In March 2013, the Justice Dept revealed it was allowing banks to stop doing business with businesses and persons deemed to be “fraudsters”. However the DOJ is letting the banks define who a “fraudster” by giving a banks a general guideline of what businesses can be considered prone to fraud.
While some of these categories may in fact be illegal or closely related to something illegal, such as escort services, drugs, etc., many are not. Why would surveillance equipment or coin dealers need to be cut off from banking services? Why is ammunition sales being targeted?
While the legislation may have had good intentions at its core, protecting people from fraud, the operation is having disastrous effects.
- Adult entertainer, Teagan Presley, and other adult stars, have had their Chase bank account terminated. This is their personal checking accounts, not a business account, and some of film stars have been out of the business for years. SOURCE SOURCE2
- Online ammunition retailers and gun manufacturers have had their accounts terminated. Examples include Top Gun Firearms Training & Supply in Miami, Black Rifle Armory in Henderson, Nevada, and manufacturer McMillan Group International in Phoenix. SOURCE
- Payday loans also have had their ability to cash checks greatly reduced. At first glance, this seems like something positive. However, outlawing payday loans while not providing a fair alternative, only creates a black market. How long until the mob and cousin Vinney start replacing every payday loan stores? A smarter alternative would simply be to allow people to borrow, at 0% interest, against their tax refund since most low income workers earn a refund anyway. If people still needed more, surely the Federal Reserve would be interested in the 1600% APR; it’s still more honest than the inflation tax that forces minimum wage hikes every few years. SOURCE
If the government can control your financial transactions, it doesn’t need gun control, or drug prohibition, or any other type possession regulation. Controlling your currency, controls you, and is a gross violation of freedom. Freedom comes with the risk of failure, and sometimes you may be a victim of fraud. But allowing the government to regulate every potential fraudulent business violates the precedent of innocent until proven guilty, or even innocent until suspected.
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