Wells Fargo Under Dept. of Treasury Federal Investigation

Wells Fargo Under Dept. of Treasury Federal Investigation

 

On 3 July 2014 Rev. Frank Paul Jones was denied the right to open a saving account for the National Community Network, INC., and was given a signed document from the store manager stating to the effect that all key members of this non profit organization will have to be present and do a roll call before her, prior to her authorizing such business transaction.

 

We took this up the ladder of Wells Fargo Corporate Department and still after first stating this doesn't make any sense, they would redirect us by saying there is something in your records that was placed there, the will not allow me to open your account.  We were denied again on 7 July 2014 and again this weekend and it is all documented.

 

This matter was reported to the Department of Treasury office of the Comptroller of Currency.   The argument presented by Rev. Frank Paul Jones, is that this is just one example of Redlining and Jim Crow Banking practices in the South. I realize now these are some of the barriers that have to be broken if our community is to ever advance.  The system down here is design to repress blacks. The laws are racially biased and unfairly enforced.

 

Such banking practices puts us at a huge disadvantage in competing with white non profits in Highlands County. It disallows us to run crowd-funding campaigns in order to raise immediate funds. For example if a kid needs an operation or even tuition to stay in school and has no insurance or money from his parents, we would require to open an account in his/her name but under our non profit entity tax exemption  statuses, until funds are transferred.

 

Another business disadvantage is for  example we have Pay Pal, because we cannot open another account, we cannot create a chiasm or gap between Pay Pal and our actual general funds.  Therefore anyone who has an account with us can charge us outrageous debits and we would have no recourse until Pay Pal completes their investigation. Such a stunt could destroy us financially.  But this is how negroes are supposed to do business down here in the South, says Wells Fargo.

 

We are waiting on the decision of the office of Comptroller and then will decide on the proper response to these unethical business practices. We want to insure that all black non profit agents and churches are allowed to open bank accounts quickly and without scrutiny as a result of our complaint. This will open the door to community charity.  And we want a public apology from Wells Fargo on the front page of the Highlands Today Sunday Edition. So that everyone knows Wells Fargo is no longer a Jim Crow Banking Establishment.

 

Rev. Frank Paul Jones aka Apostle Paul Castellano