Bank of America Closes Account for My Three-Year-Old Child Due to “Crypto”
Tim Enneking (father) is the general manager of the Crypto Asset Management company in San Diego, California .
My daughter is 3 years old. Bank of America (BoA) closes his account due to the “risk profile” hehas on May 4th, and apparently the “connection” to the crypto market.
Please let me explain. The director of my administration manages a hedge fund which naturally belongs to the crypto world. But there is also an important point that the company itself does not trade in crypto money.
This fund has an account on a bank outside of Bank of America, but my company, my wife and me and our daughter have accounts only in Bank of America. This has had some interesting results.
We opened a joint check and accumulation account at Bank of America (La Jolla, CA) with my wife about 4 years ago, before I set up my company. We opened our Uniform Transfers to Minors Act shortly after our daughter was born. We have already given an automatic transfer order of $ 50 each month to collect his college expenses, which we can generally only account for in the account.
No transfers were made except to the BoA account opened by my partner and my partner’s bank account or account. No action was taken on this account, even cinsten, to wake up the slightest doubt about the crypto.
Within April 21 of this year, Bank of America sent 2 days prior to this, and within 30 days, the account was canceled within 21 days.
The management company received 3 warnings like this. (for two bank accounts, one of which is already open, and one for a BoA credit card). (one for each bank account and one for my BoA credit card) In addition, three-year-olds, yes you know, have received the same warning for their own account.
Other than saying that these decisions are “definite and never amendable”, there is no single phrase in the world – no debts, etc. since the day the company that they are linked to was opened. which had no status and which has since fallen below the 6-digit figure as the account balance since then: “Your risk profile is no longer in line with the risk limit of our bank.”
But stop now.
Are you involved in this or are you ever involved?
Just prior to our receipt of these letters, on March 28, the BoA Financial Services Business Control Center sent a Customer Data Form for the Financial Services Authority (MSB) to the company, which contained a number of questions about what the management company did.
All questions except one were related to certain financial transactions (transfers, foreign exchange buying, selling, etc.), “Is your company involved in the digital / virtual / cryptographic currency market?”
We answered yes to such a large question and filled it out according to the questionnaire and sent it back on the same day.
It has not been even a week since that date, and cancellation alerts have begun to come and we are seriously impressed by the speed and determination BoA has shown.
Let’s make a little more detail: the management company does not use crypto money. It is not traded as a stock exchange. He’s not a money man. Its main task is to prepare and process salary pays for the management company’s staff.
But the word “crypto” alone is enough. In the opinion of BoA this is the “fatal sin” category.
Two days after I received notice of the closure of these various accounts, I received a call from a woman who introduced himself as an employee of the Bank of America MSB control center.
He said he was looking for some additional points about some of the answers we gave to the Customer Data Form. When I told him that he was kindly telling us that his company has already irrevocably closed all our accounts, he cautiously replied, “Oh, does this mean you do not want to answer my questions? It fell in the form of.
My hand foot flickering “Will there be a difference? If we answer, is BoA’s chances of not closing our accounts? “The responsibilities of the form” Oh no idea about this. Are you sure BoA has closed all your accounts? If so, we will close your accounts anyway, but if you answer your questions, we will collect the necessary data to complete our records ”
I am so kind of polite, and I am finished talking.
A Completely Compliant Response
Apart from the fact that the left hand did not know the Bank of America’s right hand did, this thoughtless act against all the “crypto” things – and no matter how distantly connected – against the crypto related things seemed a little extreme to me.
My three-year-old daughter has a risk profile that does not match the Bank of America’s risk limit? In this case, BoA should not even be a customer.
Dear official money-focused people: Please do not be so paranoid.
Do not try to kill with a sledge (if you’re going to be a fly treat for crypto assets) with a sledgehammer. Using a fire hose to extinguish a match is clearly a bad move. The crypto-money world is growing at a much faster pace than any other area in the financial sector.
Attention! One day you will need him more than he is for you, and you will be very sorry for your kindness.
In the meantime, the management company, my wife, my daughter and I have set up two new account sets – all of which will happen.
After all these things, I decided what the Bank of America’s slogan should be:
“Ready, fire, aim!”