According to a report by the Christian Post, an American, non-partisan faith-based organization recently had its account closed by Chase Bank with no explanation.
National Committee for Religious Freedom (NCRF), which was started by the America’s former ambassador for religious freedom Sam Brownback, had opened their bank account at Chase in April.
However, on May 6th, when a member of the committee tried to deposit some money into the organization’s account, he was told it was closed.
The Chase employee could provide no reason for the closure other than stating it was made at the corporate level.
NCRF Executive Director, Justin Murf, alleges that Chase’s decision to close the account may have been politically motivated.
The Christian Post provides more details:
After looking further into the issue, a representative from the Chase executive office identified only as “Chi-Chi” contacted Murff and explained that it might be possible to continue the business relationship if NCRF could provide some further details about the nonprofit’s political activities.
Murff told CP that included providing a list of donors who have given more than 10% of NCRF’s operating budget, a list of candidates NCRF intends to support and the criteria which NCRF uses to decide whom it supports politically.
If NCRF could provide those to Chase, Murff said he was told the bank “could potentially consider reopening the account.”
Fortunately, NCRF was able to open an account at another bank, but not before it caused a major disruption to the group’s financial activities.
As previously reported, another major financial organization, PayPal was planning to fine users $2,500 if they posted any information that it considered to be misinformation.
However, there were concerns that this would ultimately include anything that PayPal disagreed with. According to the Acceptable Use Policies (AUP), obtained by the Daily Wire, the decision to remove money from the person or individual’s account was to be done at the sole discretion of PayPal.
After the Daily Wire released its story, PayPal published a statement stating it had all been one big mistake, but this fell short of explaining how this policy had gotten into writing in the first place.
The new AUP policies were to be implemented on Nov 3, 2022.
The news resulted in conservative organizations cancelling their PayPal accounts and withdrawing their money, resulting in a 6% drop in the value of its stock. READ: PayPal Reverses Plan To Fine Users $2,500 For ‘Misinformation’ After Daily Wire Report AND Paypal falls after weekend blowback over misinformation policy that would have fined users $2,500
Note: In addition to fees, the interest collected on money PayPal holds for customers is a major source of its income.
Even PayPal’s former president, David Marcus, was critical of the AUP: