Ezra Levant kindly invited me to talk about the debanking issue this week. [The interview is available here →].
Debanking refers to the closure of individuals’ or organizations’ bank accounts by financial institutions that perceive them as financial, legal, regulatory, or reputational risks—often carried out without explanation or the possibility of appeal. As the Cambridge Dictionary puts it, it’s the act of closing someone’s account because they’re regarded as a legal, financial, or reputational risk
Almost a month ago, I published my piece on the growing threat of debanking in Canada. I had seen the topic pop up here and there. Meaghan Murphy alleged to have been debanked days leading up to the 2025 Spring federal election, but for reasons that I ignore, she seemed shy to present any evidence to corroborate the claim.
Debanking did not start with Mark Carney’s 2022 op-ed urging Trudeau to seize people’s money, nor with Chrystia Freeland’s eagerness to weaponize financial services against what they perceive to be enemies of the Trudeau regime. It turns out it’s older, deeper, and far more dangerous than implementing the abuse under the cover of “emergency.’
What I thought was a narrow, post-convoy overreach turned out to be something much broader—and more unsettling. Following my post at the end of July, some people contacted me with their own stories. When I reached out to Eva Chipiuk after RBC shut down her account, she confirmed what others had hinted: This is happening to tons of people and small businesses.
Something is going on. Debanking isn’t just a one-off policy decision. It’s becoming a systemic method of silencing dissent—not just in Canada, but across the Western world. Similar cases have emerged in the U.S. and the U.K. People are being denied basic financial services not because they’ve committed crimes, but because they hold unpopular views or support causes the establishment disfavors.
A friend reminded me yesterday that Nigel Farage discovered (in June 2023) that the elite private bank Coutts was closing his account. Initially, NatWest (Coutts’ parent bank) claimed the closure was due to Farage no longer meeting the bank’s £1 million deposit threshold after his mortgage expired. But it quickly emerged that Coutts’ internal assessment included his political views—describing him as “xenophobic” and pandering to racists (Sound familiar?). The fallout prompted widespread political attention and ultimately led to the resignation of Coutts’ CEO. Say what you want about the British, but honour still occupies significant space in their culture. The Royal Bank CEO isn’t about to resign for the disgraceful political performance of his bank. In March 2025, Farage and NatWest reached a confidential settlement, reportedly including an apology and compensation, though terms remain undisclosed.
And the phenomenon is not limited to private banks in the federal system in Canada. Even in Alberta—where one would hope for more institutional independence—Tamara Lich was refused an appointment to open an account at ATB Financial, Alberta’s own Crown bank. That detail should send a chill through anyone who thinks provincial ownership alone guarantees protection. I opened accounts in ATB because I naively believed that a provincial institution founded to protect Albertans would not so easily bend its knee to the abusive federal regulation. I was wrong.
Fortunately, not all Alberta institutions have folded the way ATB did, as many of the folks who contacted me have pointed out. Bow Valley Credit Union, a small but principled player in the province, has taken a firm stance: it will not debank Albertans for their political views or affiliations. In an age of increasing financial cowardice, Bow Valley is acting like a true credit union—protective of its members’ privacy and liberties unapologetically (I do not bank with Bow Valley, and this is not a sponsored mention).
Read the remainder of this OpEd in the Haultain Substack here. Sign up for the list for more content like this.
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