Wells Fargo Closing MMC Bank Accounts?

[CannnaLady]

I knew it wasn't good when I recieved a Certified Mail letter from Wells Fargo.
They have "reviewed" my account and have decided to close it as of October 4th.
This is right after the state cashed my check for the License fee.

Has any other MMCs out there recieved this yet? Couldn't find anything on the internet.

:wtf:

[puntacometa]

I knew it wasn't good when I recieved a Certified Mail letter from Wells Fargo.
They have "reviewed" my account and have decided to close it as of October 4th.
This is right after the state cashed my check for the License fee.

Has any other MMCs out there recieved this yet? Couldn't find anything on the internet.

:wtf:

I've got a WF business account. No certified letter yet.

[CannnaLady]

I've got a WF business account. No certified letter yet.

are you in denver?
i was thinking that maybe since i handed in the business application pretty early on that they may have already requested info from wells fargo and the bank freaked out.
or since i am in denver i got it sooner than everyone else.

i don't know why i'd be singled out.

[blackhash]

This is from February... I can tell you I don't own a dispensary but know people who do and they have been through 5 banks in the last 4-5 months.


Colorado Banks Wary Of Medical Marijuana Dispensary Accounts
the420times Feb. 2, 2010 â??

Wells Fargo, one of the few banks willing to take the business of Colorado medical marijuana dispensaries, has stopped opening new accounts for the businesses, highlighting the legal ambiguity of dispensaries: while legal on the state level, they remain illegal at a federal level.


--------------------------------------------------------------------------------

Banks wary of marijuana-dispensary accounts
By John Ingold
The Denver Post

Wells Fargo & Co. â?? which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business â?? has stopped opening new accounts for dispensaries.

Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bankâ??s risk is in working with dispensaries

Colorado Banks Wary Of Medical Marijuana Dispensary Accounts
Banks wary of marijuana-dispensary accounts
By John Ingold
The Denver Post

Wells Fargo & Co. â?? which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business â?? has stopped opening new accounts for dispensaries.

Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bankâ??s risk is in working with dispensaries


good luck

[Delta9Caregivrs]

JP Morgan Stanley Smith Investment banker account is where we landed.. call me at the shop if you would like to talk to my rep.. seems to be working out ok so far but it def is a hard account to work with (must change daily cash deposits into cashiers checks to deposit) No Cash withdraws other than ATMs ($400) limit.. ugh

If you dont mind me asking When did you turn in your application? when did they cash your check? (looking for how long it took to process your funds *days*)

Hope this helps...
Jason
D9

[CannnaLady]

Turned the application in on the 27th-was told we were number 104 and they cashed the check on the 30th.

I read some news articles about wells fargo from months and months ago-but nothing more recent. it's just frustrating.

[khyberkitsune]

NEVER TRUST WELLS FARGO.

Seriously, Wells Fargo had to SUE ITSELF.

When a company has to sue itself, you know it has problems and it's a bank to avoid like the plague.

[TheReleafCenter]

We're with Wells and haven't heard anything yet. Looks like we'll wait and see...

[MMDInsuranceCo]

Next stagecoach leaving to nowhereâ??all aboard! (http://www.findmypot.com/2010/08/09/wells-fargo-medical-marijuana-dispensary/)

[khyberkitsune]

Well, I have a WF bank near me. I think it's time to make a sign and plaster it to the HUGE public board right across the street. That will piss off the branch president, and I get preferential treatment in displaying things upon the public board due to my services to the community.

Start convincing every WF MMJ user you know to close thier accounts and go to a credit union. Have them specifically state that their treatment of state-legal medical marijuana dispensaries poses an unacceptable added risk to society and that it causes harder times tracking tax money, thus hurting our economy.

Wells Fargo - Makers of Bad Decisions, Thus Bad For The Economy.

[milehighkt]

well khyberkitsune...i think you should probably consider the fact that marijuana is still a schedule 1 controlled substance federally..and i actually think it makes sense for them not to be involved with mmj accounts considering they operate nationally....there's plenty banks that refuse to work with dispensaries and how come ur not hating on them?! how about TCF or something that's a Colorado bank? I think it would be more of a surprise if they don't deal with dispensaries cuz they are a colorado bank and this mmj stuff is a COLORADO state law. I think they are just covering themselves and it kinda makes sense to me why they wouldn't open/continue servicing mmj dispensary accounts...u just seem to have some beef with WF urself (maybe for other financial reasons)..either way..i don't think its such a big deal..there are probly other bigger issues regarding this industry u can focus your efforts on..

[khyberkitsune]

"i think you should probably consider the fact that marijuana is still a schedule 1 controlled substance federally"

I think you should consider the fact that a Federally-operated VA allows MMJ in the states it is allowed.

End of discussion. If that part of the Feds recognize it, Schedule I is BULLSHIT.

