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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.