Wells Fargo Cancels Prominent Florida Gun Dealer’s Accounts, Implies it Won’t Work With Gun Companies
Wells Fargo abruptly ended its business with a well-known gun dealer in a move emblematic of the increasing hostility big banks are showing towards the firearms industry.
With little explanation, the bank closed the business and personal accounts of Brandon Wexler just before Christmas. After 25 years with a personal account and 14 years with a business account, Wexler was given about a month to find a new bank. As owner of Wex Gunworks in Delray Beach, Florida, Wexler has been cited in countless major media reports for years, but Wells Fargo said his business had suddenly become too risky.
“Wells Fargo performs ongoing reviews of its account relationships in connection with the Bank’s responsibilities to manage risks in its banking operations,” the bank said in a December 22nd letter to Wexler. “We recently reviewed your account relationship and, as a result of this review, we will be closing your above-referenced accounts.”
Another letter sent the following day informing Wexler that Wells Fargo was canceling his business line of credit said, “the reason(s) for this action is: Banking guidelines excludes lending to certain types of businesses.” But the letters offered no further details, and Wexler said none of the officials at his local branch offered any either.
“I’ve been with them for 25 years,” he told The Reload. “I’m a professional fireman. I do everything the right way. It’s messed up.”
By Stephen Gutowski
