Black-owned company Beautiful Curly Me has said that Wells Fargo bank has closed and zeroed out its business accounts.
The company is operated by Zoe Oli, a 12-year-old businesswoman who started her venture with her mother Evana when she was just 7 years old. Her line of dolls, books, puzzles, and accessories encourage young girls of color to be confident.
She claimed on Instagram that the bank had frozen the accounts without providing any notice, depriving their business of funding for up to fifteen days.
She said that the bank closed the business because of an address discrepancy, even though the provided address was a real Atlanta office building. The bank claimed the office was not a physical location.
Following their call to Wells Fargo customer support, the mother and daughter were reportedly informed that there was nothing they could do regarding their funds but that a cashier’s check will be in the mail in seven to 15 business days.
“This is unacceptable,” said Oli, explaining that as a product-based small business, they always need money for transactions. “Why should Wells Fargo close our accounts and hold our money?” she asked.
She did, however, clarify that this was the first time something of that kind had occurred. She also recalled her family’s longstanding relationship with the bank, particularly concerning her mother’s baking, and how they had recently gotten a grant from the bank.
According to Black News, Beautiful Curly Me has helped hundreds of girls over the past five years and donates a free doll for each doll that is purchased.
The young CEO wrote in her caption, “Family, Please help us get through this by buying a doll, book, puzzle or more this weekend so we can get needed cash to take care of business until we receive our funds. Shop via link in bio. Please use code SUPPORT20 to save 20% off our site this weekend.”
