Globe and Mail- Debanked, Canada’s banks are increasingly closing accounts without explanation as they fight financial crime
Often, a bank detects and flags unusual transactions that indicate a customer may be linked to money laundering, terrorist financing, fraud or other crimes. In some cases, the institution will call in the client for a conversation and an opportunity to explain the financial activity. Often, though, it will simply shut down the account without saying why. The bank is not required to provide an explanation and, in some cases, it is prohibited from doing so.
I bet more people will go with Crypto, like BTC, Monero and USDC.
Back to stuffing mattresses with cash
Change it to gold and silver first. 😉
My concern on doing that is who will buy it back. I think it’s difficult to unload despite what Peter Schiff says.
You can use it like regular money. It ain’t hard to determine if something is really sliver or gold, way harder to counterfeit than fiat cash.
You can unload gold quickly with minimal due diligence from the buyer but they only offer 90% of the spot price.
Steve:
gAu should be a currency.
Damned straight. Have been building the basement bank account ever since the truckers revolt.
Now, that’s true due diligence.
Nice “new approach.”
Of course, its TO, land of idiots.
Normal high-end places have a double-door airlock-style setup with a security guard, and a nice ambiance inside, but TO wants to virtue-signal to the idiots.
I understand major banks tightening up their anti money laundering protocols because Canada now has a reputation for money laundering. Bad publicity and huge fines from other countries due to this money laundering is becoming a big issue for Canadian banks. To be fair, I do think customers need to have an explanation when they are debanked.
My concern is that debanking could be expanded to blacklist customers because of political reasons, like in the UK. If you give donations to a political party, charity or fund raiser that the government disapproves of, for example.
I had a weird experience after the government announced bank freezes on people donating to the freedom convoy. I donated before the announcement so I didn’t have my account frozen. But, a few days after the announcement I went to my local branch and stood in line. When the teller (a temp from the city) opened my account, she gave me an odd look and then walked away into the back without an explanation and didn’t return. The other teller, who I know, looked as puzzled as me. She apologized and completed my banking request. I wonder if my account had been flagged because of the freedom convoy donation.
I’m old enough to remember the world before 1986, when there was no such thing as money laundering.
“I’m old enough to remember the world before 1986, when there was no such thing as money laundering.”
I remember when your bank didn’t demand that you use your card and PIN number to record yourself buying a roll of loonies (and when other banks didn’t demand your phone number to do it). FINTRAC can kiss my ass.
I trust a big bank just a bit more than big government.
Me too, just like I trust El Salvadorian gang members just a bit more than the crips or the bloods.
My meth-addicted neighbor is more trustworthy than all of ’em.
Yup.
I use Wealthsimple.
Have about 150 ounces of silver…
And a lot of brass.
Nothing will change here until exactly what is happening in the states happens here.
Surely that happens every sunrise?