Banks are closing accounts with no explanation or warning, and it might be a form of politically driven “cancel culture”.
Imagine waking up one day to discover that your bank account had been suddenly closed. Your debit card isn’t working and you can’t get into your account.
At first you assume it’s a banking glitch, something that will be quickly resolved with a phone call. But imagine finding out that your account closure was intentional, and that the reason for it was because of a candidate you voted for, something political you shared on social media, or simply because you just wanted to remain anonymous.
Sounds crazy, doesn’t it?
What’s crazier is that this isn’t science fiction. It’s happening right now. One recent example involves a Chase Bank closure:
Sam Brownback, NCRF chairman and former U.S. ambassador-at-large for international religious freedom under the Trump administration, wrote in a piece published by The Christian Post that NCRF initially had a “very positive” experience with the bank.
But less than three weeks after it was opened, Chase informed NCRF on May 6 that the bank would be closing their account.
Brownback said there was “never an official cause given” when an NCRF official went to make a deposit into the account and a clerk said the account was closed.
That’s creepy. As far as I could tell, the NCRF didn’t commit a crime (like fraud). Brownback is also a pastor.
The article continued by describing how Chase would potentially reinstate NCRF’s account if Brownback made the organization’s political affiliations clear. Brownback declined.
The next example involves an anonymous Fidelity account holder who wanted to give money to a few conservative groups as well as a few left-leaning groups, but was thwarted when he attempted to make the donations.
What happened was reported by Newsweek. It appears like an obvious case of politically-motivated financial discrimination:
One Fidelity Charitable account holder informed ADF that the fund only asked him to surrender his anonymity to give to conservative nonprofits, not left-leaning ones. Over the last couple of years, he has directed gifts to four conservative nonprofits, including ADF, and to four left-leaning nonprofits through Fidelity Charitable. The gifts to the four conservative groups were either held up unless he surrendered his anonymity or were outright denied. The gifts to the left-leaning organizations passed through with no conditions, even though only one of those groups has earned a positive assessment from nonprofit industry evaluator Charity Navigator. One has received no score, another scored “poor,” and the third “needs improvement.”
Three of the four conservative nonprofits to which the donor tried to send money have also been labeled “hate groups” by the partisan and troubled Southern Poverty Law Center, a leading proponent of politicized banking.
Aside from the fact that the SPLC is a discredited partisan “watchdog,” it’s quite obvious that this individual just wanted to maintain his anonymity, which is a completely legal and reasonable desire. No matter. His financial institution selectively blocked the donations to the groups they disapproved of.
The last example (of many) involves Bank of America, and another strange bank account closure:
The report cites the sudden account closure of Elad Nehorai, who received an ominous alert while logging into his Bank of America account.
Elad explained: “Bank of America told me it was shut down. They refused to give me an explanation. They told me I would get my money after it was resolved. All of a sudden I find out I’m broke. I can’t feed my family and I can’t pay any expenses.”
But his situation was even more strange once the bank gave their explanation:
Bank of America told the news outlet that an FBI report triggered the shutdown of Nehorai’s account. Nehorai says he is the person who submitted that report to the FBI, to tell the agency that a scammer had impersonated him via email asking for money from one of his clients.
Who knows what the real reason was, or if this is just a case of incompetence?
In the end, the bank only allowed Nehorai to move his money. It never reopened his account. All (supposedly) because he wanted the FBI to do its job.
For now, it’s only unelected bureaucrats who are closing bank accounts, either for political reasons or because of agency incompetence.
But you remember how pre-Elon Twitter was working with the government to shut down certain political accounts? Imagine the same thing in banking. Eventually, it could be an elected official in the U.S. Government who works hand-in-hand with a bank to shut your account down. All because they might not like your politics.
That’s a textbook definition of fascism in the United States, folks.
Here Are 3 Possible Solutions to the “Debanking” Problem
The way I see it, there are three ways out of this politically motivated conundrum…
First, you could choose to move some of your funds into Bitcoin, or another crypto asset. That said, Bitcoin is being accepted at more and more places around the world, but it isn’t accepted as a normal form of payment yet.
Even countries like Ecuador, which have their own central “coin” (and despises Bitcoin), haven’t yet fully adopted crypto.
The second potential solution to the “debanking” problem could be to move your money into a bank that won’t close your account on the basis of your political affiliation. (Sometimes called the “Parallel Economy”.)
But these two solutions might leave you wanting more.
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