Posted on 09/30/2014 9:00:55 AM PDT by justlittleoleme
Larry and Linda Gray were surprised to get the letters from their bank asking for additional information about their financial affairs. They were offended when they saw what information was requested.
So, they went to see their local BofA branch, toting the letter with them. The Assistant Manager Lucas Flood said he had not ever seen a letter like this, but after he made a few phone calls, he told the Grays that yes, it was legitimate.
The accompanying letter explains, "Due to the prominent nature of your occupation or position held currently or in the past, we now require identification and validation of your Source of Wealth. This can include, but is not limited to, employment income, investments, sale of real estate, inheritance, sale of shares/assets, alimony/divorce settlements, gearing/loans, with corresponding documentation such as a Tax Return, Bill of Sale, or letter from Attorney."
The letter states that the information is needed from Linda by 10/15/2014 and from Larry by 10/20/2014. "If we don't receive the required information by the above date, it will result in the closure of your account(s)... All information requested on the attached form is required to avoid interruption or closure of your banking services. Please note that if you don't provide the required information by the date listed above, we'll consider it a request from you to close your accounts."
Linda Gray, who is a former Arizona State Senator, states, "I want to know specifically why our names were selected. I have heard from 3 other former Republican senators that they also have receive a similar letter. What other Republicans in Arizona or other states have received this notice? Have Democrats received a similar letter? Were we targeted because of our conservative voting record?"
(Excerpt) Read more at prescottenews.com ...
Time to change banks.
If I ever get a letter like that from my bank, expect every dime to be withdrawn from every account there within 24 hours.
Anyone who does business with a bank is an idiot. Credit unions are the way to go, no fees for anything, ever, period.
“Linda asked if the letters had been sent to Democrats as well as Republicans. According to Linda, Cockrell didn’t answer.”
You have got to be kidding me — This is BS!
That was my first thought. I'd give them 24 hours notice to cut me a check and withdrawl ALL funds and close the accounts myself.
This might be #37 in a series of reasons why not to do business with BofA, in particular.
That letter, signed by Kieth Cockrell, COO of Bank of America Retail, Preferred and Small Business Banking, read as follows:
"I’m writing to follow up on a letter you received recently, requesting additional information about your account. Please disregard that letter. If we need any additional information, we will contact you by phone.
"We apologize for any inconvenience that request may have caused.
This clears a few things up. Apparently, as suggested in our knee jerk reactions, the customers are pulling their money and closing accounts when they receive these letters. B of A subsequently sends them a notice, "just kidding."
BoA is evil...we banked with them for a short while...they made our lives hell through fees and other wicked tactics.
Left them for our local CU and have never been happier...
WRONG, It is time for the LEGISLATURE to REVOKE their Corporate Charter and send them packing.
Operation “Choke Point”?
Or a continuation of the IRS targeting?
I hope Bank of Amigos got Juan ‘Cheap Lettuce’ McCain’s.
Bank of America is one of the four “Money Center Banks (MCB)” (CitiGroup, JPMorgan Chase & Wells Fargo) in the United States. As such, it and the others do far more business with governments, international trade and foreign central banks and foreign MCBs. So interactions with individuals comes in last except when they are following governmental decrees as this appears to be.
By their size and operation, they are almost the definition of Crony Crapitalism and is it not interesting that after all of the attacks made by Candidate Obama in 2008 and 2012 on Wall Street and “Big Banks” no one has ever gone to jail or been individually fined from these MCBs? Instead, Executive Branch and Legislators have happily gone from government to bank and vice-versa, just like the Bush Administration that he attacked!
They can hold your funds for several days if they choose. I think it’s 10 days.
B of A should feel the pain on this, I already boycott them, my landlord wanted me to pay rent by depositing directly to his B of A account.
I told him I will send you check, take it wherever you like, I don’t do business with B of A, he said he understood and was considering changing banks himself.
BofA was one of the BIG recruiters of Illegal Immigrants having accounts/credit. Where does their wealth come from?
indeed! i would close the account myself...
"That was my first thought. I'd give them 24 hours notice to cut me a check and withdrawal ALL funds and close the accounts myself."
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Maybe they would be haunted by a new bank with similar request.
Who's really after them in the first place.....
Nothing but an illegal shakedown. I’d close that account with the press in tow to broadcast it.
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