One of our clients shared this story with us: Wells Fargo closed two business accounts due to misleading letters sent regarding the updating of our business address.
When our client spoke to them, they admitted that the confusion was due to the wording in their letter.
The letter did not instruct our client to call them, but simply to update our address online.
However, when they called them after the fact, they stated that we needed to call them to make such a change.
This was the case with the first business account. Over the phone, they confirmed that the second business account was fine.
Yet, they closed the second account two weeks later, even after I had confirmed that everything was in order.
Once they close an account, there is nothing they can do to reverse it.
Our client had been with Wells Fargo for over 20 years and this is how they were treated, despite having two mortgages with them as well.
Our client noted: We will never again do business with Wells Fargo for our company - it is shameful. Even after we called them, they still closed the second account without any notification!
The two business banking services (Technology Banking Stacks) that we do recommend are Mercury.com and Novo.co. They are both outstanding online banking technologies, and our client have been with them for years.
Our client mentions that - Wells Fargo is a terrible choice for a business bank. Think twice before opening an account with them for your business.
Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
We have heard by creditable sources, regarding the possibility of De-banking practice taking place by Wells Fargo along with Bank of América.
“De-banking” is a phenomenon in which financial institutions refuse financial service to the targets of political activism, who often end up being conservatives.
“What these banks are doing is they’re saying you’re either high risk, or we don’t want to do business with you, or whatever it is. There’s no methodology behind this. There’s no kind of reason that matches traditional indicators or traditional metrics that a bank would use to calculate your liquidity, your credit score, whatever it is. They’re using these non-financial factors, and then making these decisions and just like closing people’s accounts, stated by ”Eric Bledsoe", an expert on de-banking for the Foundation for Government Accountability,
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