Bank of America is encountering calls for a boycott amid accusations that it has been closing accounts of customers due to their political views.
Several Republicans and MAGA supporters have recently been criticizing the bank over these allegations.
Closure Of John Eastman’s Account
A former lawyer of Donald Trump, John Eastman, has stated that his Bank of America and USAA accounts were closed following his efforts to assist Trump in contesting the results of the 2020 election.
The company has denied the allegations that it is engaging in a practice called “de-banking” based on political and religious beliefs of customers.
Disbarment
In March, Eastman faced a recommendation for disbarment after a judge ruled that his actions to overturn the election results in favor of the former president violated attorney conduct rules.
Several MAGA and pro-Trump social media accounts are currently advocating for a boycott of Bank of America due to the allegations of “de-banking” practices.
Outrage On Social Media
LJ Lindsey posted on X, “No one should be using Bank of America for their personal accounts as they are not personal loan friendly and have not been for years.”
The post also stated, “They want the larger corporate customers. It is time to boycott Bank of America so they are forced to be bought out.”
Calls To Boycott Bank of America
User @mnbbrewster wrote on X, “If I had a Bank of America account I would definitely close it. And no further information will be provided. If you have an account with Bank of America boycott them.”
Another user posted on X, “If you are MAGA you must BOYCOTT Bank of America. And if you are a MAGA veteran, you must BOYCOTT USAA!”
Getting Involved In Politics
Many Americans believe that the 2020 elections were not fair. They were “stolen.”
Referring to the idea of the unfair “stolen” election, another user wrote on X, “Bank of America thinks it can get involved in politics & de bank patriots that fight against corruption, like the obviously stolen election! BOYCOTT THEM NOW.”
Attorneys General Send A Signed Letter to Bank Of America CEO
In another recent development, 15 Republican state attorneys general, spearheaded by Kansas Attorney General Kris Kobach, sent a signed a letter to Bank of America CEO Brian T. Moynihan.
The letter warns against the bank’s purported “discriminatory behavior” toward people based on their religious or political views. The letter coincides with the House Select Subcommittee on the Weaponization of the Federal Government investigating the relationships between several institutions and officials of the federal government.
Conditioning Access
The letter says, “Unfortunately, Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views.”
The letter also stated, “Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash.”
The Letter Was Co-Signed By Officials From Several States
The letter states, “Your bank needs to be transparent with and assure us, its shareholders, and others that it will not continue to de-bank customers for their speech or religious exercise.”
The letter was co-signed by officials from Arkansas, Indiana, Alaska, Iowa, Missouri, Mississippi, Texas, Montana, Nebraska, South Carolina, and Utah.
Bank Of America Denied Allegations
A Bank of America representative said to the DailyMail.com, “Religious beliefs are not a factor in any account-closing decision.”
The representative also said, “We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States.”
Bank Of America’s Statement
Bank of America spokesperson Bill Halldin issued a statement to Fox News denying allegations that the bank was engaging in de-banking practices.
Halldin asserted, “We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States.”
Allegations of Leaking Financial Data
The letter came in after DailyMail.com reported that Bank of America had allegedly provided private consumer financial data to the U.S. Treasury and FBI.
The leakage of data was done to aid investigations related to the January 6 attack on the Capitol in 2021.
Profiling Customers
The Daily Mail reported that according to House Judiciary Chairman Jim Jordan the federal government has created ‘profiles’ on Americans stored in a ‘secret portal.’
These profiles have been shared with companies to assess individual’s level of extremism.
Missouri Attorney General Demands Answers
Missouri Attorney General Andrew Bailey wrote on X, “Proud to be one of 15 AGs demanding answers from Bank of America for reportedly debanking Missourians.”
Bailey also wrote, “If any company is punishing consumers because of their political beliefs, that may constitute a serious violation of the First Amendment. We will get to the bottom of it.”
Risks For Bank of America
The letter sent by the attorneys general warns, “Bank of America is exposing itself to numerous legal risks by engaging in de-banking. It is opening itself up to potential legal liability under consumer protection and antidiscrimination laws, and creating substantial regulatory and political risk from states that are already taking action to stop debanking.”
The letter also states, “Financial institutions set the stage for politicized de-banking by adopting vague and subjective ‘reputational risk’ policies and prohibitions on ‘hate’ that are susceptible to abuse.”
