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Bank of America Closes Roelof Botha’s Bank Account
- ianhawes 7y agoI’ve had the same thing happen with Citi. No warning, just woke up and found mine and my wife’s accounts frozen pending closure. I’m sure heads will roll when they realize who they’ve upset, but as for me I never found out.
- undefined3840 7y agoUsually when there’s no reason provided it’s because an account tripped some anti money laundering rule(s). Someone in a compliance team then reviews the account and makes a determination. By US law you can’t tell the customer that you’re closing their account because you thought it was “suspicious.” You just do it and then submit a Suspicious Activity Report (SAR) to FinCEN. I can see how a high net worth individual could have account activity that looks like money laundering, but given his long history with the bank would be surprised if this decision was made automatically or by some junior analyst. It must have been escalated to someone senior, and they must have known who he was and still made the decision.
- conductr 7y agoI have no idea who he is, why should some random “analyst”?
- undefined3840 7y agoBecause that’s literally the job of a compliance person? They have access to Google, you know, and all your personal identity information.
- deleted 7y ago[deleted]
- semiotagonal 7y ago> And this is exactly what your company @PayPal did to me after ~10 years. With absolutely no explanation... #Bitcoin > Paypal closed my business account, and kept $5000 for 6 months. No explanation, no one to discuss with. Some of the Twitter responses make this sound like poetic justice.
- deleted 7y ago[deleted]
- tluyben2 7y agoYep. Paypal messed up a lot of businesses without giving any reason or recourse. This is what (some) banks do.
- perl4ever 7y agoI don't understand the response of "Bitcoin". I mean, his money didn't vanish, right? They just are firing him as a customer, and they aren't the only bank in the world.
- Mathnerd314 7y agohttps://www.americanbanker.com/news/2018-bank-reputation-survey https://www.americanbanker.com/news/2018-bank-reputation-sur... Lowest ranked banks: Wells Fargo, Bank of America, HSBC, First National, Citibank, Chase It's not really surprising for the second lowest ranked bank to close accounts without warning.
- dangus 7y ago.
- protomyth 7y agoI would imagine the relevance is this individual was CFO of PayPal and the general attitude of replies to the tweet can be summed up as "you reap what you sow".
- deleted 7y ago[deleted]
- tluyben2 7y agoNot sure how he can expect sympathy... And yet he gets it; must be the short memory of the internet. Paypal made many people miserable with their ‘fraud protection’ so I guess he should totally understand this course of action.
- danShumway 7y agoI realize he's no longer in charge of Paypal, but less than a week ago: https://www.vice.com/en_us/article/d3abgv/paypal-pulls-out-of-pornhub-payments https://www.vice.com/en_us/article/d3abgv/paypal-pulls-out-o... I have very little sympathy for anyone behind Paypal, even past founders, having their accounts frozen now. I should be better, but I just don't have that kind of charity in me at the moment. May you reap what you sow.