A Phoenix woman’s home purchase nearly was derailed after Wells Fargo froze her checking account and stopped her down payment from being delivered to an escrow account.
The reason for Wells Fargo’s actions last month? U.S. trade sanctions with Iran.
Neda Tavassoli, born and raised in the United States, is among dozens of Iranian-Americans whose finances have been frozen and whose accounts recently have been closed without warning or explanation by U.S. banks in response to federal rules prohibiting financial transactions with Iran.
“It has created a pervasive sense of discrimination. … We’ve seen countless cases where accounts are closed or restricted without advance warning,” said Tyler Cullis, a legal fellow and policy associate for the National Iranian-American Council. “The Treasury Department is asking banks to police regulations themselves.”