A number of Americans are seeing their private personal bank accounts “canceled” and closed if they express political or cultural views that oppose the liberal mainstream media narrative.
For example, Kanye West saw his business account suddenly closed by JP Morgan and Chase bank without explanation. Paypal is accused of canceling or “deplatforming” several groups and personalities for their political beliefs.
In response, country music star John Rich has partnered with conservatives Larry Elder and neurosurgeon Dr. Ben Carson to launch a new bank that embraces basic American ideals and rights, such as free speech.
This is a massive effort to resist the cancellation culture in the banking system, according to Daily Wire.
The three co-founders and owners successfully acquired First State Bank of Elmore City, Oklahoma, the state’s first and oldest bank. They are renaming it “Old Glory Bank.”
The corporation would “never cancel law-abiding customers for their beliefs or for exercising their lawful rights of free speech,” according to a news statement.
Rich said, “It’s been disconcerting to witness the political weaponization of the financial system. Old Glory Bank was founded to provide a comprehensive banking solution for people who still believe in freedom and the greatness of America.”
In contrast to “Old Glory Bank,” Paypal once announced that it would impose a $2,500 fine on account holders who spread “misinformation,” but this policy was later retracted.
Other corporations, like Amazon, Twitter, and Facebook, have sanctioned conservatives for their views on contentious social topics such as transgenderism, vaccination requirements, and homosexuality.
Earlier this year, GoFundMe confiscated millions contributed for trucker demonstrations in Canada, while Google began blocking search results for crisis pregnancy facilities.
Clients of Old Glory Bank will be able to round up to the closest dollar on every transaction and contribute the proceeds to charity, including the Oklahoma nonprofit group Folds of Honor, which grants academic scholarships to the wives and children of dead soldiers.
William Shine, the former co-president of Fox News and president of Fox Business News, serves as executive chairman of the company.
The bank promises to actively promote first responders and the military, as well as offer no-fee accounts, free overdraft protection, and early direct deposit access. It will be guaranteed by the Federal Deposit Insurance Corporation.
Bennett Brown, Senior Regulatory Officer at Old Glory Bank, said “cutting-edge digital technology” will allow consumers from across the country to access the company’s services.
“Old Glory Bank will serve lower- and middle-income Americans, as well as those Americans who have been marginalized and ignored by other banks, hard-working patriots who keep this country running every day,” Carson added.
Carson previously served as director of pediatric neurosurgery at Johns Hopkins University before taking over as Secretary of Housing and Urban Development in the Trump administration.