In what appears to be the latest example of financial blacklisting, a Florida gun dealer says that Wells Fargo is dumping his account.
"Wells Fargo performs ongoing reviews of its account relationships in connection with the banks responsibilities to manage risks and its banking operations," the letter said.
"We recently reviewed your account relationship and as a result of this review we will be closing your above referenced account," it continued, adding, "The bank’s decision to close your accounts is final."
"Please note the bank reserves the right to close the subject accounts sooner than February 9, 2023 if circumstances arise that warrant an earlier closing," the letter went on to warn.
Jennifer L. Langan serves as head of communications for CSBB & Consumer Lending at Wells Fargo, and she provided a statement to The Reload which denied that Wexler’s account was being closed due to his status as a gun retailer.
"Based on our analysis of the risk associated with this customer, we made a decision to close the accounts," Langan told the publication, adding, "Our decision is not based on the industry."
Yet as The Reload noted, Wexler received a follow-up letter from Wells Fargo that specifically said company guidelines prohibit it from dealing with "certain types of businesses."
Wells Fargo performs ongoing reviews of account relationships in connection with the company’s responsibility to oversee and manage risk and its business operations. We have reviewed your relationship with Wells Fargo and have determined at this time to close your account, effective 12/23/22. As of the date of this letter you may no longer make purchases or take cash advances. The reason for this action is:
Banking guidelines excludes lending to certain types of businesses
For his part, Wexler noted that he has always conducted his business in accordance with all applicable state and federal laws.
"I’ve been with them for 25 years," he said of his history with Wells Fargo. "I’m a professional fireman. I do everything the right way. It’s messed up."
The gun dealer went on to tell The ReLoad that he is considering legal action, saying, "I don’t care about the money. It’s more about making a point here. The public really needs to know about this. It’s not right."
Wexler's experience comes nearly three years after Reuters reported that Wells Fargo CEO Charles Scharf told investors Wells Fargo would be distancing itself from the National Rifle Association (NRA).
"I don’t think we participate any longer in the organization’s line of credit and mortgage loan commitments," Scharf was quoted as telling shareholders.