Ethnic Accounts Closure Is Racist?

More than 100 people from ethnic minorities have told the BBC their bank accounts have been closed without explanation.

Banks say they are under an obligation to close accounts if they suspect money laundering.

Rushanara Ali, MP for Bethnal Green & Bow, says any broad patterns showing discrimination should be investigated.

But the British Bankers Association says its members do not discriminate on the basis of ethnicity.

Sameer recently got married in Pakistan and relatives in the UK paid several thousand pounds into his account as a wedding present.

He believes those payments are the reason his TSB account has been closed, as he told Radio 4's Money Box programme: "It was £5,000 to £6,000. After three days I tried to take some cash out and the machine swallowed my card.

"I received a letter after two days saying they were going to close my account in 60 days. I explained everything but they said that wasn't good enough. I didn't hear anything about white people's accounts being closed. So far I've heard about people whose background is Asian."

I wonder if this is only Asian accounts? I would have thought that computers would flag unusual money movements rather than being scanned by people - anyone ever worked in the banking industry?

Either way, it's a shame that whoever or whatever is flagging suspect accounts doesn't manage to flag the accounts of tax dodgers who apparently earn a pittance and yet live the life of Riley...


http://www.bbc.co.uk/news/business-24285885

Re: Ethnic Accounts Closure Is Racist?

I think it may just be they are as you say tracking unusual activity rather than being racist. We had an account limited a few weeks ago because they couldn't work out where the money was coming from. We just explained ourselves and proved it was legally there and they reopened it straight away.

Any cash is very closely watched these days.

Re: Ethnic Accounts Closure Is Racist?

Dont think its discrimination Kal - there are vast numbers of Asians with accounts .... I'm shocked when in docus you learn just how prevalent money laundering and hacking of accounts are - truly astounding !

Re: Ethnic Accounts Closure Is Racist?

We have also had accounts supended because of money coming in from abroad (hubby works freelance all over the world) you just have to prove via your accountant where it came from and that your paying tax on it and the bank was freed up again... I know of many people in my husband line of work have had the same thing happen to them.Its just the crack down by banks now ... Some people will bleet about any thing to get on the news Im cornish do you think I thought my bank was racist ???