BREAKING: Lloyds have debanked the Canary with no warning or explanation, putting the outlet in severe financial crisis

The Canary has been debanked by Lloyds. Despite banking with them for almost a decade they are currently withholding a substantial amount of our money. We are left with barely any funds.

We do know that multiple other politically engaged people have suffered similar actions by other banks in recent times. It is not lost on us that powerful banks are able to restrict the financial activity of anti-Zionist and pro-Palestine organisations and individuals. Whilst we do not currently know the reasons behind our debanking, we cannot afford to be naive about this.

It is an outrage that the Canary has been unceremoniously dropped into financial instability with no notice or explanation from Lloyds.

  • zabadoh@ani.socialEnglish
    61·
    2 months ago

    Causes of de-banking in the UK:

    Risk appetite: Some businesses presented an unacceptable level of business risk to banks to three of the UK’s major banks.

    Financial crime prevention: Some accounts were closed due to financial crime concerns. Indeed, banks have a legal and regulatory obligation to stop/prevent money laundering and other financial crime.

    Information sharing: Banks closed accounts due to being unable to complete their customer due diligence because of a lack of information sharing from customers.

    Reasons for giving no notice, from the same article:

    …a spokesperson for UK Finance who commented as follows:

    “Customers should receive good communication about their accounts and a notice period should be served before an account is closed. However, there may be exceptions to this if, for example, money-laundering is suspected. …”