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Debanking hurts everyone. It's time to end it once and for all

The article from AOL Finance discusses the issue of "debanking," where banks terminate the accounts of individuals or businesses without clear justification, often due to perceived risk or regulatory pressure. It highlights how this practice disproportionately affects marginalized groups, small businesses, and those in the sex work industry, who find themselves suddenly unable to access basic financial services. The piece argues that debanking not only infringes on personal freedoms but also hampers economic growth by limiting access to capital for entrepreneurs. It calls for regulatory reforms to ensure transparency and fairness in banking practices, suggesting that banks should provide clear reasons for account closures and offer a reasonable timeframe for customers to find alternative banking solutions. The article emphasizes the need for a more inclusive financial system that supports all members of society, not just those deemed low-risk by financial institutions.

Read the Full AOL Article at:
[ https://www.aol.com/finance/debanking-hurts-everyone-time-end-170146393.html ]