"Given the large number of non-profits we serve that are affiliated with religious organizations, it’s absurd to think religious beliefs are a factor in any account closing decision," a Bank of America spokesperson told Fox News Digital. "Very simply, they are not." (AP2013)
In one example highlighted by Ball and the other 14 officials, in April 2023, Bank of America shut down the bank account belonging to Indigenous Advance Ministries, a Christian charitable organization that assists at-risk children, prisoners and sex trafficking victims in Uganda. The bank further closed the accounts of a Memphis, Tenn., church that donated to that group.
Bank of America explained the action was taken because of the group's "business type" and that its activities exceeded the "bank’s risk tolerance." After repeated requests for clarification from Indigenous Advance Ministries, Bank of America claimed the accounts were closed because a business affiliated with the group engaged in debt collection, The Christian Post newspaper reported.
GOP AGS PUT A MAJOR US BANK ON NOTICE FOR ALLEGED 'DE-BANKING' OF CONSERVATIVES
According to the letter, in a similar action last year, Bank of America closed the account of Timothy Two Project International, which trains pastors in more than 65 countries. The bank reportedly informed Timothy Two Project International that it was "operating a business type we have chosen not to service."
And three years prior, Bank of America reportedly froze the accounts of Christian author and preacher Lance Wallnau for allegedly laundering money. It then unfroze his account after asking him "invasive" questions about his activities, the state officers wrote.
Kentucky State Auditor Allison Ball is pictured at the Kentucky State Capitol on Jan. 2, 2024. (AP Photo/Timothy D. Easley, File)
And the letter pointed to Bank of America's low ranking on the Viewpoint Diversity Score Business Index, a benchmark measuring corporate respect for free speech and freedom of religion. The index found that Bank of America partners with left-wing groups like the Human Rights Campaign and the Center for American Progress when it comes to its gift-matching program, but leaves out faith-based groups, instead citing its support for "homeless shelters, soup kitchens or other social service needs."
"This pattern of internal political and religious bias at Bank of America poses risks for public funds invested in the company as well as for the millions of individuals, businesses, and nonprofits who rely on its services," the letter to Moynihan stated. "Bank of America’s de-banking policies and practices improperly subordinate financial well-being to other factors and place the company’s business interests at risk."
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The letter concluded by asking Bank of America to take a number of good faith steps to address the concerns, including eliminating viewpoint discrimination and exiting the Net-Zero Banking Alliance.
"Financial institutions like Bank of America should not be allowed to restrict Americans' access to capital based solely on their political or religious views. SFOF will continue to work with our members to fight for financial sanity, free of political agendas," said State Financial Officers Foundation CEO Derek Kreifels.
Thomas Catenacci is a politics writer for Fox News Digital.
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