Blogger's Bank Account Freeze Believed To Be Bankster's Response To Negative Publicity On Its Foreclosure Practices

An excerpt from a recent post in The Big Picture:

• ML-Implode.com discovered yesterday (2012-06-12) in the course of its normal banking activities that Wells Fargo had frozen its bank account with no warning. Upon inquiring at the local branch (which had no direct knowledge of the incident), it was discovered the account had been flagged “credit risk”, and slated to be immediately closed.
  
  
• These actions are more than slightly unusual because ML-Implode’s account was a plain checking account and was not an underwritten account. In fact, ML-Implode paid a monthly fee for the account, so Wells Fargo was certainly doing it no favors.

***

• In fact, as part of the freeze, Wells Fargo made a $3500 deposit from ML-Implode’s merchant account processor “disappear”, leaving a short-term advance of $1500 from an affiliate un-covered, and a similar $1500 obligation to another affiliate unpaid. The whereabouts of the monies are unknown.

***

• It is believed that the actions were taken in retaliation for a recent series of articles by ML-Implode blogger Martin Andelman which pulled no punches in criticizing Wells Fargo over its foreclosure practices — in particular the tragic and horrific case of Norm Rousseau who was driven to suicide after Wells Fargo lost a mortgage payment and mistakenly foreclosed on the family’s home, despite a lengthy back-and-forth process which gave the bank ample opportunity to correct the mistake.
  
  
• (Other recent articles by Andelman taking Wells to task that may have angered the bank include this one and this one.)

For more, see ML-Implode Gets “Wikileaks Treatment” As Wells Fargo Freezes, Closes Business Account.

See also, The Huffington Post: Below the Fold: Wells Fargo Freezes Account in Retaliation.