If the last decade has shown us anything it’s that the Federal government will bend over backward to appease the banks. They might be able to intimidate some local credit union but no chance in hell that they’d try to shut down any player as big as Wells Fargo.
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As was joked about in the comments above, they’ve shown they are willing create customer accounts on an as-needed basis. So why would they hesitate to drop an account that could get them more federal attention?
Have you met…
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I find it fascinating that with their track record - and insane fees - anyone would willingly choose to do business with Wells Fargo at this point. When Wells Fargo closes your account, they are doing you a favor - get the hell out of Dodge.
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Public Banks seem like a good idea.
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They did her a favor. Why TF was she banking with Wells Fargo in the first place?
I thought that was AT&T and Comcast.
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Dumped them for a local credit union two years ago. I don’t use ATMs a lot anymore, but of course they have they reciprocation deal with other credit unions. For online banking they’re actually better, with really cool money management tools.
I procrastinated on dumping WF for a while, but now I wish I hadn’t.
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Money is a motive with a universal adapter. If the government could seize a few million in assets they would, or at least having that potential would gain more leverage in dealing with WF.
No doubt. My understanding, though, and unfortunately, is that it’s federal banking regs that are keeping the banks from doing it. Otherwise, I’m sure they’d be all over it.
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I would just implement a storage service. For money. Similar to the way people buy and store silver and gold. But I admit, I don’t know all the laws. I acknowledge there would be risk involved.
Does anyone still bank with these sleezebags? And if so, WHY??!!??
An Idea with plenty of precedent throughout the world.
You can have publicly owned banks:
Or banks owned by their depositors:
Alternatives to the corporate business model are surprisingly common in banking, and experience has shown us that that’s incredibly necessary.
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WF = TBTF-1 = TBTE.
Too big to exist.
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This seems like a weirdly simple way of kicking any customer out of Wells Fargo. Which, oddly, gives a lot of power to marijuana businesses.
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Yeah, all the weed dispensaries should announce they are going to donate to Donald Trump. Something like a nickel per business should work, right?
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I’d love to know which executive in Wells Fargo initiated the closing of the account. Would anyone be shocked if they had ties to the Florida GOP?
WF needs to like, lighten up, man. They’re harshing our political buzz. Much like those Trump dweebs.
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