Boycott Wells Fargo: The Bank of the NRA

I initially buried this in the "What are you currently boycotting?" thread, but it deserves wider notice.

I've been hemming and hawing, but not taking action to divest my money from this scurrilous financial institution that over the past few years has been proven to have scammed it's customers, employees, managers and others with fake accounts, excessive fees and a lot more shameful bullshit.

When I learned (today) that they are the main bank for the NRA, it was the straw that broke the camel's back for me.

I immediately enrolled with my local Redwood Credit Union in SF.
As soon as things are set up I'm transferring all my accounts out of WFB and closing those accounts.

If you have WF accounts, you should too!

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https://www.sfgate.com/business/article/NRA-s-Banker-Wells-Fargo-Climbs-...
Bloomberg: SF-based Wells Fargo emerges as NRA's preferred banker

Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry.

The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. That puts it on the top of the list of banks arranging funding for gunmakers.

Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took over. The San Francisco-based Wells Fargo created a $28 million line of credit for the NRA and operates the primary accounts for the pro-Second Amendment group, financial documents show.

There's more:

Wells Fargo faced a boycott of its own after it was revealed that the bank may have created 3.5 million bogus accounts for customers.

The bank’s involvement with the NRA stemmed from its 2008 purchase of Wachovia Corp. Wachovia’s relationship with the NRA, in turn, came from its takeover of First Union National Bank.

The NRA and Wells Fargo amended its longstanding financial arrangement in 2014, according to public records, when the lobbying group agreed to borrow $22.6 million in exchange for pledging its Fairfax, Virginia, headquarters as collateral. The building was assessed at $40.4 million last year, according to Fairfax County records, down from $57.9 million a decade ago.

It’s been a profitable relationship for Wells Fargo. The variable-rate loan of as much as $28 million carries an interest rate of 6.08 percent, according to the NRA’s most recent financial statement. That’s higher than typical commercial-mortgage rates. Based on year-end 2016 figures, Wells Fargo would make an estimated $1.2 million annually from the loan.

The NRA owed Wells Fargo $19.8 million as of Dec. 31, 2016.