What happens when major banks team up with Big Government and far-left ideology? Too many Americans are finding out the hard way.
Bank of America (BofA) has cast out the American people on numerous occasions—all to cater to “progressive” ideology and Big Government liberals.
Whether turning over law-abiding gun owners to the FBI, cutting off the bank accounts of Christian charities, or devesting from reliable industries under ESG initiatives, BofA has angered many consumers and lawmakers leading to multiple investigations and boycotts of the financial giant.
Whether you’re a Christian or atheist, liberal or conservative, banks should not financially persecute Americans for their beliefs. “Woke” politics targeted at law-abiding Americans should be removed from banking to ensure freedom in the financial sector.
What has Bank of America been doing over the last few years?
Targeting Christians, Charities
In August 2023, BofA notified a Christian charity that they would no longer be a bank customer as their ideology allegedly did not match the bank’s preferred beliefs.
“Upon review of your account(s) we have determined you’re operating in a business type we have chosen not to service,” Bank of America told Indigenous Advanced Ministries, a Memphis, Tennessee-based nonprofit.
Advanced Ministries, which facilitates charitable efforts for orphaned children in Uganda, quickly notified Tennessee Attorney General Jonathan Skrmetti, as they believed BofA closed their accounts due to religious discrimination.
“We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States,” BofA spokesman Bill Halldin said in a statement. “Religious beliefs are not a factor in any account-closing decision.”
Jeremy Tedesco, president of the nonprofit legal organization Alliance Defending Freedom (ADF) shared a differing opinion, saying the move was an “after the fact explanation” that looks “suspiciously like it’s political or religiously motivated.”
The ministry alleges in its consumer complaint that Bank of America violated consumer protection laws and its own internal “code of conduct,” which includes diversity, equity, and inclusion (DEI) standards that touch on religious diversity.
“I am concerned that Bank of America canceled our and our partners’ accounts because it disagrees with our religious views,” Indigenous Ministry founder Steve Happ wrote in the complaint.
In March 2023, Christian author, preacher, and podcaster Lance Wallnau reported that BofA froze his accounts because, he believes, he’s a conservative.
“You won’t believe what just happened to me! My own bank account got frozen by Bank of America for no reason other than being a conservative podcaster. They were investigating conservative bloggers and Christian ministries for ‘money laundering’ while ignoring the real threats in America,” Wallnau wrote on Instagram.
Wallnau reported that “Marxist progressives” in upper middle management BofA were investigating ministries and conservative podcasters to locate money operations run by “insurrectionists.”
“This is the kind of dumbness that worries me,” Wallnau said. “I got my accounts frozen. I had to go through a complete marketing audit explaining every dollar of our ministry’s budget.”
BofA’s actions were illegal, Wallnau argues, who said he only went through with the audit to show “how screwed up the Bank of America is.”
Betraying Americans, Especially Gun Owners
Following the January 6, 2021, protest, BofA worked with the FBI to investigate customers who made purchases with BofA credit and debit cards on and around Jan. 6 and pushed those who had made gun purchases to the top of the list, according to whistleblower testimony in March 2023.
The whistleblower, George Hill, a retired FBI supervisory intelligence analyst, testified before the House Judiciary Committee in February that “Bank of America, with no directive from the FBI, datamined its customer base.”
“They datamined a date range of 5 to 7 January of any BOA customer who used a BOA product. And by ‘BOA product’ I mean a debit card or a credit card. They compiled that list. And then, on the top of that list, they put anyone who had purchased a firearm during any date,” Hill testified.
Hill further alleged that FBI agents in Boston were pressured by agents in Washington, D.C. to investigate over 140 individuals who used buses to attend the January 6 protest. The agents refused, as the FBI did not have any evidence.
The House Judiciary Committee found Hill’s testimony “alarming” and launched an investigation into BofA in May 2023.
“This information appears to have had no individualized nexus to particularized criminal conduct but was rather a data dump of [Bank of America] customers’ transactions over a three-day period. This information undoubtedly included private details about [Bank of America] customers who had nothing at all to do with the events of January 6,” Ohio Rep. Jim Jordan and Kentucky Rep. Thomas Massie wrote.
“Even worse, [Bank of America] specifically provided information about Americans who exercised their Second Amendment right to purchase a firearm,” they continued.
Cutting Ties with the Firearm Industry
BofA has targeted conservatives, Christians, gun owners, private citizens, and charities over the last few years, but in 2018, also decided to part ways with many gun manufacturers.
The bank announced that it would stop lending money to any company that dealt in the manufacture of so-called “assault rifles,” a term used to demonize standard semi-automatic hunting rifles.
BofA made the decision following the Parkland shooting, with vice chair Anne Finucane saying the company no longer wishes to “underwrite or finance military-style firearms.” The only way any of the affected companies could have remained with BofA at the time is if they had chosen to “reduce their portfolios” or simply “do something else.”
At the time, Finucane even hinted at cutting off all business with any gun manufacturers, saying it is “a good public dialogue, but that’s a ways off.”
BofA is following the Left’s statist playbook to a tee as they fold under the pressure of “progressive,” gun-grabbing lawmakers who do not value the principles enshrined in the Constitution.
Big Government Cooperation Leads to Angry Patriots
In the wake of BofA policies that targeted conservatives and Christians, Americans decided to fight back. Customers and concerned citizens began to call for a nationwide boycott of the financial giant after whistleblowers revealed that the company released information to the FBI willingly.
“‘Bye bye, Bank of America’: Outraged customers boycott firm as it’s revealed the bank snooped through HUNDREDS of innocent people’s accounts looking for Capitol rioters – so who else is doing it?” one user posted.
“Time to get out of Bank of America. Boycott them,” said another.
One X (formerly Twitter) user called for BofA to be sued. “The customer should SUE @BankofAmerica unless there was a subpoena involved!” they said.
A few years later, Consumers’ Research, a consumer advocacy group, launched a “Bank of UnAmerica” campaign, accusing the bank of going “full Woke.” The advocacy group alleged that BofA is “using a social score system straight out of China’s playbook,” while also “building a system to track your carbon emissions and monitor your driving.”
Consumers’ Research executive director Will Hild said BofA is on “notice,” further calling out BofA CEO Brian Moynihan for treating the bank like a “political club.” The campaign focuses on the bank’s ESG and DEI initiatives, but also notes that BofA is “coming after your Second Amendment rights.”
Go Woke, Go Broke
BofA has betrayed its customers under a “woke” agenda, but many other banks are trending in the same direction. In 2021, a collection of fifteen state financial officers responded to increases in “corporate wokeism,” saying they would pull $600 billion in assets if the banks did not change course.
The group, led by West Virginia Treasurer Riley Moore (R), promised an “economic boycott.”
“Just as each state represented in this letter is unique in its governing laws and economy, our actions will take different forms,” they wrote in the letter. “However, the overarching objective of our actions will be the same – to protect our states’ economies, jobs, and energy independence from these unwarranted attacks on our critical industries.”
The following states signed off on the effort: Arizona, Arkansas, Idaho, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Utah, Wyoming, Alabama, Texas, Kentucky, and West Virginia.
Financial Freedom Is American
America is a melting pot of culture, ideas, and beliefs that differentiate every single one of us. Despite this, we try to work within a system that fosters freedom and liberty for all Americans regardless of these differences.
If banking giants are disregarding freedom by attacking one area of belief while fostering the other, the American people deserve to know.
In the case of Bank of America, allegations surpass woke investing and enter the realm of religious persecution and constitutional violations. Banks must be held accountable for their actions, especially when their actions pose legal issues and are directed at law-abiding customers.