Without explanation, Wells Fargo just ended its business relationship with prominent gun dealer Brandon Wexler in what is apparently another slap at the firearms industry.
The only reasoning provided by the banking giant was a cryptic statement reading, “Banking guidelines exclude lending to certain types of businesses.”
Brandon Wexler says there is no reason for Wells Fargo to think he poses a risk to their business. He's a professional firefighter and licensed gun dealer. Wells Fargo hasn't explained what risk he might present and Wexler believes they are making excuses. https://t.co/Acqi6CRELb
— Stephen Gutowski (@StephenGutowski) January 13, 2023
Perhaps that explanation is not so cryptic after all. The corporation appears to be telling the gun industry that its dollars are no longer welcome and that financial services for a perfectly legal and constitutionally protected business are now revoked.
As The Reload noted, the move is “emblematic of the increasing hostility big banks are showing towards the firearms industry.”
Wells Fargo axed the business and personal accounts of Brandon Wexler in the days before Christmas. The personal account had existed for 25 years and the business account for 14. No matter as the respected weapons dealer was given roughly a month to replace its financial services.
In a Dec. 22 letter to Wexler, Wells Fargo cited its continuous reviews of banking relationships in relation to its need to “manage risk in its banking operations.” Its dealings with Wexler were examined, according to the bank, and as a result “we will be closing your above-referenced accounts.”
A follow-up letter sent the next day disclosed that Wexler’s business line of credit would also be terminated. No further explanation was given.
Wexler told The Reload that as a professional fireman, he does business the “right way.” He called it “messed up” that the Wall Street giant would suddenly pull the rug out from under his legal business.
He said nothing had changed with his business to warrant such a move and told the outlet “it feels like it’s a direct attack against gun dealers.
Wells Fargo denied that Wexler’s being a part of the firearms industry was the motivation for closing its business dealings. Jennifer L. Langan, head of communications for CSBB & Consumer Lending at the bank, told The Reload that the decision was not due to the industry.
Langan said, “based on our analysis of the risk associated with this customer, we made a decision to close the accounts.” She added that Wells Fargo had no declared policy of shunning business with the gun industry.
Unfortunately, this is part of a growing trend among large corporations. They are increasingly falling under the sway of woke activist investors and critics, and perfectly legal and even essential customers are being denied access to goods and services.