Wells Fargo takes anti firearms stance

Grapeshot said:

BMADDOX ENTERPRISES recently decided to expand operations by purchasing a new building, trying to capitalize on the industry's continued growth, especially with the oil field boom in western North Dakota near their location. Application was made at a local Wells Fargo bank for a business loan for a new building acquisition. With a sterling credit record, no personal or business debt and a sound business plan, the loan approval looked to be a no brainer, until it was discovered this business was part of the firearms industry. BMADDOX ENTERPRISES holds two Federal Firearms Licenses and two Class 3 SOT licenses for selling firearms, with locations in both SD and ND.


Vice President of Business Banking at Wells Fargo, called Friday Nov 2[SUP]nd[/SUP] 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…the corporate directive is still no."


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Citizen said:

I wonder if their lawyers know something about the firearms industry others don't, like whether there is going to be a business crunch from government over-regulation or something.

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Grapeshot said:

BMADDOX ENTERPRISES recently decided to expand operations by purchasing a new building, trying to capitalize on the industry's continued growth, especially with the oil field boom in western North Dakota near their location. Application was made at a local Wells Fargo bank for a business loan for a new building acquisition. With a sterling credit record, no personal or business debt and a sound business plan, the loan approval looked to be a no brainer, until it was discovered this business was part of the firearms industry. BMADDOX ENTERPRISES holds two Federal Firearms Licenses and two Class 3 SOT licenses for selling firearms, with locations in both SD and ND.


Vice President of Business Banking at Wells Fargo, called Friday Nov 2[SUP]nd[/SUP] 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…the corporate directive is still no."


PR Newswire (http://s.tt/1sJzf)
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Gabe Boehmer said:

My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. I appreciate the opportunity to comment directly to friends of OpenCarry.org about the post quoted above. The customer’s claim above that Wells Fargo rejected his request for credit based solely on the industry he’s 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 don’t offer. We discussed other options with the customer, which he declined.

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Gabe Boehmer said:

My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. I appreciate the opportunity to comment directly to friends of OpenCarry.org about the post quoted above. The customer’s claim above that Wells Fargo rejected his request for credit based solely on the industry he’s 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 don’t offer. We discussed other options with the customer, which he declined.

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Gabe Boehmer said:

My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. I appreciate the opportunity to comment directly to friends of OpenCarry.org about the post quoted above. The customer’s claim above that Wells Fargo rejected his request for credit based solely on the industry he’s 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 don’t offer. We discussed other options with the customer, which he declined.

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Ca Patriot said:

Mr Boehmer, how the hell did you find this thread ?

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Citizen said:

Thanks for setting the record straight.

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MAC702 said:

THANK YOU.

I've been with Wells Fargo for over 20 years. I hadn't gotten around to verifying the story yet, but I would have before doing anything.

I was skeptical because I openly carry in Wells Fargo. I closed my accounts with NorWest bank (nee PriMerit, nee First Interstate) in Las Vegas when they put up "No Guns" signs on the door. I reopened my account after Wells Fargo took over and the signs came down.

Now that you've gone through all the trouble to sign up and post here, Gabe, WELCOME to OCDO. I'm just a lowly local member in NV with no official capacity, but I'm sure we'd love to have you stick around and tell us about yourself and join the community as a responsible businessman, whether you carry (yet) or not.

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darkside said:

Not trying to be arguementative here, but didnt you say that your job at Wells Fargo is as a spokesperson? Wouldnt that mean by definition that your job is to try and spin a story so your employer is seen in a better light? As i said, im not trying to start a fight or take sides in this disscusion but i have found that the truth sometimes lies between both sides of the story.

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Gabe Boehmer said:

My name is Gabe Boehmer, and I'm a Wells Fargo spokesman. I appreciate the opportunity to comment directly to friends of OpenCarry.org about the post quoted above. The customer’s claim above that Wells Fargo rejected his request for credit based solely on the industry he’s 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 don’t offer. We discussed other options with the customer, which he declined.

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Citizen said:

My experience has led me to treat new posters at face value until either: research proves them wrong, or they start contradicting themselves when asked questions. I gain nothing by voicing suspicions before there is something solid to be suspicious about. Unless of course the initial post is so outlandish that it itself can be rejected outright; but I have to be careful about even those because sometimes truth is stranger than fiction. And, where voicing suspicions before there is something solid about which to be suspicious gains nothing, it actually makes me look bad if the poster is proven right.

Of course, treating a poster at face value does not mean I have to accept and believe what he wrote without reservation. If I have any doubts, I keep them to myself.

Also, being nice and treating a poster at face value has the added advantage that if the poster is trying to pull something, he won't realize he's under suspicion until its too late to retract and effectively counter-argue.

And, besides, its classy to be nice.

Notice also that even Mr. Boehmer's response to me was carefully couched. He thanked me for reading his side of the story. He didn't acknowledge any more than could be deduced from my reply, factoring in that I could be merely glibly polite without actually mentally accepting his report. He knows the deal on these things. He knows his statement is not necessarily going to be accepted hook-line-and-sinker. If he's not a PR man, I'd be very surprised.

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If you want to look into it in this case, a little research could turn up something. The first thing that pops to mind is googling his unusual name and see if he is really a spokesman for Wells Fargo. Also, you could contact the original subject, if there is a website, and request a copy of the loan refusal letter, or research the original subject and see if they have a history of false or twisted statements, etc., etc. Of course, after a certain point, who cares? The effort becomes not worth it. If Gabe is lying, the next gun range that seeks a loan will spread the story. And, its not like all Wells Fargo customers who are also OCers withdrawing their accounts is going to amount to a blip on Wells Fargo's balance sheet.

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