Debanking: When your bank quietly turns you off [Video]

Mike Maharrey opens the conversation with Jorge Jraissati, president of the Economic Inclusion Group, by asking about his background and why he cares so deeply about financial freedom.

In this Money Metals exclusive interview with Jorge Jraissati, they speak on the very real rise in debanking, how vague regulations weaponize banks, threats from CBDCs, and why gold, silver, and policy reform are vital to protect financial freedom.

From Venezuela’s collapse to a new mission

Jorge explains that he grew up in Venezuela under socialism. He watched a relatively rich, stable country slide into hyperinflation, capital controls, and a full-blown humanitarian crisis in just a few years.

Electricity would go out for hours every day. Basic goods like meat, food, and even running water became hard to find. Venezuela went from being the richest country in Latin America to a place where basic survival was a struggle.

That experience convinced Jorge that economic liberty is not optional. When you lose financial freedom, you quickly lose political freedom and basic security.

Now in the United States, he founded the Economic Inclusion Group to focus on a problem he sees rising quietly but rapidly: debanking.

What debanking actually looks like

Jorge describes debanking very simply: you wake up, open your mail, and find a letter from your bank telling you your account is being closed.

You’re told to move your money quickly. If you run a business, losing a bank account can mean bankruptcy in days.

This often happens to people who have banked with the same institution for 10, 15, or even 20 years. They’ve had no issues, no warnings, and no clear problems.

In the last two years alone, at least 12,000 people in the United States have formally complained about being debanked. Jorge believes the real number is much higher, since many victims stay silent out of fear of reputational damage.

Who gets cut off – And why

Debanking hits people and organizations that banks now see as “too risky” or “too controversial.”

That can include nonprofits involved in politics, groups defending free speech, or organizations advancing any contentious political viewpoint. It can also include activists working on foreign issues or human-rights causes.

But it’s not just politics. Businesses in “controversial” industries are increasingly at risk. Companies in the crypto space, firms doing international trade with regions like Latin America or the Middle East, and even humanitarian groups sending aid to places such as Ukraine, Venezuela, or the broader Middle East, can find themselves suddenly dropped.

The core problem, Jorge argues, is regulation. Laws like the Bank Secrecy Act, combined with layers of anti–money laundering rules, have become vague, contradictory, and highly subjective. They invite politicization and over-compliance.

Banks now factor in “reputational risk” when deciding who to serve. That gives them every incentive to dump anyone who could possibly attract regulatory scrutiny – even if they’ve done nothing wrong.

Weaponized rules and the chilling effect

Jorge says there are two main ways the system gets weaponized.

First, regulators and officials can directly pressure banks to target disfavored industries or individuals. The rules are vague enough that they can be used as tools of political punishment.

Second, banks act preemptively. They don’t wait for a phone call from Washington. To avoid fines, investigations, and headlines, they purge anyone who might be a problem.

That creates a chilling effect across the entire economy. People self-censor how they do business. Organizations avoid certain causes. Banks over-comply to protect themselves.

And in all of this, there is almost no due process. Customers are rarely told what rule they supposedly violated. Often they’re told nothing at all.

Inside the policy fight in washington

Jorge and the Economic Inclusion Group are trying to fix the problem at its root.

In the current year, he and his team have met with more than 80 congressional offices, as well as officials at the White House. There is real interest because high-profile figures, including Donald Trump and his business organization, have reportedly experienced debanking themselves.

Congress has floated bills that would tell banks they cannot close accounts for political reasons. But Jorge says these proposals don’t get to the heart of the issue.

The real problem, he argues, is the structure of the Bank Secrecy Act and related compliance rules. The system needs deep reform to make financial compliance more objective, simpler, more transparent, and bound by due process.

Right now, banks are not allowed to tell customers why they were debanked under U.S. anti–money laundering laws. That guarantees a lack of transparency.

On top of that, nobody is systematically tracking debanking. There is no comprehensive national data, and banks don’t report these events in a structured way. Many victims fear speaking publicly because of what donors, investors, or employees might think.

The Economic Inclusion Group is pushing for legal reforms, better data collection, and stronger privacy protections to restore financial freedom.

Real-world cases: From crypto CEOs to truckers

Maharrey brings up a recent example that underscores Jorge’s concerns.

Jack Mallers, the CEO of Strike, a well-known crypto company, reported that JPMorgan Chase abruptly closed his bank accounts. When he asked why, the response was, “We aren’t allowed to tell you.”

Jorge confirms this is standard practice. The law is written so that banks cannot explain their internal risk assessments, supposedly to avoid tipping off potential criminals. In practice, innocent people are left in the dark.

He also points to the Canadian trucker protests against COVID policies. In that case, authorities didn’t just freeze individual bank accounts. They also froze donations raised through GoFundMe.

