After a Florida Democrat said she'd take donations from the marijuana industry, Wells Fargo closed h

[Eugene]

Source: Washington Post

After a Florida Democrat said she’d take donations from the marijuana industry, Wells Fargo closed her bank account

By Christopher Ingraham
Reporter
August 20 at 4:12 PM

Wells Fargo Bank recently terminated the campaign account of a Florida political candidate after inquiring into whether the candidate intended to receive donations “from the medical marijuana industry in any capacity,” according to documents released Monday by the campaign.

Democrat Nikki Fried, running to be the state’s agriculture commissioner, is a former lobbyist who worked on behalf of a number of industries, including medical marijuana. The documents show that not long after opening a campaign account with Wells Fargo, the bank inquired about her stance on medical marijuana and her intent to accept donations from the medical marijuana industry. The bank subsequently closed her account, citing its “responsibility to oversee and manage banking risks.”

The move is highly unusual. If such a policy were applied nationwide it could potentially jeopardize the banking access of dozens of state and national politicians, as well as state agencies tasked with regulating the marijuana industry and collecting taxes on marijuana sales.

On June 13, Fried’s campaign opened an account with Wells Fargo, according to documents released by the campaign.

Campaign treasurer Gloria Maggiolo noted that the campaign had "never received a request of this nature from a financial institution” and confirmed to the bank that Fried would probably receive contributions “from lobbyists for the medical marijuana industry, as well as from executives, employees and corporations in the medical marijuana industry.” Maggiolo said that Fried was a former lobbyist for the industry and that any contributions from any source would happen under “all applicable IRS rules, FEC regulations, and Florida elections law.”

-snip-

Read more: https://www.washingtonpost.com/business/2018/08/20/after-florida-democrat-said-shed-take-donations-marijuana-industry-wells-fargo-closed-her-bank-account/

[Just Carl]

1. I recommend anyone who has a Wells Fargo account to move it out and to a local credit union

They'll take care of your money better than a conglomerate bank.

[Wellstone ruled]

2. Oh yah.

Found out the other day,if you are on a No-Fly list,and if your Bank with Wells,good luck. You must notify them if you are going to book a flight in order to use a Wells Visa or Debit Card. Just dealt with this last week concerning a Family member who was place on the no fly list by mistake. It may take up to two years for him to get off the list. Thanks TSA.

[safeinOhio]

3. Done, closed most of my accounts a year ago.

Got a notice a few weeks ago about a fee for an account I had forgotten about and cashed that in and got the check yesterday. Broker asked about why I changed. I told him I have lost all trust in Wells Fargo. Nothing against him and suggested he change firms.

[GWC58]

6. If I had an account with WF

I’d take my money out & close the account. Hopefully many will pull out of this worthless bank! 😡

[LakeArenal]

4. Had an inheritance in Wells.

Moved it a month after I received it.

[marble falls]

5. Her big mistake was having her account in Wells Fargo to begin with.