AI
Friday, July 13, 2012 12:39:13 AM
Iranian-Canadians furious over closure of TD Bank accounts
Published on Thursday July 12, 2012
Pooya Sadeghi started a Facebook page to condemn TD Bank's actions, after his
wife's account was suddenly closed by the bank.
Laura Kane Staff Reporter
TD Bank has agreed to meet with the Iranian Canadian Congress following outrage over the sudden closure of Iranian-Canadian bank accounts due to economic sanctions against the country.
The bank began sending letters in May to clients stating their accounts had been closed due to the Special Economic Measure (Iran) Regulation. Canadian banks are forbidden from providing financial services to anyone in Iran or to the benefit of Iran.
Kaveh Shahrooz, vice-president of the congress, said TD emailed him Wednesday night to request a meeting, but it likely won’t take place until the week of July 23, when chief executives are available.
Shahrooz said he is cautiously optimistic about the meeting, in which he hopes TD will outline a dispute process.
The closures have left many Iranian-Canadians scrambling to understand why their accounts were targeted. At a recent meeting of the Iranian-Canadian Congress in Toronto, 60 to 70 people gathered to express their shock.
“The mood was very distressed and concerned. People wanted to know why this was happening,” Shahrooz said. “These were loyal TD customers who never missed a payment, and they were being told to take their business elsewhere.”
There is no definitive count of the Iranian-Canadians impacted, but Shahrooz believes it to be widespread. He has heard complaints from people in British Columbia and the Maritimes.
TD spokesperson Barbara Timmins said the bank reached out to customers in advance by phone, email and registered mail.
“In many cases, we did not hear back from them and based on the information on file, we had to apply the regulations and close accounts,” she said in an email.
Yet many Iranian-Canadians were taken by surprise — including Pooya Sadeghi, a Toronto realtor who has created a Facebook page to condemn the bank’s actions.
Sadeghi said his wife, a Canadian citizen of eight years, received a letter May 2 saying her account had been closed and she had 30 days to transfer her funds elsewhere.
No one from TD had been in touch with them before then — and the letter arrived a day after his wife had both her debit and credit cards declined, he said.
The letter gave no reason for the closure. Even after repeated calls and visits to his wife’s branch, Sadeghi says he has yet to receive an explanation.
“It was such an insult to not only our family but the entire Iranian-Canadian community,” he said. “This is the first time in 14 years (in Canada) that I feel discriminated against.”
TD has refused to comment on individual cases.
The regulations, which went into effect in November, state that non-commercial financial transactions to or from Iran cannot exceed $40,000.
The letters inform customers they can apply to the Department of Foreign Affairs for an exemption.
Jean-Bruno Villeneuve, spokesperson for the department, said in an email that the application of the regulations to individual accounts must be determined on a case-by-case basis.
No other Canadian banks have been reported to be closing accounts. Scotiabank spokesperson Andrew Chornenky said the bank has been making customers aware of the regulations and assisting them in applying for exemptions when possible.
http://www.thestar.com/news/canada/politics/article/1225871--iranian-canadians-furious-over-closure-of-td-bank-accounts
======== .. sounds like a bank covering it's ass with little consideration for ordinary citizen customer care ..
Iranian-Canadians puzzled by bank account closures
Posted on Thursday, 07.12.12
Similar stories:
* Dutch bank hit with record fine for passing money through U.S. financial entities on behalf of Cuban and Iranian clients
http://miamiherald.com/2012/06/12/2846348/dutch-bank-hit-with-record-fine.html#storylink=mirelated
* U.S. imposes new sanctions on Iran, turning up the heat
http://miamiherald.com/2012/02/06/2628171/us-imposes-new-sanctions-on-iran.html#storylink=mirelated
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http://miamiherald.com/2012/01/23/2604331/europe-us-impose-new-iran-sanctions.html#storylink=mirelated
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http://miamiherald.com/2012/03/15/2696199/move-blocks-iranian-banks-from.html#storylink=mirelated
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By CHARMAINE NORONHA
Associated Press
TORONTO -- The vice president of an Iranian-Canadian advocacy group said Thursday that a Canadian bank has been closing a number of accounts belonging to members of the community with little or no explanation.
Kaveh Shahrooz said TD Bank notified some account holders that the closures were in response to Canadian sanctions against Iran, but others received no explanation. He said the closures have been taking place for the past few months.
