Originally Posted by montezumaz
O'Drama Wins Second Term; Wells Fargo Snubs Firearms Business, No Longer Supports Second Amendment
BMADDOX ENTEPRISES, LLC, doing business as FFL123.com, South Dakota Silencer and North Dakota Silencer, has been banking with Wells Fargo in South Dakota since inception. Over the last few years, the firearms industry has experienced unprecedented growth. This growth can be partially attributed to the NRA (National Rifleman Association) and NSSF (National Shooting Sports Foundation) working on public relations to enhance public opinion related to firearms ownership and the hunting sports, although a significant impact can be attributed to the left-leaning Obama Administration and gun owners' fears of harsh new firearms regulations. Vice President of Business Banking at Wells Fargo, called Friday Nov 2nd to alert Mr. Maddox, owner of BMADDOX ENTERPRISES, that Wells Fargo would not extend business credit or loans to any firearms related business, period. "Your credit is impeccable and your business model is sound, but our corporate legal department will not allow us to extend credit to any business related to firearms. We understand you are fully licensed under federal and state law, although Ö the corporate directive is still no."
My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. The customerís claim that Wells Fargo rejected his request for credit based solely on the industry heís in is simply untrue. We do not have a credit policy that prohibits financing for arms or armaments. In fact, Wells Fargo has several relationships with business banking and commercial banking borrowers in firearms-related industries. In this particular case, the customer requested a type of credit with terms we donít offer. We discussed other options with the customer, which he declined.