US banks to UN diplomats: We don’t want your money

Dear foreign diplomats, U.S.  banks might not want your business. On March 31, J.P. Morgan Chase plans to shut down its division serving the banking needs of New York- and Washington-based embassies and foreign missions to the United Nations. In a terse letter, Chase recently wrote that "we recommend that you open a bank account ...

By

Dear foreign diplomats, U.S.  banks might not want your business.

Dear foreign diplomats, U.S.  banks might not want your business.

On March 31, J.P. Morgan Chase plans to shut down its division serving the banking needs of New York- and Washington-based embassies and foreign missions to the United Nations. In a terse letter, Chase recently wrote that "we recommend that you open a bank account with another financial institution, and begin using it immediately in order to minimize any disruption."

The move by Chase – which came without explanation – marks the latest instance in which an American financial institution has cut off services to foreign governments. In November, Bank of America cut off five accounts held by the Angolan Embassy in Washington, and several other banks have told U.S. officials they plan to get out of diplomatic banking.

Diplomats say they now fear they won’t be able to carry out their most basic functions in the United States. Read my entire article at the Washington Post.

Follow me on Twitter @columlynch

Colum Lynch was a staff writer at Foreign Policy between 2010 and 2022. Twitter: @columlynch

More from Foreign Policy

Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.
Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.

Saudi-Iranian Détente Is a Wake-Up Call for America

The peace plan is a big deal—and it’s no accident that China brokered it.

Austin and Gallant stand at podiums side by side next to each others' national flags.
Austin and Gallant stand at podiums side by side next to each others' national flags.

The U.S.-Israel Relationship No Longer Makes Sense

If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.
Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.

Putin Is Trapped in the Sunk-Cost Fallacy of War

Moscow is grasping for meaning in a meaningless invasion.

An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.
An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.

How China’s Saudi-Iran Deal Can Serve U.S. Interests

And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.