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Missoula divesting from Wells Fargo citing business practices, ties to Keystone XL

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The City of Missoula is the latest in a growing list of municipalities divesting city money from Wells Fargo.

The city council voted unanimously to remove nearly $3 million in city funds from the bank Monday evening. 

Council members said the action stems from shady business practices, including signing customers up for fraudulent accounts. 

Additionally, council members said they are not comfortable dealing with a bank with financial ties to the Keystone XL pipeline. 

Missoula's local government adopted a resolution detailing the council's support of the Standing Rock Sioux Tribe last November. 

Councilwoman Ruth Swaney, who spearheaded the effort with Councilwoman Heidi West, said Missoula residents support divesting from Wells Fargo.

"I think the message is that people are becoming more aware and they are looking into things a little more deeply than they have probably in the past. Even small places like Missoula are paying attention," said Swaney.

Council members said city funds will now likely be held in a state-run account.

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