Should Never Have Happened

If banks didn’t like a customers religious or moral beliefs – like abortion or same-sex marriage – they closed their accounts and sent them on their way.  It was a serious problem.  I’ve spoken with people who made generous grants to organizations doing good work only to have their accounts closed because the bank didn’t approve.  I’m pleased to report Bank of America has changed its policy, likely because of pushback from stakeholders.  It updated its code of conduct to read “Religious views are not a factor in any account closing decision.”  President Trump even signed an executive order last month directing regulators to eliminate “politicized or unlawful debanking.”  Banks like JP Morgan also felt the heat and followed suit.  This should never have happened.