Wells Fargo in the anti-gunner's sights next?

[K Frame]

Apparently Wells-Fargo is now considered the "go to" bank for NRA and the firearms industry.

https://finance.yahoo.com/news/wells-fargo-bank-gunmakers-nra-110023417.html

It won't be long before there are calls for boycotts. The Brady Campaign is already rabbling about "financial institutions using their power to encourage responsible behavior."

What a crock of crap that is. The only "responsible behavior" they want to see is gun bans, confiscation, etc.

[French G.]

I will boycott them just for their crap mortgage servicing.

[K Frame]

I originally financed my car loan with because they had the best rate.

When it came out that they were scamming customers by opening up fraudulent accounts, I refinanced the loan immediately with CapitalOne and got the hell away from Wells.

[dogmush]

OOHHHH! This will put my ultra liberal Minneapolis dwelling In-Laws in a bind.

They have several million in Wells-Fargo, and a private banker at the branch near their condo.  Investment funds too.

 

[Fly320s]

I'm surprised the NRA and other gun rights organizations haven't opened their own bank.  And then they could process the sales from legal marijuana!  That would really blow some lefty minds.

[zxcvbob]

I'm surprised the NRA and other gun rights organizations haven't opened their own bank.  And then they could process the sales from legal marijuana!  That would really blow some lefty minds.

They had one.  It went bankrupt during the last banking crisis.  I got my money back from FDIC.

[Firethorn]

They had one.  It went bankrupt during the last banking crisis.  I got my money back from FDIC.

They were making stupid home loans, I take it?

[Ben]

Well, I don't know where Wells Fargo is on this stuff now, but Citibank folded:

    Today, our CEO announced Citi is instituting a new U.S. Commercial Firearms Policy. It is not centered on an ideological mission to rid the world of firearms. That is not what we seek. There are millions of Americans who use firearms for recreational and other legitimate purposes, and we respect their Constitutional right to do so.

    But we want to do our part as a company to prevent firearms from getting into the wrong hands. So our new policy centers around current firearms sales best practices that will guide those we do business with as a firm.

    Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines. This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. It doesn’t impact the ability of consumers to use their Citi cards at merchants of their choice.

    We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months. If they opt not to, we will respect their decision and work with them to transition their business away from Citi.

https://twitchy.com/dougp-3137/2018/03/22/unhinged-insanity-citi-bank-gets-hammered-for-ominous-cave-to-gun-control-crowd-heres-their-statement/

Looks like there might be a slew of new "look what we're doing!" anti-gun propaganda statements coming out over the next few days thanks to the "march for life" this weekend.

[Perd Hapley]

I just paid off my Citi Card, so I guess I can go on and cancel that now.

[Ben]

Actually thinking about it, It was only a Cabela's salesperson, but I had asked what was going on with the card back when the Bass Pro merger finalized, and  I thought she said that all was going to be the same except they're switching to Citi. If that was true, I wonder what they're doing now.

[K Frame]

I wonder, considering that they're trying to affect the sale of LEGAL products, if they're not in violation of the commerce clause.

I know were I to have a business I'd be considering suing them over those provisions.

My Citi credit card account was closed last month, and I'll be closing my auto loan with them in a few days.

[dogmush]

Citi services all the Government Travel cards and Government Purchase Cards.

I'd like to see if we could mess with those contracts because they are taking a political stance in opposition to the constitution.

[T.O.M.]

I wonder, considering that they're trying to affect the sale of LEGAL products, if they're not in violation of the commerce clause.

I know were I to have a business I'd be considering suing them over those provisions.

My Citi credit card account was closed last month, and I'll be closing my auto loan with them in a few days.

I'm clearly not a financial lawyer, but my initial reaction was that it's a contract issue.  Citi offers its services under their terms, and a business has the option of conducting transactions with Citi under those terms or not doing business with Citi...

And people wondered why I always saved and used cash to make my firearm purchases...

[Ben]

Citi services all the Government Travel cards and Government Purchase Cards.

I'd like to see if we could mess with those contracts because they are taking a political stance in opposition to the constitution.

That's actually a great point, especially in a Trump administration. Seems like this kind of revenge would be right up his alley. :)

[RoadKingLarry]

I'm clearly not a financial lawyer, but my initial reaction was that it's a contract issue.  Citi offers its services under their terms, and a business has the option of conducting transactions with Citi under those terms or not doing business with Citi...

And people wondered why I always saved and used cash to make my firearm purchases...

Bake the damned cake.

[cordex]

I sent a secure message to Citi through my credit card account today:

I have used the Citi Double Cash card as my primary credit card since 2015 and been an avid proponent of it.  I've been quite happy with your service and your rewards programs, and would like to continue using your products.

That said, it has come to my attention that Citi has chosen to take a political stance against firearms by enacting restrictions on merchants who process transactions through your platform.  Those restrictions are either duplicative of US law (as in the case of background checks being performed by dealers), meaningless as a preventative measure (as in the prohibition against bump stocks) or onerous (as the prohibition against selling standard magazines).

Unless these restrictions are eliminated, I will be closing my credit card account, petitioning others to do the same, and advising my clients that I will no longer accept payments from any Citigroup source.  As I doubt my opposition will have any meaningful impact on your decision, I have begun the process of changing recurring charges over to a competitor's credit card and will plan on phasing out your card entirely in the coming weeks.  If, by chance, you do decide to modify your position, please reach out to me so I can re-evaluate.

Thank you for your time.