US Bank and Wells Fargo Formerly Connected to Somali Financial Services Association of North America (SFSA )

Originally Published
August 24, 2006:

Bank of America, the nation’s largest retail banking company, announced Wednesday 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 an eleventh-hour attempt to prevent local banks from closing their accounts.

On Monday, local banks including Minneapolis-based TCF,
U.S bank

and Iowa-based Wells Fargo, announced they will close accounts used by Somali money wiring companies due to stiff regulations by the federal government.

The move could unravel the multi-million dollar money wiring business in Minnesota and might put millions of people in Africa and elsewhere whose relatives live in the state in financial crisis.

The Rest @ The Daily Planet