Forum Moderators: open
repeated conversations with Citibank staff in which he says they told him about a review process that found the content of his site was not in compliance with the bank’s policies.
Two days later he received a call from the branch manager, who explained that Citibank couldn’t open the account. The nature of the business could be embarrassing to the bank, the manager explained.
What might you post on your site that could have your bank close your account?
kinda funny a 1 page underwear site can make front page news.
I respect the fact that a bank has the right to choose who it does business with, particularly when it comes to housing money that may come from gambling sites, x-rated, etc.
[edited by: incrediBILL at 8:35 pm (utc) on Mar 1, 2010]
They stated they had found far too many were underwriting risky and ongoing business ventures that eventually cost the banks substantial amounts of money.
[edited by: incrediBILL at 8:41 pm (utc) on Mar 1, 2010]
Could you imagine it happens to you?
Actually after reading the post it was "said" due to not completed paper work the account was blocked, not ever closed.
On Friday evening we finally learned what actually happened! It turns out that a compliance officer at Citibank did a review of the fabulis website and blog and marked it as #*$!
Banks are required by law to conduct due diligence and understand the nature of business accounts. For Internet business accounts, we have made it clearer to our bankers what the due diligence process entails. For example, we will continue to reserve the right to decline or suspend an account if we find illegal or discriminatory content, or if the site involves gambling or #*$!ography. Beyond that specific due diligence, however, we do not monitor or evaluate our customers' web content.
I consider a bank a business partner. I respect the fact that a bank has the right to choose who it does business with, particularly when it comes to housing money that may come from gambling sites, x-rated, etc.
Banks are required by law to conduct due diligence and understand the nature of business accounts.
you actually sign a declaration that your company does not deal in weapons, alcohol, tobacco or various products or services they class as unethical.
The NSSF reports that Citicorp’s Merchant Services Division is refusing to process gun-related customer credit-card sales.
The NSSF reports that Citicorp�s Merchant Services Division is refusing to process gun-related customer credit-card sales
That sounds like a PR move, if someone shoots somebody and paid for it with their credit card there might be bad publicity involved.
Maybe they should just change their name to CensorBank so we know upfront what to expect.
I consider a bank a business partner. I respect the fact that a bank has the right to choose who it does business with, particularly when it comes to housing money that may come from gambling sites, x-rated, etc
