Bank of America Is Closing My Three-Year-Old's Account Over Crypto

Bank of America is closing her bank account on May 4 because of her "Risk profile" and, it would appear, her "Connection" with the crypto space.

The fund has an account with a bank other than BoA; the management company, my wife and I, and our daughter all have our bank accounts with Bank of America.

My wife and I opened our joint checking and savings accounts with Bank of America about four years ago, well before I founded the management company.

We opened a Uniform Transfers to Minors Act account there for our daughter shortly after she was born.

We have fifty dollars a month transferred into that account automatically to kick-start her college fund; that is pretty much the extent of the activity in the account.

There have never been any transfers into or out of my daughter's account other than with the joint account my wife and I have in the same BoA branch.

On April 4 of this year, we received notices dated two days prior that Bank of America would restrict our accounts in 21 days and close them in 30.

The management company received three such notices; my wife and I received three such notices; and our three-year-old daughter received one notice for her account.

Just prior to our receiving these letters, on March 28, 2018, the Bank of America Money Services Business Control Center sent the management company a Customer Data Form for Money Services Businesses, with numerous questions regarding what the management company does.

Aside from the fact that the right hand of Bank of America clearly does not know what the left hand is doing, it would seem to me that BoA has gone a bit far in what is clearly a knee-jerk reaction to all things "Crypto" and all things related - no matter how indirectly - to crypto.