To: City of Tucson, City of Phoenix, Rio Nuevo Board, Arizona Board of Regents, Arizona Public School Districts, The Arizona State House, The Arizona State Senate, and Governor Doug Ducey
Arizona! Move Your Money from Wells Fargo!
Wells Fargo is a poor corporate citizen with a documented track record of discrimination against minorities, low income customers, and consumers.
We the people of Arizona call on all public and government institutions in Arizona to divest all taxpayer money from Wells Fargo and invest instead in credit unions or community banks.
Why is this important?
Wells Fargo bank is bad for our community! With a track record of abuses of low income and minority customers, Wells Fargo does not represent the values of most Arizonans. Yet several of our state's public institutions and government agencies invest Arizona taxpayer money in Wells Fargo accounts.
Here are but a few examples of Wells Fargo's track record serving the 1% at the expense of the 99%:
Wells Fargo Cashes in on Prison Profits - Wells Fargo has 50,000 shares in Corrections Corporation of America, the same for profit private prison company that sponsored Arizona Immigration Bill SB1070 and largely financed the campaigns of recalled State Senator Russell Pearce, controversial Sherrif Joe Arpaio, and Governor Jan Brewer.
Wells Fargo discriminates against minorities - At the height of the sub-prime lending boom, the bank was 3-4 times more likely to loan sub-prime mortgages to financially stable Latinos and African-Americans than to Caucasians.
Wells Fargo discriminates against the 99% - In 2010, Wells Fargo was fined by a U.S. District Judge for its predatory overdraft practices. And Wells Fargo is one of only two remaining U.S. banks to offer Direct Deposit Advance, a type of high interest payday loan available right from the ATM machine.
Arizona deserves better! Let's call on all public and government institutions in Arizona to move OUR money out of Wells Fargo and back into our community through community banks or credit unions!