Millions of dollars – Jorge recalls public figures citing numbers between roughly $7 million and $12 million – were raised for the truckers. That money never reached the intended recipients.

Beyond straightforward account closures, Jorge says he has seen repeated cases where banks freeze funds entirely. Money can be locked up for a week, a month, or even longer, with no clear timeline, no explanation, and no real recourse.

What individuals and businesses can do

Maharrey asks what people can do to protect themselves while Washington grinds slowly through potential reforms.

Jorge says there is no one-size-fits-all answer. The right approach depends on what business you’re in, how public your profile is, how much liquidity you need, and how much risk you can tolerate.

If you operate in “high-risk” sectors, such as international trade with sensitive regions or politically sensitive activism, you may need to invest in professional help. That can mean compliance consultants, lawyers, and advisers who track shifting regulations.

But he warns against relying only on lawyers. Attorneys are trained to eliminate risk, not to run viable businesses. If you try to erase every ounce of risk, you often erase profitability too.

Jorge encourages people and organizations to seek out groups like the Economic Inclusion Group that specialize in these issues, know the unwritten rules, and can offer more practical, targeted guidance.

For ordinary citizens, he emphasizes advocacy. Contact your members of Congress. Raise awareness. Share stories. The biggest obstacle, he says, is that debanking is still viewed as a niche issue affecting only a few unusual businesses.

The more real-world cases they can gather, the stronger their policy proposals will be – and the harder they’ll be to ignore in Washington.

Hard assets as a backstop

Maharrey then pivots to a question close to the Money Metals audience: what role do hard assets like gold and silver play in this environment?

Jorge is clear that diversification into hard assets makes sense for many people. He notes that gold, silver, and even Bitcoin are being used by many as a hedge against both financial repression and systemic risk.

He views gold not only as a tool for protection but also as a solid investment choice in today’s climate, given its performance and risk profile.

Some people try to protect themselves by moving funds across different countries and banks. Jorge says that it is often impractical and complicated, especially under today’s regulatory regime.

Holding at least some wealth in physical form and outside the most vulnerable parts of the banking system can be a rational form of self-defense.

Central bank digital currency: Supercharging the problem

When asked about central bank digital currencies (CBDCs), Jorge is blunt: CBDCs are a step in the wrong direction.

He sees no convincing use case for CBDCs in terms of financial stability or financial inclusion. Instead, he believes the main “benefit” is political control.

A CBDC would magnify all the worst features of the current system. Financial privacy would erode even further. Debanking and sanctions could become automated and instant.

The remaining frictions and procedural hurdles that still slow down overreach would vanish. Jorge warns of a dystopian future where your digital wallet is tied to algorithms that instantly punish “controversial” speech or behavior by throttling or cutting off your money.

He contrasts this vision with the core American tradition of skepticism toward concentrated government power. A healthy system, he argues, requires competing centers of authority, strong checks and balances, and robust protections for individual liberty – especially financial liberty.

Money, he says, is effectively speech. It’s how you care for your family, support causes, and live a free life. If the state controls your money at a granular, programmable level, everything else becomes fragile.

The cashless squeeze and the unbanked

Maharrey notes that more and more businesses won’t accept cash at all. He saw multiple “no cash accepted” signs during a recent trip to Washington, D.C.

Jorge has seen the same thing from an even more troubling angle. He invited activists from countries like Nicaragua to Congress – people who had been debanked globally because of their political work.

These guests had no bank accounts and no cards. When they tried to buy coffee in congressional cafeterias that don’t accept cash, they simply couldn’t purchase anything.

That’s one small example of a much broader problem. The U.S. Treasury has reported that roughly 10% of Americans are unbanked – they have no bank account at all.

As more establishments go cashless, these millions of people are being functionally excluded from normal economic life. For the unbanked and debanked, the combination of financial surveillance and cashless commerce becomes a trap.

How to connect with the economic inclusion group

As the conversation wraps up, Maharrey gives Jorge a chance to explain how people can learn more or get involved.

Jorge says he is active on social media, particularly on X (formerly Twitter) @JraissatiJorge and @Econ_Inclusion. He also invites people to contact him directly by email at [email protected].

The organization’s website, EconInclusion.com, is another hub for information, research, and ways to participate. The Economic Inclusion Group operates as a 501(c)(3) nonprofit in the United States.

Jorge emphasizes that they believe they are the only organization systematically focused on solving the debanking problem. They welcome people who want to share their stories, volunteer, help with research, raise awareness, or support the work financially through tax-deductible donations.

Maharrey closes by thanking Jorge for his efforts and for bringing attention to an issue many listeners may never have considered until now – and Jorge returns the thanks, wishing him and the audience a Happy Thanksgiving and Happy Holidays.