Lenders discriminate against immigrants—and usually, it is completely appropriate.
Subscribe now for as low as $2 30 days!
Support Progressive Journalism
You are going to get periodic offers that are promotional programs that offer the Nation’s journalism. It is possible to read our privacy right here.
Travel With All The Country
Subscribe to our Wine Club today.
The reports started trickling in to online discussion boards and regional news, beginning in 2017. From Reddit towards the Kansas City celebrity, Washington to ny, the tales all followed roughly the exact same pattern: Bank of America delivered an individual a notice demanding details about their citizenship—and should they declined to resolve, their records had been immediately frozen.
This tale had been produced with help through the Economic Hardship Reporting Project.
Bank of America explained it was needed to ask the question to comply with Treasury laws. It is true that US finance institutions must monitor their makes up signs and symptoms of money laundering, and conform to work of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Under a split law, international banking institutions must gather citizenship information from People in america, fundamentally to be able to locate possible tax-dodgers. Continue reading “Exactly why is Bank of America Asking Customers About Their Citizenship?”