[copobo]

yup. slippery slope :rastasmoke: :D :rastasmoke:

[HighPopalorum]

Well, from the perspective of a national banking institution, it makes sense to limit liability on this issue, which could conceivably interfere with their relationship with the DEA or other federal agencies or actors. That doesn't mean their decision is admirable or even correct, but it was likely perceived to be the safest option. Their choice disappoints me a little, but that's all.

[milehighkt]

yea no doubt sched. 1 is bs but it is what it is...and maybe that should be the cause u fight for haha but try and put urself in wells fargo's shoes..as high pop said they are probly limiting their liability and tryna keep their ass safe and not support something the federal government as of now doesn't. in the feds pov..yes, mj is sched1 and THAT is end of discussion..bs or not.

i dont even know what you're talking about, sorry i donno what federally operated VA is? veteran's something? is that what ur referring to? still ONLY in the states that mmj is allowed..which isn't the whole nation. am i wrong? i can't really comment on that cuz i donno ur abbreviation. but yea if i was runnin wells fargo i probly wouldn't deal w/ dispensary accounts either as of now. i mean i also probly wouldn't drop accounts i already have cuz that's just kind of harsh to your already clients..but they obvioulsy see some risk. if they didn't, they would probly be glad to be one of the few if not the only bank giving dispensaries accounts...risks probly outweigh the benefits for them in this case..(and that's a lot of accounts they could potentially gain too) if u think of how many dispensaries there are. must b a big risk.

[TheReleafCenter]

"i think you should probably consider the fact that marijuana is still a schedule 1 controlled substance federally"

I think you should consider the fact that a Federally-operated VA allows MMJ in the states it is allowed.

End of discussion. If that part of the Feds recognize it, Schedule I is BULLSHIT.

Clarification point: It doesn't allow MMJ, it just won't deny other forms of treatment because a patient is using MMJ as well. Additionally, a physician can still deny treatment in certain states if they believe there might be an interaction between a prescription and MMJ. Since there is so little clinical data, this can prove to be an easy out for any physician uncomfortable with MMJ.

And yes, schedule I is bullshit.

[CannnaLady]

Next stagecoach leaving to nowhereâ??all aboard! (http://www.findmypot.com/2010/08/09/wells-fargo-medical-marijuana-dispensary/)

thanks! at least i'm not the only one.
where do we go from here? and ATM machine?

[khyberkitsune]

Have you guys heard that WF just got found guilty of rearranging transactions in order to get the most overdraft fees out of you?

Those of you that have encountered this (especially collectives) should be suing to get a piece of that pie.

[SprngsCaregiver]

Have you guys heard that WF just got found guilty of rearranging transactions in order to get the most overdraft fees out of you?

Those of you that have encountered this (especially collectives) should be suing to get a piece of that pie.

:wtf: I bet all banks do this. (shady bastards)

[CannnaLady]

Have you guys heard that WF just got found guilty of rearranging transactions in order to get the most overdraft fees out of you?

Those of you that have encountered this (especially collectives) should be suing to get a piece of that pie.

they did that to us!!!!!
i went STORMING in there and after 15 minutes of speaking to managers and blah blah blah they pretty much told me to leave because they don't care.

[CannnaLady]

:wtf: I bet all banks do this. (shady bastards)

my personal bank, 1st bank, doesn't.....i'm not saying they're a great bank though.

[khyberkitsune]

they did that to us!!!!!
i went STORMING in there and after 15 minutes of speaking to managers and blah blah blah they pretty much told me to leave because they don't care.

Well, you could go walking in there with this information: Federal judge blasts Wells Fargo for overdraft fees (http://personalmoneystore.com/moneyblog/2010/08/11/wells-fargo-overdraft-fees/)

And you go "Now we start talking about lawsuits. Get your manager over here this instant."

They've been caught red-handed. I would suggest you take every collective you know of with a WF account and start a class-action lawsuit against the bank.

This is why I use credit unions.

[mustangwomyn]

my personal bank, 1st bank, doesn't.....i'm not saying they're a great bank though.

My Personal Bank doesn't either

[bikeTripper]

Oh, the irony...

Banks Financing Mexico Gangs Admitted in Wells Fargo Deal:
Banks Financing Mexico Gangs Admitted in Wells Fargo Deal - Bloomberg (http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html)

The Banksters Laundered Mexican Cartel Drug Money
The Banksters Laundered Mexican Cartel Drug Money | The Economic Populist (http://www.economicpopulist.org/content/banksters-laundered-mexican-cartel-drug-money)


Wachovia regularly helped move money for Mexican drug cartels, the bank's parent, Wells Fargo, has admitted in a deal with federal prosecutors, Bloomberg Markets magazine reports in its August issue
Report: Wachovia bank helped launder Mexican drug money - (http://content.usatoday.com/communities/ondeadline/post/2010/06/report-wachovia-bank-helped-launder-mexican-drug-money/1)