Minnesota Bank and Trust moves to CANCEL Mike Lindell's Accounts

a reply to: LoneCloudHopper2

Banks are urged by federal law enforcement agencies and regulators to close questionable accounts -- or else risk getting hit with penalties. So they often end up shutting accounts even when a customer isn't doing anything explicitly illegal.

If a customer is merely involved in an industry considered high risk or engaged in an unpopular or "unsavory" line of work, a bank may deem it safer to cut off the relationship, according to Robert Rowe, senior counsel at the American Bankers Association, which represents the nation's largest banks.

money.cnn.com...

On why your bank can break up with you.
People who constantly overdraw, or are involved in fraud or who don't pay their credit cards are the easy one this article notes but its the other activities that might get you tossed that are interesting.
Apparently the banks reputation plays a big part.
Understandable since banks rely on public trust.

Bottom line is

What it all comes down to is that your bank reserves the right to shut your account at any time, for any reason

Who knew?

a reply to: nugget1
Those are the restrictions that were in effect when this thing first hit the US. We even had long lines at Lowes going into the store in limited numbers. No paper products or cleansers. It was scary crazy for a bit. I can't remember when they relaxed that. Not too long IIRC.

So Wow, they're back to that? Hope that trend doesn't spread.

a reply to: NoCorruptionAllowed

His reputation now with Dominion suing him and his name all over the news and never flattering makes him an undesirable customer in their eyes.
Apparently its like a marriage with a prenup saying they can divorce you for any reason.

a reply to: scraedtosleep

Actually they don't if they are FDIC insured.

a reply to: worldstarcountry

Uh uh not me. Without auto deposit, online banking and bill pay I'd be up the you know what creek.
I mean what are we talking about here?
Pay bills with cash in person? There goes half my month and my fuel budget with it.
Cash at the pump means you're going inside every time you gas up.
Carry enough cash for groceries on your person? Hmmm IDK.
Plus I'd lose a part of my social security if I have to cash my check at one of those check cashing places that charge a fee instead of having it auto deposited.
Nope ain't gonna do it. No way.
I'm too set in my very convenient ways thank you very much lol.

a reply to: JIMC5499

Actually I don't think one has anything to do with the other.
Banks do it all the time.

But here if you want to read up on it and see if its in there are the regulations for banks to be FDIC insured.

www.fdic.gov...

Its lengthy with many many categories.
I did see in my search that its about a three year process for a bank to be included.

a reply to: Karen657

You may be right. I do remember in the 90's that the anti-abortion groups tried to put pressure on banks to not provide services to Doctors and organizations that were providing abortions. The banks that went along were stopped by the Courts. The reason given was that since they were insured by taxpayer dollars (FDIC) they were a semi-public entity and couldn't deny services because there were no laws being broken.

a reply to: RazorV66

It's not that simple. Often times with large accounts like that you have automated payroll and accounting systems that utilize those account numbers and access codes.

Switching them can cause delays in accounts billable and added costs of reprogramming proprietary software that can hamstring a business.

I was a software development director for an auto dealership group.

If we had lost our accounts through b of a it would've been disastrous.

We didn't have the means to really and easily automate new software to handle a new processing system at a different bank.

Jaden