Closing Accounts Extends to Western Union and MoneyGram

The fate of money wiring companies in Minnesota took another twist today as Bank of America, the nation’s largest retail banking company announced that it’s cutting its ties to the nation’s top two money transmitters, Minneapolis-based MoneyGram International and Western Union. This comes as Somali Financial Services Association of North America (SFSA), a union of a dozen or so small money transmitters are making the eleventh-hour attempt to prevent local banks to close their accounts.

Financial institutions, including Bank of America, are citing new