Missed this one until this morning. Apparently Steven Anderson of Faithful Word Baptist Church has hit something of a major bump in the road. Yesterday he discovered that Bank of America had frozen his bank accounts. They closed Steven’s accounts for the church, and have told him that they’ll send him a cashier’s check for the balances in about two weeks.
He is losing it over the fact that this occurred during the Superbowl of Christianity – Holy Week. Plot of the devil!
Oh of course Anderson has taken to YouTube to beat on his chest and call Bank of America sodomite lovers and reprobates as well as tell Bank of America to go to hell.
Everyone’s favorite conspiracy theory lunatic Alex Jones even did a segment about it on Info Wars. Apparently it is not unheard of with these major banks. If you happen to be a controversial figure fronting an organization that may have questionable activities that violates the constitution you stand the possibility of losing your bank account.
What he does not do is explain what they told him is the reason they shut is accounts. Let’s look at the possible reasons a bank might shut your account with zero notice.
I’m not a banker, I’ve never worked in a bank and have only the slightest idea of what that entails.I have close friends and relatives who have worked at a bank for some years, but that does not make me an expert. So I had to call around and talk to several people at my own bank for the reasons why an account is closed or seized against the will of the account holder. This is not an exhaustive list. Plus anyone can read through the information on accounts at Bank of America.
- Minimum balance – Some banks have requirements on their accounts that they must maintain a certain balance level to keep that account.
- Suspected illegal activity – This one can vary from state to state as to the culpability of the bank if they suspect their account holder is engaged in bad acts. Most banks chose to err on the side of caution due to the stringent rules they must comply with and close suspected accounts, freezing the funds for so many days before release.
- Owing a debt to the bank – If you have money in a bank and own that same bank money on a debt, a house loan, or a car loan, some states allow seizure of the account to pay the debt.
- Owing the IRS – A bit different than owing the bank but it can freeze your account legally until the debt is settled. Simply changing banks will not work. The IRS will merely get another order to seize that account.
- Identity theft – If there is activity in the account that indicates that someone else has hacked into the account and is masquerading as the account holder.
- Inactivity – This one takes a very long time but it does happen. If an account has no deposits or withdrawals over a long period of time the bank may close the account.
- Unverifiable information – Perhaps you are using an address that someone else who has committed bank fraud also uses. Or you have set up the account going to a fictitious address. Due to federal banking regulations the banks are rather strict that you must have clear information connected to the account.
- Hassle – When the account becomes too much of a problem, too many people are servicing the account and the focus of customer service is constantly dealing with an enormous problem. It could be multiple bouncing checks, even if they are covered quickly, or someone that comes in continually and hassles the workers. Banks are in the business of making money, but if the cost of making that money becomes too high they will ax the account. This last one is unofficial, but it does happen.
There are others but these seem to be the biggest reasons. Whatever the reasons the bank usually reaches out multiple times to the account holder before taking any action. Unless it’s something that can tarnish the bank’s reputation, then the account is mercilessly closed without notice.
“The damage to the bank in terms of negative word-of-mouth publicity isn’t something they want.”
This is what I think might be happening here. Bank of America does not want to be associated with a known member of a group listed as an official hate group. The Proud Boys and others identified as hate groups, or white supremacy groups have also lost their banking privileges.
Of course all the recent allegations of financial chicanery going on at other branches of the New Independent Fundamentalist Baptist church group that Anderson leads could also be a problem. Banks have no tolerance for being involved in possible illegal schemes or thievery. Former Stedfast Baptist leader Adam Fannin seemed pretty convincing in his words that money was being taken.
Steven is claiming this is good old Christian persecution at the hands of Satan,but it’s more likely he’s suspected of illegal activity or just being a problem. Imagine that, Anderson as a problem customer.
Banks do not close accounts for no reason. Likely Steven Anderson has done something to bring this down upon his own head. This is not even the first time Anderson has had issues with banking and currency. He’s been tossed off Bitcoin and had several PayPal accounts closed for his hateful views.
I didn’t reach out to Bank of America because banks are understandably closed mouthed about their customers. More as this develops.
If you are an Anderson supporter coming in to call me a hating hater who hates please read this first.
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