their oxygen intake in DC; Wells and the others should’ve been allowed to die in ‘08.

Sent from my iPhone using Tapatalk

GLR En · Apr 4, 2018

Something not adding up about this story.

"Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry."

http://www.latimes.com/business/la-fi-wells-fargo-guns-20180307-story.html

K31 · Apr 5, 2018

The NV company dodged a bullet seeing as how Wells Fargo treats it's customers. I wonder how they're still in business after committing massive fraud.

https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

Decoy · Apr 5, 2018

Ruger865 said:
Something not adding up about this story.

"Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry."

http://www.latimes.com/business/la-fi-wells-fargo-guns-20180307-story.html

It's a hit piece to encourage a boycott of Wells Fargo, therefore WF will be forced to drop gun companies.

Wells Fargo Dumps Tactical Night Vision Company…Because Guns

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