The bank scored a ‘meager 8 percent’ in the Viewpoint Diversity Score Business Index, revealing institutional disregard for free speech.
A group of 15 financial officials from 13 states sent a notice to Bank of America, raising concerns about the institution’s “de-banking” of Christians.
“We write to express our concerns over Bank of America’s troubling track record of politicized de-banking. Bank of America’s de-banking policies and practices threaten the company’s financial health, its reputation with customers, our nation’s economy, and the civil liberties of everyday Americans,” the officials wrote in an April 18 letter to Bank of America CEO Brian Moynihan.
“We are especially troubled by Bank of America’s track record of discriminating against religious ministries. Notable examples include Memphis-based charity Indigenous Advance Ministries, the Timothy Two Project, and Christian author and speaker Lance Wallnau.”
The letter was written by officials from Alabama, Arizona, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Nebraska, Nevada, North Dakota, Oklahoma, South Carolina, and Utah.
In April 2023, Bank of America shut down the account of Indigenous Advance Ministries, which partners with groups in the African nation of Uganda to provide care and education for orphaned and at-risk children. The bank closed accounts of a Memphis church that donated to the organization.
Bank of America provided “vague reasons” for the closure of these accounts, claiming that the organization’s activities exceeded the institution’s “risk tolerance” and that it no longer wanted to serve its “business type.”
“Months later—after being confronted by an international media organization—the bank then claimed that it closed the accounts because the for-profit business engaged in ‘debt collection.’ Neither Indigenous Advance Ministries nor the church collect debts, nor was the bank able to point to any policy prohibiting account holders from engaging in such activities,” the letter reads.
“In other words that rationale was a ruse, and even if legitimate, would only apply to one of the closed accounts.”
In 2020, the bank closed the account of Timothy Two Project International, which trains pastors in more than 65 nations. In a letter to the group, the bank claimed that the closure was due to Timothy Two’s operating “a business type” that the bank has “chosen not to service.”
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