Prison Professors

The Hidden Crisis of Debanking: Why Financial Exclusion Must Be Addressed as Part of Criminal Justice Reform


When we discuss the collateral consequences of involvement in the criminal justice system, the conversation often centers around incarceration, employment barriers, and social stigma. Yet, as Michael Santos, founder of Prison Professors, highlights, there is a lesser-known but equally devastating consequence that can derail a person’s life for decades—debanking. The act of being shut out from traditional banking institutions, often without a criminal conviction or formal charge, perpetuates a cycle of financial exclusion that must be urgently confronted alongside broader criminal justice reform efforts.


Santos illuminates a stark reality: even high-profile figures like former President Donald Trump have faced the fallout of "debanking." Trump’s lawsuit against JPMorgan Chase over allegations of politically motivated debanking has brought this issue into the mainstream, shining a light on a practice that affects tens of thousands of everyday Americans, many just navigating the early and uncertain stages of criminal investigations. If debanking can happen to a former president, it certainly happens routinely to people arrested or charged with crimes, compounding their difficulties in rebuilding their lives.


What makes debanking so pernicious is its ripple effect on nearly every aspect of a person’s financial well-being. For individuals with a criminal background, losing access to their bank can force them to withdraw retirement funds or other assets under time-sensitive conditions. This often results in taxable distributions that set back their financial stability even further. Worse, finding another institution willing to accept their funds is a daunting challenge, frequently impossible, given the widespread practice of financial exclusion based on criminal records or investigations. Without a bank, access to housing, credit, employment, and even basic bill-paying becomes an uphill battle, ensnaring individuals and their families in a cycle of economic hardship and social marginalization.


Santos’s own experience underscores how daunting these challenges are—and the importance of knowledge and preparation. Arrested before the digital age, Santos escaped many of the modern pitfalls of embedded financial data systems, yet he witnessed countless others suffer the consequences that extend beyond incarceration. His nonprofit Prison Professors offers free, self-directed educational resources that equip justice-impacted individuals with tools to understand and navigate these complexities. By empowering people to tell their stories, advocate for themselves, and learn strategic responses, Prison Professors provides a vital lifeline in a system designed to exclude them.


This issue is not simply about banking; it is about basic human dignity and the ability to participate fully in society. Debanking is an often invisible form of punishment that lingers long after a sentence is served, acting like what Santos calls “federal herpes”—a persistent stain on one’s record and life. To build truly inclusive and equitable criminal justice reform, policymakers, financial institutions, and advocates must address debanking head-on. This includes exploring regulatory protections against arbitrary denial of banking services and promoting alternative financial solutions, such as cryptocurrencies, which Santos himself uses to mitigate risk.


The takeaway is clear: Financial exclusion through debanking is a pressing and overlooked consequence of the criminal justice system that warrants urgent action. Those inside and outside the system must understand it, prepare strategically, and demand systemic change. If we are serious about breaking the intergenerational cycle of failure that criminal justice involvement too often triggers, ensuring equal access to financial services must be part of our collective mission.


For those impacted, however, hope lies in education and self-advocacy. As Michael Santos urges, learn, prepare, and fight for your rightful place in the financial system. And for the rest of us, let this moment—illuminated by a surprising lawsuit against a former president—be a call to recognize and dismantle the hidden barriers that keep thousands on the margins. True justice reform demands no less.

4 months ago | [YT] | 0

Prison Professors

Michael Santos will present at @UCBerkeley on August 30, 2023. Visit us in the Andersen Auditorium at the Haas School for a discussion on @PrisonReform and innovation.

#InternshipOpportuities #post #intern #help #success #worldchangers #prison #prisonreform

2 years ago | [YT] | 11

Prison Professors

Empowering Change Makers: Michael Santos, Founder of Prison Professors, alongside BOP Director Colette Peters and Deputy Director William Lathrop at the ACA Conference. Working together towards a transformed justice system. 💪🔓 #ACAConference #JusticeTransformed

2 years ago | [YT] | 13

Prison Professors

We're practicing and developing best practices for our upcoming live-stream programs.

2 years ago | [YT] | 0

Prison Professors

We're going to start publishing our posts to keep our community apprised of the work that we're doing to improve outcomes for justice-impacted people.

2 years ago | [YT] | 6

Prison Professors

This is the first video of a collaboration we've begun with Fresh Out.

5 years ago | [YT] | 3