After being asked to take our small business account somewhere by VNB, Chase and Wachovia, BofA accepted our small all check deposits checking account. Our mutually beneficial banking relationship lasted until December, 2005.
Today, most major bank in NJ do not accept accounts from small money remittance like me. Not Citi, PNC,North Fork,BofNY...
This news article in Business World Online do not explain why BofA close all their money remittance accounts except maybe Western Union.
Bank of America settles money-laundering probe
New York -- Bank of America Corp., the no. 2 US bank, has agreed after years of investigation to pay $7.5 million to settle charges that it had failed to prevent money laundering, the Manhattan District Attorney’s Office said on Wednesday.
Bank of America failed to detect that Brazilian companies were using a money transfer business’ bank account to launder money, Manhattan District Attorney Robert Morgenthau said in a statement.
This add misery to our small money remittance business on top of Western Union fines in Arizona.