Major bank's 'debanking' scheme sparks investigation request

August 22, 2023
World Net Daily

This story was originally published by the WND News Center.

The attorney general in the state of Tennessee is being asked to investigate the suspicious "debunking" scheme that the Bank of America has been using against charities, specifically the charity called Indigenous Advance Ministries which works to provide orphaned and vulnerable Ugandan children with basic necessities.

It is the ADF that has filed a complaint with Tennessee AG Jonathan Skrmetti seeking an investigation into whether the bank illegally discriminated against the charity over its religious views.

The banking corporation had, months ago, canceled the bank accounts for IAM.

"No American should have to worry that a financial institution will deny them service based on their religious beliefs, but Bank of America appears to have done just that with Indigenous Advance," explained ADF lawyer Jeremy Tedesco. "Canceling their account hurts those in need. It also sends a disturbing message to everyone—you can have your beliefs or your bank account, but you can’t have both."

The organization reported IAM has been operating since 2015, and it works with ministries inside Uganda to help Christian families and provide vocational skills training and mentorship to college students.

It had accounts with Bank of America from its founding through April 2023, when it received a series of letters informing it that the bank was closing its accounts within 30 days.

The ADF explained, "The initial letters gave no specific reason for the closures, only stating that 'upon review of your account(s), we have determined you’re operating in a business type we have chosen not to service at Bank of America.' A later letter said, without explanation, that Indigenous Advance 'no longer aligns with the bank’s risk tolerance.' The nonprofit does not advocate for any political causes and has maintained the same mission since it first opened its account with Bank of America."

Interestingly, the ADF pointed out, the corporation may have violated its own "Code of Conduct" with its actions, in addition to consumer protection laws.

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