Right now, RAR's top demand is for Reed to stop using Wells Fargo as its operating bank. RAR is in the processe of negotiating with administration for them to declare their intent to do so and establish a timeline of divestment.
What other institutions have divested from Wells Fargo?
The University of California - the Afrikan Black Coalition of the UC system pushed the school to remove $475 million worth of contracts.
Columbia University - Columbia began their campaign to divest in 2014, and is currently in the process.
Portland - In 2016, the Portland City Council voted to cut ties with Wells Fargo.
Seattle - In February of this year, the Seattle City Council voted to cut ties with Wells Fargo.
Davis, CA - Davis' city council voted to remove their $124 million from Wells Fargo by the end of 2017.
Berkeley, CA - The city of Berkeley voted in May to divest by May 2018.
Santa Monica, CA - In February of this year, Santa Monica voted to cut ties with Wells Fargo.
And many more!
Better Banks Reed Could Use
RAR has been researching several banks that have the capacity and desire to take on Reed's operating account. We are currently in contact with officials from Umpqua and OnPoint, both of whom are ready to make an offer and work collaboratively with Reed's financial advisors. Neither of these options are a perfect fit, as is difficult to find a bank with no unethical investment ties that can service an account this size. We are open to commentary and more information on these banks, as well as any info you might have about other banks we should look into!