Bank Charged With Unnecessarily Closing Muslim Charity's Account

The Washington Post over the week end reported that Muslim groups are launching a public campaign against Wachovia Corp. to force it to explain why it closed the bank account of a Herndon, Virginia Muslim social service organization. The treasurer of the Foundation for Appropriate and Immediate Temporary Help said she suspects that Wachovia closed its account because it received a donation from a charity run by a Muslim businessman whose home and offices were raided by federal agents. Banks are required to report suspicious financial activity in accounts to federal authorities. The cost of monitoring may lead a bank to decide that it is cheaper to close the account.