THE IRANIAN
News & Views
Bank of America closing Iranian accounts
July 20, 1998
Bank of America is initiating a process to CLOSE checking accounts of Iranian residents with permanent addresses in Iran, by the end of August, supposedly in pursuant of U.S. sanctions against Iran. Read on (see letter below), and do something if you don't want to be relegated to the status of 3rd or 4th class citizen in the "Land of the free and the home of the brave."
So much for "people-to-people" contact and "improving" relations!
Bank of America web site: .
-Payman Arabshahi
payman@arash.neda.com
Excerpt from original Bank of America Letter:
Dear Client,
Bank of America is contacting our checking account holders whose residence is in Iran to inform them of instructions we have received from U.S. Department of the Treasury's Office of Foreign Asset Control (OFAC).
Executive Order #12959 issued by President Bill Clinton prohibits almost all commercial and business dealing involving Iran. This prohibition includes the use of your checking account number ..... OFAC has instructed Bank of America that we cannot maintain checking accounts for Iranian nationals residing in Iran. This prohibition includes:
1. Accounts owned by Iranian nationals residing in Iran who travel to the United States to open or operate their bank accounts.
2. Accounts owned by Iranian nationals residing in Iran which are administrated for them by relatives in the United States or under powers of attorney where the attorney-in-fact is located in the United States...
On August 31, 1998, Bank of America will close your checking accounts. The funds in your checking accounts will be converted to a saving account with Bank of America. Enclosed is the facts about saving accounts ....
If we do not hear from you prior to August 31,1998 , we will make this change and provide you with all necessary information ...
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