In recent days, there have been assertions that Wells Fargo (NYSE: WFC)
elected to close an account in Florida because of our presumed political
viewpoint regarding medical marijuana. That assertion is completely
false. The company has no political position on the matter.
As a national bank that is federally regulated, Wells Fargo must comply
with federal law on the topic of marijuana, even in instances where
state laws may differ. Since federal law prohibits the sale and use of
marijuana, national banks like Wells Fargo may not knowingly bank or
provide services to marijuana businesses or for related activities.
While we recognize that resolving the differences between federal and
state laws on this matter has become an industry problem, we make these
decisions based on the requirements of federal law and not because of
any political view on the topic.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 countries and territories to support
customers who conduct business in the global economy. With approximately
265,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo Stories.
