I'm surprised by the action, not so much the amount. Banks can borrow as much as they want from the Fed for basically free. But the fact a bank to cancel a customer's deposit account based on politics? I'm sure they have plenty of customers with felony convictions, but again, that's none of their business.
If it happened as the headline suggests, it's a big deal. This would only happen with consent of the board and expected consent of the regulators and auditors. Former banking manager in exactly this department. It's the bank jumping the shark, but the headline might be more Bloomberg than realityville.
Lol 5.3mil is chump change, I don't think this is as big of a move as people are making it out to be.
I'm surprised by the action, not so much the amount. Banks can borrow as much as they want from the Fed for basically free. But the fact a bank to cancel a customer's deposit account based on politics? I'm sure they have plenty of customers with felony convictions, but again, that's none of their business.
If it happened as the headline suggests, it's a big deal. This would only happen with consent of the board and expected consent of the regulators and auditors. Former banking manager in exactly this department. It's the bank jumping the shark, but the headline might be more Bloomberg than realityville.