Wells Fargo Abruptly Terminating Customers' Bank Accounts, Say Attorneys General in 16 States, Demanding Immediate Freeze on Lender’s Alleged Debanking Practices - The Daily Hodl

[Gunnar Larson]

https://dailyhodl.com/2024/03/10/wells-fargo-abruptly-terminating-customers-bank-accounts-say-attorneys-general-in-16-states-demanding-immediate-freeze-on-lenders-alleged-debanking-practices/


More than a dozen state attorneys general (AGs) are accusing banking titan
Wells Fargo of abruptly terminating customers’ accounts without warning.

In a letter addressed to Wells Fargo CEO Charles Scharf, 16 Republican AGs
across the country accuse the trillion-dollar lender of debanking customers
in a political and discriminatory manner.

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The AGs say Wells Fargo has started a new trend that looks at clients’
political views as a basis for retaining banking access.

“Within this context, Wells Fargo’s decisions to debank Republican
candidates and gun industry participants reveal a new troubling trend…

Blanket prohibitions and policies against providing service to certain
customers lead to the inevitable question – who is next? Which types of
companies or people will Wells Fargo determine cannot be allowed as
customers? Is this why Wells Fargo apparently closed the accounts of former
Republican candidates Lauren Witzke and Pete D’Abrosca on the same day in
2021?”

The AGs say the alleged pattern may be in violation of state laws.
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