Without warning, Wells Fargo Bank has unexpectedly cut its ties with a prominent firearms dealer in Florida. The bank closed both the professional and personal accounts of Brandon Wexler during the Christmas holidays.
Despite being a long-time customer, with personal accounts spanning over 25 years and business accounts for at least 14 years, Wexler was left in the dark about the decision.
“Risk” Cited as Reason for Severing Ties
According to the letter obtained by The Reload, Wells Fargo cited “risk” as the reason for severing ties with Brandon Wexler, the firearms dealer.
The bank claims that upon review, it deemed Wexler’s business to be too high-risk to continue having an account with them.
Maybe it's time for gun owners to dump their ties with Wells Fargo. https://t.co/77wu9gOGPk
— Jennifer Van Laar (@jenvanlaar) January 14, 2023
“As part of the continuing effort in managing risks and maintaining efficient banking operations, Wells Fargo regularly evaluates its account relationships.”
“Recently, we conducted a review of your account, and as a result, we have made the decision to terminate it. The bank’s responsibility to manage risks is of utmost importance, and it led to this decision.”
“The bank has set a deadline for the closure of your accounts on February 9, 2023. However, you have the option to reach out to the bank to request an earlier closure. This decision by the bank is final and not open for discussion.”
A spokesperson for Wells Fargo has denied that the bank closed Wexler’s accounts because of his profession as a firearms dealer.
Jennifer L. Langan, Wells Fargo Head of Communications for CSBB and Consumer Lending, provided a statement to The Reload, refuting Wexler’s assertion that the account closures were a result of his work in the gun industry.
Prohibiting “Certain Types of Businesses” From Obtaining Loan
“We came to the decision to close the accounts after evaluating the risks linked to this specific customer,” Langan said, emphasizing the bank’s choice was not swayed by Wexler’s industry.
However, a second letter sent by Wells Fargo to Wexler suggests the bank’s initial statement may not be entirely truthful.
The letter specifically cites the bank’s guidelines as the reason for closing Wexler’s business account, stating that Wells Fargo prohibits lending money to certain business types.
Wells Fargo Cancels Prominent Florida Gun Dealer’s Accounts, Implies it Won’t Work With Gun Companies https://t.co/Acqi6CScAJ
— Stephen Gutowski (@StephenGutowski) January 13, 2023
As of the date of this letter, owners are no longer allowed to make purchases or ask for cash advances. The reason for this action is the bank’s guidelines prohibit lending to certain types of businesses.
Wexler, the owner of Wex Gunworks, is a well-known figure in the firearms industry and in the business world. He has been frequently sought after by media networks such as CNN, ABC, and The New York Times, as an expert in the field.
Given his long-standing relationship with Wells Fargo, Wexler is convinced this is a clear case of discrimination based on his industry.
“I’ve been with them for 25 years, I’m a professional in this field and I always operate in a lawful and ethical manner,” he said in an interview with The Reload. “This is deeply unjust.”
This article appeared in TheDailyBeat and has been published here with permission.
