Bank of America Closes Roelof Botha’s Bank Account
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> Paypal closed my business account, and kept $5000 for 6 months. No explanation, no one to discuss with.
Some of the Twitter responses make this sound like poetic justice.
I have very little sympathy for anyone behind Paypal, even past founders, having their accounts frozen now. I should be better, but I just don't have that kind of charity in me at the moment.
May you reap what you sow.
Lowest ranked banks: Wells Fargo, Bank of America, HSBC, First National, Citibank, Chase
It's not really surprising for the second lowest ranked bank to close accounts without warning.
By US law you can’t tell the customer that you’re closing their account because you thought it was “suspicious.” You just do it and then submit a Suspicious Activity Report (SAR) to FinCEN.
I can see how a high net worth individual could have account activity that looks like money laundering, but given his long history with the bank would be surprised if this decision was made automatically or by some junior analyst. It must have been escalated to someone senior, and they must have known who he was and still made the decision.