Bank of America closing immigrants’ accounts
Bank of America has reportedly been suspending or freezing accounts of American residents claiming they didn’t have the required documents regarding their status as an immigrant in the country.
There has been a considerable number of cases reported in recent times where the customer is asked to provide documentation that is not relevant or legally required to maintain their accounts open and functional.
Publications like the Sacramento Bee or the Miami Herald both report stories like these, where US residents, in many cases nationalised citizens, are questioned about their capability to have accounts without any forewarning.
In spite of the alleged increase in the frequency of these cases, Bank of America assured the Miami Herald that there had not been any change in how information is collected and stored by the bank.
Despite this, several groups that work with immigrants throughout the country, have said that this is not true, such as the California Reinvestment Coalition.
Some of these cases have been severe, as they have left many immigrants without financial means for days. Some others have resorted to social media outrage to pressure the bank into fixing the situation. There’s even a petition asking the bank to support immigrants.
This just happened to my family. Except they pulled this shit on the wrong beaners.
My mom is Colombian but has had US citizenship for 22 years. My dad is a white American, citizen at birth. The rest of the family are also citizens. My mom is also the bread winner of the family, and we have about 5 accounts linked to her name – all of them being closed for no reason. Unlike the previous cases I’ve read, she was NOT asked to provide proof of residency or citizenship. And when my Dad started calling the bank, they told him that it was only my mom who was flagged. Their advice: remove my moms name from all of the joint accounts after 30 years of marriage & being great customers at bofA.
Our assets manager at Merryl Lynch is freaking out. They’ll be losing a substantial set of assets. I don’t understand how a massive bank is operating xenophobically and so obviously against their own interest. We are fortunate to have options and the privilege to open accounts at any other bank, but what about people cannot afford the same?
I’ve had this just happen to me. Been a customer of BoA since 2003 and never bounched a check/overdraft etc. Now just got a letter saying my personal account, my business account, and even the account of another business for which I am just a signer are all being closed. No explanation. I’m an immigrant living in the US for many years (legally). Bizarre