4 ms·
Bank of America freezing accounts of customers suspected of not being citizens
- dylanhassinger 8y agohope this applies to Russians too
- pseingatl 8y agoPart of the problem is that BoA gets information from social media. Foreign contacts means possible foreign citizenship or status. The UM student cited in the article is Iranian; maintaining bank accounts for Iranian nationals is toxic because of sanctions and transactions with Iran. BoA wants to avoid fines by cutting what is a very small sector for them. Apart from social media, local DEA/ICE officials routinely ask for information on customers who are foreign nationals. Responding to these requests is costly for the bank, as the government does not reimburse the banks' compliance efforts. In their view, better to stop doing business with foreign nationals altogether. Not right, but there's a reason why they do what they do.