Important Takeaways:

• ‘Debanking’ row breaks out after Bank of America shuts down account for ultra-conservative Christian charity that serves impoverished Ugandans
• Memphis-based non-profit Indigenous Advance Ministries has filed a complaint to the Tennessee Attorney-General’s office over concerns its accounts were closed because the bank disagrees with its ‘religious views.’
• The organization – which claims to have had a banking relationship with BofA since 2015 – purports pro-life and anti-same sex relationship values on its website.
• BofA firmly denies it ‘debanked’ the body over these views, telling DailyMail.com that ‘religious beliefs are not a factor in any account-closing decision.’
• But campaigners are calling for greater transparency over how firms decide which accounts to shut down, adding cases of ‘political and religious ‘debanking’ appear to be on the rise.’
• On April 24 this year, it was sent a letter by the bank advising that its accounts were being shut down within 30 days.
• Associated accounts belonging to partner entity Indigenous Advance Customer Center and a church operating at the same address – Servants of Christ Community dba University House of Prayer – were also closed.
• The correspondence from BofA stated: ‘Upon review of your accounts, we have determined you’re operating in a business type we have chosen not to service at Bank of America.’
• Representatives for Indigenous said they ‘repeatedly’ asked for an explanation about the closure.
• On May 24, the organization was sent a follow-up letter that stated its ‘risk profile no longer aligns with the bank’s risk tolerance.’
• At the time, Indigenous said it had $270,000 in its deposit account.
• The charity works with Ugandan ministries to provide support for orphaned and vulnerable children and prisoners in the African country.

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