All Insights|Future Nexus
fintechJune 19, 2020

Black Customers Have Little Recourse When Confronting Racism at Banks

Banks say they reject racism and explain how employees are required to complete annual diversity training programs; there are endless stories that prove the opposite is true when it comes to black customers and their interactions with various bank employees; Clarice Middleton of Atlanta had police called on her when she was trying to cash a $200 check at Wells Fargo; Jabari Bennett of Wilmington, Delaware tried to withdraw $6,400 from an account with $70,000 at Wells Fargo, he was unable to do so and withdrew all his money from the bank; Robyn Murphy of Maryland tried to open a joint account with her son at Bank of America, they flagged her son’s social security number as fraudulent even though he had his own account at the bank already; the stories are endless showing that banks still have a long way to go when it comes to treating all customers equally; a loophole in The Civil Rights Act of 1964 makes it hard for victims to win in court; a 2012 ruling says if a victim eventually completes their transaction they do not have standing; more action is clearly needed to protect black bank customers from racial discrimination. The New York Times.