In recent weeks, Iranian-Canadians have voiced outrage over TD Bank's decision to close their accounts to comply with Canada's sanctions against Iran. It's hard to say how many people have been affected. But comments from groups representing Iranian-Canadians and social media postings indicate these aren't isolated cases.
People have been forced to quickly move their mortgages and refinance lines of credit. Many say they have no idea why TD refused to deal with them. The bank has been largely unresponsive to questions.
The purpose of Canada's sanctions is to make it harder for the Iranian regime to do business, particularly the business of war and terror. People associated with the regime and industries dealing in weapons, chemicals and oil are all targeted in the rules. Transfers of large sums in and out of the country are also banned - with some important exemptions, including personal amounts less than $40,000.
No sanctions are perfect. It would be hard to craft them to hurt only "regimes" but never "average" people.
Having said that, something doesn't add up when only one bank has interpreted the rules this way. TD's reluctance to explain its position hasn't helped anyone's understanding.
Given that, surely it behooves the government to explain clearly how the sanctions - and exemptions - should be applied, for the banks to explain that to their customers with appropriate notice and for all banks to treat their customers equally.
That, after all, is how we do business in this country. Or at least, it should be.
