Daniel Negreanu, one of the most accomplished poker players of all-time, is always in the news for something or the other. Earlier coming into spotlight for making a million-dollar bet for his seventh bracelet, the six-time WSOP bracelet winner is once again in the headlines after Bank of America (BofA) closed his account without a warning or a chance to appeal. You heard it right! He will have to find another bank to keep his winnings as Bank of America (BofA) no longer wants his business.
Canadian star took to Twitter, saying BofA “randomly” closed his business account at the financial institution without explanation. He added that he’s looking for a bank more hospitable to gamblers.
This isn’t Negreanu’s first run-in with BofA. It also happened in December 2015 when the Kid Poker tweeted: “Apparently, Bank of America no longer wants my business. They are closing all my accounts because I put too much money in them from poker???”
By number of branches, BofA is the second-largest bank in the country behind JPMorgan Chase. In Nevada, Bank of America has 66 brick-and-mortar locations, good for third behind Wells Fargo and US Bank, according to Bank Branch Locator.
The bank’s action is somewhat based on the Patriot Act that says that all deposits, transfers, and withdrawals of $10,000 or more, particularly when conducted frequently as a high-level poker player might be apt to do, raises red flags at banks. Adding to the drama for legitimate gamblers is an Obama-era regulation that increases scrutiny of potentially fraudulent banking activity in industries financial institutions deem “high risk,” like gambling.
In June 2019, US District Court Judge Paul Barbadoro ruled that the Wire Act’s prohibitions are confined to sports betting. That’s a federal ruling, and while banks are federally regulated, it appears Negreanu isn’t the first gambler to run into trouble with a financial institution.
This has happened to many gamblers. They don’t like the large sums being withdrawn to and deposited from casinos apparently,” said Joe Hachem, in a reply to Negreanu’s tweet.