BusinessTrump order would punish banks that discriminate against conservatives

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00:00Banks can shut down your account, often without warning or explanation.

00:04But what is debanking, and how often does it actually happen?

00:07President Trump is reportedly drafting an executive order to punish banks for debanking people based on their political or religious ideologies.

00:14Debanking is when a bank refuses to do business with you so they shut down your account.

00:18Banks say it's about risk, legal, financial, or reputational.

00:21However, critics argue that sometimes it's a matter of politics.

00:24But how often does debanking actually happen?

00:26In recent years, Americans have filed hundreds to thousands of complaints about random account closures,

00:31with major banks like JPMorgan, Bank of America, Citi, and Wells Fargo being named in more than half of the filings.

00:36And while exact reasons or numbers on total debankings aren't publicly tracked,

00:40this leads many to believe that this is a growing trend in banking.

00:43In a statement, Yahoo Finance reporter David Hollerith told Straight Arrow News,

00:47"...banks are private businesses. They are prohibited from discrimination in lending on the basis of race or gender,

00:52but are generally allowed to deny customers deemed too risky."

00:55But what the banks have been pretty clear on is saying they never deny customer services for political reasons.

01:00So, is debanking a threat to everyday Americans? Does Trump's executive order have legs?

01:05Let us know in the comments, and if you like what we do here, give us a follow and visit us at san.com for more.