Lenders discriminate against immigrants—and frequently, it is completely appropriate.
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The reports started trickling in to online discussion boards and neighborhood news, starting in 2017. The stories all followed roughly the same pattern: Bank of America sent a customer a notice demanding details about their citizenship—and if they refused to answer, their accounts were promptly frozen from Reddit to The Kansas City Star, Washington to New York.
This tale had been produced with help through the Economic Hardship Reporting venture.
Bank of America explained it was needed to ask the concern to conform to Treasury laws. It is true that US finance institutions must monitor their makes up about signs and symptoms of cash laundering, and conform to any office of Foreign Assets Control’s financial sanctions on a few nations, including Iran, Cuba, and Syria. Continue reading Exactly why is Bank of America Asking Customers About Their Citizenship?