The Budget and Finance Committee of Navajo Nation held meeting with the Wells Fargo Bank (NYSE: WFC) to inform them about their lack of satisfaction with their service to the tribe. In the committee meeting, the Chairman of Budget and Finance Committee, Seth Damon said that the Navajo people were considering “separating their ties” with the bank and divorcing it.
This might be a big blow to the bank because Navajo Nation is a lucrative business for the bank with tribe’s deposits & assets worth $2 billion here. Navajo Nation is the Native American tribe with maximum portion of land in Arizona.
Navajo Nation’s unsatisfied with Wells Fargo service to people
The tribe isn’t happy with the kind of service that the bank is providing them. Their biggest concern is also the bank’s connected to Dakota Access Pipeline, which remains questionable till date.
Dakota Access Pipelines, Wells Fargo & Navajo Nation: The meddling pot of business
The pipeline has connection with Wells Fargo Bank and the tribe is anti-pipeline. The Dakota Access oil pipeline is expected to transport over 400,000 barrels crude oil from North Dakota to final connection in Illinois, every day. The pipeline which will route across South Dakota as well as Iowa is a matter of concern for the tribes there. According to the local tribes, the pipeline will lead to disruption of spiritual and environmental harmony in the regions.
One of the tribes has even lodged a federal complaint stating the pipeline’s role in destroying the sites of cultural, religious and historic significance on its route.
Wells Fargo, in the meanwhile, has come under the upset radar of the Navajo people over its connection with the financing of this pipeline. Also, the bank is under the radar for scandals that included fake accounts of the customers.
The tribal feel that the Wells Fargo is not assisting its members in the concerned matters, which has upset the community.