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Here’s why you could be ‘debanked’ by your financial institution
More than 100 people have come forward to share their experiences with being dumped by their banks after CTV News reported on RBC cutting ties with a decades-long customer with no explanation.www.ctvnews.ca
In mid-September, Palfrey received a letter from BMO saying they would be ending their banking relationship with him by Oct. 16.
“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.
Palfrey wishes the bank would be more forthcoming as to why exactly he is being let go.
“Is it because I only have the one vehicle, I don’t have credit cards or loans or lines of credit, ‘Oh, so we’re not making any money off of him,’” Palfrey questioned.
“I don’t give a s*** about closing the account, close the account, but I want to know why.”
When reached for comment, BMO did not directly speak on Palfrey and Khan’s account closures but said the following:
“Our decision to provide banking services to any prospective client takes into consideration regulatory guidelines as well as our own risk appetite.”
