International banking giant Wells Fargo has refused to do business with Hogue, the popular knife, stock, grip and accessory manufacturer, because it is in the “weapons” business, the company disclosed this week.
“We were just informed that Wells Fargo Bank would not do business with us, refusing to provide their services based on the fact that we manufacture ‘weapons’ (aka knives),” Hogue said in a post on Facebook last week.
“Incredibly, this refusal came after THEY initially pursued us to gain our business,” it continued. “Once we had decided to go with Wells Fargo, they then pulled the plug saying they could not provide their services since we manufacture weapons.”
“Needless to say, we are shocked and confused – considering their logo is a stagecoach and driver with a shotgun too! We felt we needed to inform the firearm and knife community of this discriminatory stance Wells Fargo has taken. Please share,” it concluded.
So far there has been no comment from Wells Fargo on its refusal to do business with Hogue. The lack of clarification has led some to speculate as to who or what is behind the decision.
For example, some have raised Operation Choke-Point, a program spearheaded by the DOJ in 2013 to counteract fraud, money laundering and terrorism financing by encouraging banks and money lenders to cut ties with companies that may be engaged in nefarious activities.
Ostensibly, the point of the operation is to make it more difficult for bad guys to do business in the marketplace.
But critics of Operation Choke-Point wonder if it’s not just targeting bad guys, but lawful businesses that the Obama administration has a beef with, mainly, firearms and ammunition manufacturers.
Could that be what’s going on here? Maybe, maybe not. Meanwhile, Hogue has been very appreciative of the response its received from the firearms and blade communities. Hogue’s initial Facebook post was 4,282 times.
“We’d like to thank everyone for all of the supportive comments. Overwhelmingly it seems that most people condemn Wells Fargo’s policy to not process credit card sales of ‘weapons’ (knives) on the internet,” Hogue said on Wednesday.
“It is our belief that if we were not firmly involved in the firearms industry, selling knives would have been a non-issue…for example, if we were strictly a cooking utensil company selling butcher knives. Despite this situation which we feel is unjust and unreasonable, we have been very supported by the knife and firearm communities, and for that we are thankful.”
We’ll keep you posted as this story develops.