Have a B of A bank account? Beware De-banking

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A dozen Republican-led states plan to send a letter to Bank of America demanding an explanation for why it allegedly de-banked Christian and other conservative groups.

The letter obtained first by DailyMail.com, led by Kansas Attorney General Kris Kobach, demands that the financial institution turn over documents related to its account cancellation policies and requested that the bank update its terms of services to not discriminate against clients with certain political or religious beliefs.

The notice comes after it was revealed that Bank of America sent the FBI and U.S. Treasury private consumer financial data to help the agencies investigate crimes related to the January 6 Capitol protest.

‘Unfortunately, Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views,’ Kobach writes in the letter to Bank of America CEO Brian Moynihan obtained by DailyMail.com.

‘Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash.’

“De-banking” is a phenomenon in which financial institutions refuse financial service to the targets of political activism, who often end up being conservatives.

“What these banks are doing is they’re saying you’re either high risk, or we don’t want to do business with you, or whatever it is. There’s no methodology behind this. There’s no kind of reason that matches traditional indicators or traditional metrics that a bank would use to calculate your liquidity, your credit score, whatever it is. They’re using these non-financial factors, and then making these decisions and just like closing people’s accounts,” Eric Bledsoe, an expert on de-banking for the Foundation for Government Accountability said.

In typical de-banking situations, it is normal for the banks to withhold their reason for suddenly closing their clients’ accounts, Bledsoe added.

Read more at Dailymail.com

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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!