Now the banks are after Mike Lindell

[Thomas Veil]

Mike Lindell Claims Banks Want to Cut Ties With Him Over 'Reputation Risk'

The MyPillow founder said that he told one bank, "You're going to have to throw me out."

www.newsweek.com

Frankly, this one wouldn't surprise me if it's true.

During a Friday episode of right-wing political strategist Steve Bannon's War Roompodcast, Lindell claimed that Heartland Financial and Minnesota Bank and Trust are attempting to "de-bank" him over concerns that they could face fallout related to having him as a client. During the podcast, Bannon and Lindell played an audio recording that they said was a call with a bank official.

"Just because of our organization saying, 'Well, why are we connected with somebody that could be in the news.' And, not that the FBI is even sniffing and looking, but what if somebody came in and said, 'You know what, we are gonna subpoena all his account records...and then also we make the news,'" the person in the recording said. "So it's more of a reputation risk."

This pretty much reminds me of when Fox and Newsmax stopped having this guy on their networks because they didn't want to be associated with any of the Dominion lawsuits against him.

 

[SuperMatt]

Mike Lindell Claims Banks Want to Cut Ties With Him Over 'Reputation Risk'

The MyPillow founder said that he told one bank, "You're going to have to throw me out."

www.newsweek.com

Frankly, this one wouldn't surprise me if it's true.




This pretty much reminds me of when Fox and Newsmax stopped having this guy on their networks because they didn't want to be associated with any of the Dominion lawsuits against him.

This is deserved by Mr. MyPillow… but it makes me wonder. Can a bank kick out any account holder for any reason?

 

[Edd]

This is deserved by Mr. MyPillow… but it makes me wonder. Can a bank kick out any account holder for any reason?

Same question. He’s not a protected class, but… This is different than being kicked off Twitter.

 

[lizkat]

Same question. He’s not a protected class, but… This is different than being kicked off Twitter.

Banks do have detailed "know your customer" regulations... but this gig, if real, sounds like lawyer heaven, deep in the weeds of whatever the fine print is on those rules.

 

[thekev]

This is deserved by Mr. MyPillow… but it makes me wonder. Can a bank kick out any account holder for any reason?

Banks actually can deny you an account. If something is flagged on chexsystems or similar, they may deny you a checking account. A lot of stuff that you may think of as necessary to function in society is actually provided voluntarily. Think of health insurance prior to the exchanges.

 

[Thomas Veil]

This is deserved by Mr. MyPillow… but it makes me wonder. Can a bank kick out any account holder for any reason?

Well, if you recall a number of banks have already told Individual 1 that they don't want his business anymore. So I'm guessing yeah.

 

[lizkat]

Well, if you recall a number of banks have already told Individual 1 that they don't want his business anymore. So I'm guessing yeah.

The KYC and AML ("know your customer" and anti-money-laundering) regulations are all about reducing risk to the bank. So they're required to know a lot about the nature of the businesses and transactions of an account holder, including info on whether the customer tries to shield identify of the actual beneficiary of transactions.

The last thing a bank wants to discover --at least on the front page of some newspaper-- is that it has made a hundred million dollar loan to a drug kingpin or provided assistance to terrorists in arranging wire transfers. Risk includes reputational risk...

The details are pretty much out there in the weeds... and there are a lot of them.

Regulations

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

 

[Huntn]

This is deserved by Mr. MyPillow… but it makes me wonder. Can a bank kick out any account holder for any reason?

One year the grandkids wanted MyPillow… they suck and were overpriced, only were used for a few months. Now if you want the best pillow ever, look for shredded latex pillows, are expensive too but worth it,