End Banking Discrimination
Has your bank closed your account without notice or due to your heritage? Your story could help end this shameful practice.
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For years, Iranian Americans, Iranian nationals and other minority groups have been discriminated against by U.S. financial institutions. Several regulations, including sweeping U.S sanctions against Iran, have led to no-notice bank account freezes and even closures, causing immense disruption to lives solely on the basis of their national heritage.
NIAC hosted civil rights and sanctions experts to discuss the causes of bank closures that target Iranian Americans and what legal and policy changes can prevent banking discrimination.
Updates >>
Representative Ilhan Omar (D-MN) and Senator Elizabeth Warren (D-MA) Lead Against Banking Discrimination
For years, Iranian Americans, Iranian nationals and other minority groups have been discriminated against by U.S. financial institutions who close or restrict their accounts with
Sanctions Are More Important Than Your Civil Rights
By Jamal Abdi Iranian Americans who have had their bank accounts closed or who have been subjected to invasive and persistent questioning by their banks
Judge Sides with Bank of America Against Discrimination Lawsuit
San Diego, California – The Southern District Court of California issued a sweeping ruling in favor of Bank of America in the ground-breaking class action
Bank of America is being sued for discriminating against Iranians
The case, Nia v. Bank of America, could have a significant impact on efforts to safeguard civil rights and equitable financial access for Iranian Americans. NIAC, which has consulted the plaintiff’s legal team and worked to combat the issue of banks closing the accounts of Iranian Americans.
NIAC Letter to Chase Bank on Account Access Denial to Iranian Student
On September 1st, 2023, NIAC President Jamal Abdi sent a letter addressed to JPMorgan Chase & Co CEO Jamie Dimon to flag a concern regarding
Congress to Biden: Halt Bank Discrimination Against Iranians
Sen. Elizabeth Warren (D-MA) and Rep. Ilhan Omar (D-MN) sent a letter signed by 22 lawmakers to the White House regarding the closure of American citizens’ and permanent residents’ bank accounts on the basis of their national origin. National Iranian American Council Action was proud to endorse this letter as part of our years-long efforts to educate policymakers about the damage caused by discriminatory account closures.
Expert Panel on Ending Discriminatory Bank Account Closures
“In some cases, it is [based on] nothing, it’s basically their name, they’ve done everything correctly. They weren’t sent anything and their account was closed,”
Memo: Ending Discriminatory Bank Account Closures
For years, Iranian Americans, Iranian nationals and other minority groups have been discriminated against by U.S. financial institutions. Several regulations, including sweeping U.S sanctions against
NIAC Continues to Engage PayPal and Venmo on Community’s Concerns with Account Freezes
The pervasive effect of sanctions is evident in everyday life for Iranian Americans. Stories of account freezes and bank account closures for Iranian Americans have proven all too common. One of the financial institutions responsible for many of the complaints from our members is Venmo, which routinely reviews transactions involving words with connections to sanctioned states. It is often a painful reminder of how our community has been vilified in the United States that simply using certain words associated with Iran in a transaction description could be flagged for further review or cause accounts to be frozen.
NIAC Sends Letter to Venmo and PayPal After Discriminatory Account Freezes
We write to outline our concern that Venmo and its parent company Paypal, Inc. have engaged in actions toward account holders with Iranian heritage that many in our community perceive as discrimination against their national origin or heritage. This includes freezing transactions and accounts for simple transactions involving keywords like “Iranian” or “Persian.” Additionally, we have received increasing reports that Venmo has been messaging Iranian Americans asking them to verify their identity, including by requesting copies of a government-issued ID. For those who fail to provide the information, their accounts are closed.
Forbes: Bank Of America Accused Of Discrimination Against Iranian Americans
The bank’s actions have stunned and alarmed customers of Iranian descent, according to Jamal Abdi, executive director of NIAC Action. “To be honest, it feels like a personal attack on all of us,” Abdi said.
NIAC Sends Letter to Bank of America Demanding Immediate End to Bank Account Closures
Washington, D.C. — Today, the National Iranian American Council (NIAC) delivered a letter to Bank of America CEO, Brian T. Moynihan, concerning the alarming amount of customers of Iranian descent that have contacted NIAC because they have had their bank accounts suspended or closed, and funds wrongfully withheld, without any advance notice or recourse.
NIAC and PayPal Take Steps to Address Payment Concerns Within Venmo
The National Iranian American Council (“NIAC”) and PayPal Inc. issued the following joint statement regarding certain difficulties Iranian Americans were having using Venmo during the Persian New Year:
During the recent Persian New Year (“Norooz”), some Iranian Americans ran into difficulties while trying to send certain payments within Venmo, a peer-to-peer mobile payment service. Specifically, the use of specific keywords in the payment message – such as “Persian” and “Iran” – were triggering a compliance review by Venmo to ensure that the payments were not in violation of U.S. sanctions regarding Iran. These reviews delayed the processing of payments and required Venmo’s inquiries into the purpose of the payment.
Update on Account Closures at Bank of America
Bank of America has issued a response to NIAC’s request for the bank to stop closing accounts of Iranians located in the US. In its letter, Bank of America states that Iranian accounts are being terminated in order to uphold the bank’s “due diligence” obligations under US sanctions law.
NIAC Urges Bank of America to Halt Iranian Account Closures
NIAC expresses serious concern over the recent string of bank account closures at Bank of America that target Iranians and Iranian-Americans and urges Bank of America to halt all further account closures.