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:

CannnaLady Reviewed by CannnaLady on 08-06-2010. Wells Fargo Closing MMC Bank Accounts? 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: Rating: 5

[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!

[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.