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The bank might know more about any inter-related financials of the employees and family.
There should be customer protections around this. None of us know why they shut down his bank account. However, if he were to call, my guess is they will refuse to say and just cite that just like he can quit banking with them whenever he wants, they can do the same.
That kind of leniency leads to all sorts of abuse. Also, if this was his only bank account, he won't have access to funds for at least 10 business days.
Many people on this forum even. At the beginning of the month there were a group of people celebrating the Supreme Court's ruling that businesses can discriminate in the name of free speech.
Assuming the conspiracy theorists are right, and this is solely based on a COVID position, the bank was within its rights. These are the types of rights the extreme right was fighting for.
Probably will be more of this type of activity on both sides of the aisle.
I don't think this has to do with the decision of free speech made earlier this month. I thought that was more about religious views - which doesn't apply here.
But I get your point - and it's valid, except for this.
Private business can operate like they want.
Any company directly attached (or contracted) to government should serve everyone. I think big banks fit into this category.
I don't think this has to do with the decision of free speech made earlier this month. I thought that was more about religious views - which doesn't apply here.
But I get your point - and it's valid, except for this.
Private business can operate like they want.
Any company directly attached (or contracted) to government should serve everyone. I think big banks fit into this category.
I think banks are basically similar to utilities. You need them to survive. It's not like a cake baker. Can you imagine if Con Edison shut down power to your home because they don't like your politics?
Is this belief solely based on this statement in the article .
We would not know this company’s transaction history so I am just asking what info is this claim based on?
The Covid thing is taken out of thin air, but nowadays people will believe anything and everything, - no, they WANT TO believe anything as long as it lines up with their bias. What the heck would banks care about peoples opinion about Covid. Who cares about Covid anymore other than those who are obsessed with the conspiracies.
Banks have their red flag systems for things like money laundering, suspicious Zelle transactions and transactions to certain countries. Many, it not most, banks recently banned certain money transfers to Mexico.
My guess is that they had either suspicious Zelle transactions, or they were trying to send money to Mexico. Or....repeated negative balance, repeated overdraft, bounced checks, policy violations, or fraud.
The Covid thing is taken out of thin air, but nowadays people will believe anything and everything, - no, they WANT TO believe anything as long as it lines up with their bias. What the heck would banks care about peoples opinion about Covid. Who cares about Covid anymore other than those who are obsessed with the conspiracies.
Banks have their red flag systems for things like money laundering, suspicious Zelle transactions and transactions to certain countries. Many, it not most, banks recently banned certain money transfers to Mexico.
My guess is that they had either suspicious Zelle transactions, or they were trying to send money to Mexico
Doesn't apply to ACH payments or wire transfers. It's really cash deposits. Re Mexico. Would not apply to a US business. May apply to a Mexican business trying to deposit over 4,000 in US banknotes in 1 month, in a US bank.
I think banks are basically similar to utilities. You need them to survive. It's not like a cake baker. Can you imagine if Con Edison shut down power to your home because they don't like your politics?
Utilities are essentially local monopolies, and unlike banks in that very important characteristic. Except maybe in tiny communities, one can move to another local bank quite easily. And with online banking, the opportunities and choices would be much larger.
Actually I think they are running trial balloons with these cases today for more widespread use down the road.
But COVID is the link with the cases mentioned in the OP - which is why I highlighted it.
Well, ESG is all the rage and we could be seeing Chase closing accounts over it. I just don't know. We will have to see if it continues.
I would also want to know what percentage of accounts closed in 2023 were high profile guys being closed out for no apparent reason. I mean, is it 50% or 0.5%?
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