Here’s why you could be ‘debanked’ by your financial institution
Here’s why you could be ‘debanked’ by your financial institution
www.ctvnews.ca
Here’s why you could be ‘debanked’ by your financial institution
Comments
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Here’s why you could be ‘debanked’ by your financial institution
Article proceeds to summarize personal anecdotes with absolutely no clear "why" provided at all.
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The image of the letter shows RBC felt those customers fell outside of their Risk Appetite. Which probably translates to we aren't making enough profit off of you
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Maybe, but it's not at all conclusive. It could be that they aren't making enough money, it could be that the travelled to a country that the bank doesn't like, or made a social media post that the bank doesn't like, maybe they were rude to a teller, maybe they have the same name as someone who did something that the bank doesn't like and it was a mistake.
There is no explanation given.
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“It has been determined that your personal and/or business activities fall outside of our risk appetite, and therefore we do not have an appropriate basis to maintain a banking relationship,” the letter reads.
Risk appetite. Riiiight.
Almost sounds like the banks are relying on AI to decide who can have an account ... and it leans against those who pay everything off in time.
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If you pay everything on time you are a "Dead Beat" as they make no money off you
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This is messed up. They shouldn't be allowed to this because banks are essential to modern existence. Especially if the people they're doing it to haven't actually done anything wrong. I get if the person was being a dick on the phone or something, but simply because they arent making enough money for the bank is fucked up
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I do volunteer work for a couple of homeless groups in Toronto and a very common thing is homeless people can't get bank accounts. Why? you need two forms of ID. In ontario a health card (which many homeless people have) is not accepted. So many banks will ask for an Ontario Photo ID (which requires an address and $35 plus other forms of ID) or a Passport and some other info. it's a no go.
Ok no bank account but they can still work right? nope. Guess what the majority of employers pay via? that's right, Direct Deposit. You HAVE to have a bank account for that. No bank account, no job.
I've know a few people that had gotten jobs while homeless but had to quit because there was no way for them to get paid. they couldn't get a bank account, no bank would open one for them without proper forms of ID. Credit Unions were even worse.
The ONLY thing these people did wrong was someone stole their wallets at shelters or where ever. They played by the rules, jumped through hoops to get health cards and all that and are still told "that's not good enough" they are people who CAN work and are told "no, you don't have a bank account"
It's fucked here.
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Canada is not for the people. Its a bought, sold, and divided asset for china and the us.
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Carney Liberals currently have similar legislation they are trying to pass that can kick people off the internet with no warning, no transparency, and little recourse to reverse. It's as cruel as cutting off any other utility like electricity or water
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It definitely sounds bad when you put it like that. From what I'm reading I don't know if it's that concerning.
- If I understand, it requires the authority of the minister of industry. So you really gotta be on Ottowa's radar.
- Federal Judicial review after the fact sounds like more transparent oversight than some board.
- Given the cybersecurity landscape, I think it makes perfect sense that the government would have the ability to cut off internet access to an individual or organization.
https://nationalpost.com/opinion/canadian-bill-would-strip-internet-access-from-specified-persons
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If anyone takes them to court, I suppose discovery might turn up the reasons why, but until then it looks like they can drop customers the same way customers can drop banks. No reason.
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Well, that's some bullshit
Since we are forced to have a bank account, this should be made illegal.