Wells Fargo Bank has suddenly deleted account of well-known dealer of guns in Florida.
The financial institution abruptly shut both personal and business accounts for Brandon Wexler over the Christmas celebrations. Wexler has been a long-time client at the institution, with personal accounts and business accounts for about 14 years.
In a letter addressed to the dealer, which was obtained via The Reload, Wells Fargo says that an examination of the account determined the business of Wexler “too risky.”
Wells Fargo performs ongoing reviews of its relationship with its customers in relation to the banks' responsibility to manage risks as well as the banking activities it conducts. We have recently examined your account relationships and, in the wake of the review, we are closing the account you mentioned above. The account is expected to be closed by the 9th of February, 2023. Alternatively, you can call the bank to request closure sooner. Bank's choice to shut down your account is final. Be aware that the bank is entitled to close your account before Feb. 9, 2023 should circumstances arise that require the earlier closure. Be aware that certain circumstances could delay closing of your account.
A Wells Fargo representative gave a statement to The Reload and denied the closure of the account of Wexler was due to the nature of his profession.
Jennifer L. Langan, the head of Communications of CSBB & Consumer Lending at Wells Fargo, disputed Wexler's assertion of the closings being caused by his job as an entrepreneur in the field of gun sales.
“Based on our analysis of the risk associated with this customer, we made a decision to close the accounts,” she explained to The Reload. “Our decision is not based on the industry.”
But a subsequent note sent by Wells Fargo to Wexler indicates that it's not a true assertion. The company's statement is clear: that the reason behind removing the business account is that their rules prevent the company from “lending to certain types of businesses.”
Wells Fargo performs ongoing reviews of accounts as part of the responsibility of the company to supervise and manage risk as well as their business processes. We have examined your relationships to Wells Fargo and have determined that it is time that we will close your Wells Fargo account as of 12/23/22. Since the date on this letter you will no longer be able to make purchases or cash advances. The reason behind this decision is:
The banking guidelines prohibit the lending of certain kinds of companies.
Wex Gunworks owner isn't an unknown name in the industry or in business generally. Wexler has been an essential media source throughout the years, including to The New York Times, CNN and ABC. Due to the long-standing partnership to Wells Fargo, Wexler feels certain that this is a case of discrimination against the industry.
“I've been with them for 25 years,” he said to The Reload. “I'm a certified fireman. I handle everything exactly the way I should. I'm not doing it right.”
Wells Fargo has indicated in the past that they are planning to end bank relationships with gun dealers as well as other organizations that promote the second amendment like the NRA.
Wexler states that the lawyer is currently considering the legal alternatives.
“I do not care about the cash. It's about making a statement here. It is essential that the public be aware of this. This isn't right.”