Posted on 01/27/2025 5:20:13 AM PST by MtnClimber
Forty years ago I worked for one of the big accounting firms auditing banks. That opened the door and I became a consultant for the Strategic Planning, Acquisition, and Merger Committee of the BOD of one of the big banks. My job was to analyze banks for prospective buyout or merger.
We found that in most banks, the money was made in corporate clients like yourself, while most of the effort of service and marketing was on the retail side which was much less profitable.
Any bank that pushes corporate clients away is not looking out for their shareholders. That’s where the profit is.
Years later I took on a regional saving and loan as they were over charging me by not computing the indexed rate correctly on my mortgage. The Chairman of the BOD and CEO flat out told me that they would do nothing about it and I should sue them. They told me that they didn’t have to follow our mortgage agreement.
Rather than sue, I went to several courthouses, got copies of the list of mortgages they held in each county. Based upon the error rate they were making on the indexed rates and the average balances, I computed the amount of money they were overcharging their customers per year, multiplied that out by several years for a total impact, and gave it to a friend at the state department of banking. They were investigated, it threw them into bankruptcy, and the entire organization was liquidated, including all their offices. They were not even allowed to merge with anyone.
I sent a note to the Chairman of the BOD that yelled at me... saying “crime doesn’t pay” as he lost everything.
Thus, I have a chip on my shoulder when it comes to banks screwing their customers.
bttt
where are the leftists getting de-banked?
if it is not biased
show us one leftist complaining of being de-banked for their politics
Time to go full “Andrew Jackson” on the banks.
Plenty of Banksters that need to go to the DC Gulag. Bank of America (Mexico) first.
Banks are very tightly monitored and controlled by the government. They act as an unconstitutional branch of federal law enforcement. They can do nothing without the government’s approval.
So the debanking was done with the knowledge and consent of the government. It is illegal. The government committed a crime.
I doubt the guilty parties will be held accountable.
We still need an explanation as to why the government bailed out Silicon Valley Bank.
BTTT
Bkmk
Not allowed by WHOM?
“we’re not allowed to tell you why we de-banked you” but that if they don’t do it, the bank could face big trouble in the event of actual fraud or money laundering.
The JP Morgan Chase CEO added, “We have to comply with the law, but it’s ambiguous and we’re punished.”
I am not saying that no bank ever has not kicked out a customer over politics.
However, most of the cases of folks claiming bias that I have seen, actually tend to fall into Know Your Customer (KYC)and Anti Money Laundering rules (AML).
Someone who is generally not a person that would be covered by such rules, finds themselves now in a situation where they are because they are now in an active position with a government or prominent org, or suddenly become a “public figure” due to news coverage, fame, going viral on the internet etc.
Once you fit into these categories these KYC rules kick in, which require the bank to get more information about the customer to ensure they are not doing illegal things, money laundering, etc.
The bank will ask for lots more info, like where is your money coming from, what do you do, etc etc etc... And if someone is not aware of this they will balk at answering or miss doing their due diligence that the bank, like it or not is required to gather by federal law or risk being fined and penalized.
Then when the person doesn’t provide the information in a timely manner, the bank has no choice but to end their relationship with the customer or face being fined by the feds.
Again, not defending every action by ever bank with every person, but the overwhelming majority of cases where someone claims in the press that their bank refused to do business with them, or closed their accounts, when I have dug into it, its been clear cases of KYC/AML violations.
Bank of America sucks. The worst bank I ever dealt with. Avoid like the plague.
\/
this was the source of this corporate power abuse.
it gave an advantage over the citizen person.
corps dont all die like all real person citizens do.
they escape death and inheritance taxes.
they , through this legislation, enabled the corps to gain and KEEP wealth , power and influence no citizen could .
just a matter of time before corps enslaved everyone.
and here we are.
Shut them down.
They don’t have to tell him why they’re doing what they’re doing.
We don’t have to do business with them at all.
Bank of America...heavy sigh...
My sister passed away. In the three months leading up to her death, she stopped paying her bills and told no one.
The condo she lived in was held in a trust set up by my mother. The condition of the trust was that she could live in the condo as long as she made the mortgage payments...about $430 a month.
I was her executor and sole heir. I went to BoA, who held the mortgage, to take care of the back payments. They asked for proof that she was dead. I had the police report, but, because she died unattended, the official death certificate was going to be delayed. BoA would not talk to me about the mortgage at all. I could not find out if it had gone into foreclosure. They would not allow me to make payments towards it.
Long story short, it took 6 months to get them to allow me to pay the back mortgage payments, at which time the amount, with penalties and fees, had ballooned to nearly $7K.
I paid the past due amount and had the mortgage transferred to me. We had a sales contract on the condo and were looking at a January 7th closing date.
The couple buying the condo was financing their mortgage through BoA. On December 23rd BoA asked them for documentation that his pension (their main source of income) was for life. Because of the holiday, they were unable to get this documentation until January 2nd. On January 3rd, BoA said they needed to push the closing back to January 9th.
On January 8th, they pushed it back to January 17th.
On January 16th, they pushed it back to January 21st.
On January 20th, they pushed it back to January 22nd.
On January 21st, they pushed it back to January 23rd.
We closed the morning of the 23rd.
About every third day in the month of January I would get a call from BoA mortgage department asking where the January mortgage payment was. Each time I told them we were closing in a matter of days. This confused the person on the phone, caused them to put be on hold, and when they got back on the line they would say they had made note we were going to closing.
Remember...BoA held our mortgage, they were issuing a mortgage to the buyers, and the funds were all moving between BoA accounts.
The confusion and incompetence was outstanding.
There’s clear evidence that big banks have drawn a line against conservative customers.
With BoA alone and who knows how many others busted for tapping into costumers accounts how many were conservative customers?.
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