Washington, DC – In recent months, the National Iranian American Council (NIAC) has fielded a significant number of complaints regarding Wells Fargo’s treatment of its customers of Iranian heritage. This includes abrupt account closures and demands to sign an “Iran Declaration,” which requires those who sign it to declare they have no intent to return to Iran for longer than six months.
This declaration goes well beyond the requirements of U.S. sanctions and represents an unacceptable and unfair burden on Iranians and Iranian Americans who try to give Wells Fargo their business. On October 1, 2024, NIAC sent a letter to Wells Fargo Bank expressing our deep concerns regarding these practices and noting that they go well beyond what is required by the federal government.
These challenges for our community have been going on for years and stem from overcompliance with U.S. sanctions, which obligate banks to ensure that they are not servicing individuals who are “ordinarily resident” in Iran. As a result, several banks have engaged in a series of discriminatory and harmful actions targeting individuals solely on the basis of their Iranian heritage.
NIAC’s letter to Wells Fargo urges the bank to stop requiring its customers of Iranian heritage to sign a discriminatory and burdensome “Iran Declaration.” It states, “Such a declaration, under the threat of legal action for violating it, is intimidating and has already driven prospective customers away from using your banking services and complicated their efforts to open or maintain accounts.”
This letter is part of NIAC’s efforts to ensure equitable banking access for our community and push back on discriminatory policies, including via engagement with policymakers as well as any financial institution that unfairly targets our community.
Read our full letter to Wells Fargo, included below:
NIAC Letter to Wells FargoBack to top