Bank of America is facing backlash and calls for a boycott over allegations that it is closing accounts of customers based on their political views. The bank has been accused of engaging in a practice known as “de-banking” due to customers’ religious and political beliefs. John Eastman, a former lawyer for Donald Trump, claimed that his Bank of America and USAA accounts were closed in response to his attempts to help overturn the 2020 election results. This has led to criticism from multiple MAGA profiles and Republicans, with calls for a boycott of the bank.
Social media users, including MAGA supporters, have been vocal in their calls to boycott Bank of America over the alleged de-banking of customers. There have been posts urging people to close their accounts with the bank in protest and expressing outrage over the bank’s actions. Republican attorneys general also signed a letter warning the bank’s CEO against what they described as “discriminatory behavior” targeting people for their political or religious views. The bank has denied these claims, stating that religious beliefs are not a factor in any account-closing decision.
In a statement to Fox News, a Bank of America spokesperson denied the allegations of de-banking based on political or religious beliefs. The spokesperson maintained that the bank provides services to non-profit organizations affiliated with diverse faith communities and does not consider religious beliefs in account-closing decisions. The controversy surrounding Bank of America also stemmed from reports that the bank sent private consumer financial data to the FBI and U.S. Treasury to assist in investigations related to the January 6 attack on the Capitol.
Missouri Attorney General Andrew Bailey took to social media to express support for the 15 attorneys general demanding answers from Bank of America regarding the reported de-banking of customers. Bailey highlighted the potential violation of the First Amendment if any company is punishing consumers based on their political beliefs. The bank’s actions have sparked a debate about the implications of financial institutions getting involved in political matters and the importance of transparency in their decision-making processes. This controversy has raised concerns about the relationship between banks and customers’ political beliefs.
