Hi John,
In the past few weeks, we’ve highlighted the daily struggles Iranian Americans face in the U.S. due to discriminatory legislation and prejudiced policies. Today, we’re concluding our research with a closer look at what it means to bank in the U.S. while Iranian.
For years, Iranian Americans and Iranian nationals have suffered through unjustified bank account closures, freezes, and blocked purchases - leaving them with no access to their legally obtained finances.
In our memo “Ending Discriminatory Bank Account Closures,” [[link removed]] from July, we examined the struggles of Iranian Americans stuck at the mercy of their banking institutions.
Under the Patriot Act and various U.S. sanctions, banks must ensure they are neither servicing sanctioned individuals nor allowing individuals in Iran to bank. These U.S. sanctions targeting Iran do not prohibit U.S. financial institutions from holding accounts on behalf of customers of Iranian origin, but rather from servicing “Iranian accounts.”
This policy impacts Iranian American folks traveling to Iran who simply want to access money in their American banks, leaving them unable to check their account to pay a bill or check on a statement. These are basic functions everyone should be able to complete, regardless of their heritage.
Iranian Americans and Iranian nationals live in fear of bank account closures, blocked payments, or frozen accounts.
We’ve heard directly from folks impacted by these biased policies. Here are just a few of their experiences:
*
One
U.S.
citizen
had
an
account
frozen
by
Bank
of
America.
They
were
going
to
use
that
account
for
a
down
payment
on
a
home
but
it
was
frozen
in
spite
of
the
fact
that
they
had
not
been
to
Iran
in
two
decades,
and
had
already
sent
official
documentation
to
the
bank
to
confirm
their
U.S.
citizenship.
*
*
An
Iranian
national
studying
at
a
U.S.
university
had
their
account
at
Bank
of
America
closed,
where
the
individual
had
put
all
of
their
savings
while
in
America.
To
add
insult
to
injury,
the
bank
reportedly
sent
the
funds
to
the
individual
by
check,
which
was
lost
in
the
mail,
and
added
further
delay
and
hardship.
*
*
Two
U.S.
citizens
had
their
accounts
with
Bank
of
America
blocked
multiple
times
with
no
prior
notice.
Their
credit
card
was
closed
with
no
notice
and
they
were
told
by
their
local
bank
branch
that
the
bank
“can’t
provide
any
information”
regarding
the
reasons
for
the
closure
and
that
they
are
regarded
as
“high
risk”
customers.
Later,
Bank
of
America
closed
their
checking
and
savings
accounts,
while
Merrill
Edge
–
a
Bank
of
America
company
–
closed
their
retirement
account
with
only
one-day
notice.
These are just a few of the many injustices Iranian Americans and Iranian nationals have endured under harsh and discriminatory sanctions.
We won’t stand idly by while our community is targeted and left without access to their finances. That’s why we have contacted financial institutions that repeatedly discriminate against Iranians. We also support the current class action lawsuit against Bank of America. This lawsuit is a crucial first step in holding financial institutions accountable for their discriminatory practices made under the guise of sanctions compliance.
Join us on Thursday, September 8 for our panel discussion Protecting Against Discriminatory Bank Account Closures from 1 - 2 pm ET. RSVP now. [[link removed]]
RSVP NOW [[link removed]]
Thank you,
Ryan Costello Policy Director, NIAC[[link removed]] P.S. To safeguard Iranian Americans, Arab Americans, and others impacted by financial discrimination, we’ve compiled a few steps to consider. [[link removed]] Support our work [[link removed]]