“Closing bank accounts on the basis of national origin or heritage is discriminatory,” said Jamal Abdi, NIAC Vice President for Policy. “If Bank of America is unable to comply with the myriad of U.S. sanctions on Iran without discriminating against persons of Iranian heritage, it needs to take that up with the U.S. government instead of passing the burden onto ordinary people.”
NIAC has received numerous inquiries and complaints from Iranian visa holders and permanent residents, as well U.S. citizens of Iranian descent, regarding closures of their bank accounts by Bank of America. In one case, and individual was unable to access their own funds when they needed to pay for medical expenses for their pregnant spouse. In other cases, Bank of America has closed accounts and sent reimbursement checks that have been lost in the mail.
“As tensions rise between the U.S. and Iran, we are concerned that ordinary Iranians and Iranian Americans will be caught in the middle,” said Abdi. “ We cannot allow entities like Bank of America to protect themselves at the expense of the rights and protections of their customers.”
Following the discriminatory measures taken by Bank of America in the wrongful closing and seizure of bank accounts belonging to Iranian Americans, NIAC delivered a letter to Bank of America CEO, Brian T. Moynihan, voicing the concerns of the Iranian-American community. NIAC had previously been in contact with Bank of America over related concerns in 2014 and received only perfunctory responses and no willingness by Bank of America to review or adjust its policies.
NIAC has addressed similar concerns with several banks and businesses that have engaged in discriminatory practices in the name of complying with U.S. sanctions on Iran, including other major banks and large corporations like Apple. In some cases, NIAC was able to help facilitate policy changes by the business, in other cases NIAC was able to secure necessary adjustments to U.S. sanctions policies.
NIAC is open to working with Bank of America to ensure that the rights of its customers are protected. NIAC will continue to to protect against violations of civil liberties targeting the Iranian-American community and ensure that all possible avenues for resolving such violations are pursued.