Some of us have lifelong friends and we basically understand their opinions, their peculiarities, and their moral fiber. if one of those lifelong friends did something that seemed totally out of character most of us would be concerned that something is wrong with our friend. Is he sick? Is there some sort of internal family issue that he dealing with? Is someone or something threatening him? However what most of us would not do is ignore the fact the some underlying thing is happening and thus turn a blind eye.
It seems to me that the same logic that should apply to a change in the basic behavior in a long term friend would also apply to a company … a company that has been like that same long term friend. If a certain company has been honest in its business relationships with its clients, and suddenly this company starts to act in contradistinction to that established trustworthy pattern, who among us wouldn’t suspect that something dire is going on.
And this brings me to the insurance and banking company, USAA. I have been doing business with USAA for well over fifty years, and have always found them to be trustworthy and on the up-and-up.
However, I just read something that concerns me, because what USAA has recently done to John Eastman does not at all sound like that same company that I have known for quite a long time!
From the Daily Caller:
John Eastman is a prominent well-respected conservative attorney. He is one of the left’s biggest political targets, and recently he found himself “de-banked” by USAA, with no warning and little avenue for recourse.
“De-banking” is a phenomenon in which financial institutions refuse financial service to the targets of political activism, who often end up being conservatives.
Eastman was notified of his USAA accounts being closed on Nov. 20, 2023. A few weeks prior, a California judge made a preliminary decision saying that Eastman was culpable of ethics violations in a state bar disciplinary case, CNN reported.
USAA claimed in its letter that it was “exercising its right to no longer do banking business” with Eastman per its “Depository Agreement.”
“We may close your account for any reason without advance notice. We may require you to give us a minimum of seven (7) calendar days advance written notice when you intend to close your account by withdrawing your funds,” a section of the agreement reads.
USAA did not respond to the Daily Caller’s multiple requests for comment.
When Eastman inquired about the closures, the banks said it was their policy to not provide any more information on the matter, he told the Daily Caller.
“What these banks are doing is they’re saying you’re either high risk, or we don’t want to do business with you, or whatever it is. There’s no methodology behind this. There’s no kind of reason that matches traditional indicators or traditional metrics that a bank would use to calculate your liquidity, your credit score, whatever it is. They’re using these non-financial factors, and then making these decisions and just like closing people’s accounts,” Eric Bledsoe, an expert on de-banking for the Foundation for Government Accountability, told the Daily Caller.
Hmmm! … to me this sounds very underhanded and bordering on vindictive. But why??
The other interesting suspicious part of this story is the Bank of America also “debanked” Mr. Eastman not long before he was “debanked” by USAA. I have no interest in what BOA is doing as BOA has not been my trusted confidant for almost a half century like USAA has been.
But come on! Two separate “debankings” I a short period of time!
I find it very difficult to believe that these two events are random.
Why did my trusted insurance company and bank act in a manner that seems so out of character?
Who is putting pressure on these banks to separate themselves from Mr. Eastman?
Oh, BTW, John Eastman was once an attorney for former President Donald Trump!
4/19/24