Banks would usually line up for those kinds of deposits. But Ken Thomas, a Miami-based independent bank consultant and economist, said the bank that receives Graham’s bank accounts will have to answer some tough questions.
“The bank that takes this account will be in a higher visibility position because you’re going to ask them, ‘What do you think of that ad?’ … And they will face some potential reputation risk.”
Banks, Thomas said, “don’t like controversy, and they don’t like reputation risk.”
Whichever bank receives these accounts will have to combat the perception that they stand counter to the ideals of Wells Fargo.
“To take your money out of one of the best-run banks in America, and for another bank to accept an account that came out of Wells Fargo, some people might ask questions like, ‘Does your bank not agree with Wells Fargo?’” Thomas said.
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Franklin Graham is pulling bank accounts from Wells Fargo for featuring same-sex couple in ad The Charlotte Observer The Charlotte Observer