"Some clients received a letter informing them that TD Bank would no longer provide them with banking services and the letter made a general reference to the Special Economic Measures Act, which is Canada's sanction law, but it did not indicate how that particular individual had violated the sanctions," he told The Associated Press.
Pooya Sadeghi, who moved to Toronto from Iran 14 years ago, said the TD account he shared with his wife and her parents was closed two days before he received a letter from the bank on May 2.
"They went to the grocery store to do some shopping, it didn't work and the next day we received the letter," he said. "There was no explanation in our letter about why TD was closing the account," he said.
Shahrooz said TD has offered to meet with representatives of the group on July 22 to discuss the closures. TD was not immediately available for comment.
TD bank has not publicly revealed how many accounts belonging to Iranian Canadians have been closed, but Shahrooz said they have received complaints from British Columbia to the Maritimes, indicating that this is a nationwide issue. He said he held a meeting on July 7 in Toronto, and 60-70 people attended, many of whom told him they had their accounts closed.
The Canadian government imposed a series of sanctions against Iran in 2010 to pressure the Islamic republic to suspend nuclear enrichment activities and cooperate with the International Atomic Energy Agency. Canada expanded sanctions in January, forbidding Canadian financial institutions from providing financial services to anyone in Iran or for the benefit of Iran.
Canada's foreign affairs department did not immediately return calls for comment, but Rachel Swiednicki, a spokeswoman for the Canadian Bankers Association, confirmed that a number of international sanctions prohibiting some financial and business activities with Iranian individuals, banks, companies and government institutions were strengthened in January.
"Each bank develops its own policies and procedures and takes the steps that it feels necessary to ensure that the bank is in compliance with these regulations," she said in an email.
The CBA has no information on what banks are doing to comply with the regulations, she said.
A Bank of Montreal spokesman said the bank has closed or frozen
accounts "but only in a very few instances where required."
"BMO carefully assesses the regulations, as well as the sanctions that the office of the superintendent of financial institutions publishes on this topic to ensure that our dealings with Iranian Canadians are compliant," said Ralph Marranca.
Pooya Sadeghi said that he stays in contact with family members in Iran but has had no financial transactions with them.
He said it took TD representatives one month to reply to his request for an explanation for the account closure. The reply he received said they could not provide an explanation.
"I've been a Canadian citizen for 10 years and this is the first time I'm feeling that I've been treated differently than a Canadian citizen," says Sadeghi.
Sadeghi has since opened a new bank account with CIBC. He has also created a Facebook group called "Condemn TD Bank in their Treatment of clients with Iranian Background" and said he has received a lot of support.
On the Facebook group, there are a number of posts from people who say they are considering canceling their TD bank accounts in protest.
"No Canadians should be subject to this. A discrimination and charter challenge should be in place," said one post.
http://www.miamiherald.com/2012/07/12/2893131/iranian-canadians-puzzled-by-bank.html
Published on Thursday July 12, 2012
Pooya Sadeghi started a Facebook page to condemn TD Bank's actions, after his
wife's account was suddenly closed by the bank.
Laura Kane Staff Reporter
TD Bank has agreed to meet with the Iranian Canadian Congress following outrage over the sudden closure of Iranian-Canadian bank accounts due to economic sanctions against the country.
The bank began sending letters in May to clients stating their accounts had been closed due to the Special Economic Measure (Iran) Regulation. Canadian banks are forbidden from providing financial services to anyone in Iran or to the benefit of Iran.
Kaveh Shahrooz, vice-president of the congress, said TD emailed him Wednesday night to request a meeting, but it likely won’t take place until the week of July 23, when chief executives are available.
Shahrooz said he is cautiously optimistic about the meeting, in which he hopes TD will outline a dispute process.
The closures have left many Iranian-Canadians scrambling to understand why their accounts were targeted. At a recent meeting of the Iranian-Canadian Congress in Toronto, 60 to 70 people gathered to express their shock.
“The mood was very distressed and concerned. People wanted to know why this was happening,” Shahrooz said. “These were loyal TD customers who never missed a payment, and they were being told to take their business elsewhere.”
There is no definitive count of the Iranian-Canadians impacted, but Shahrooz believes it to be widespread. He has heard complaints from people in British Columbia and the Maritimes.
TD spokesperson Barbara Timmins said the bank reached out to customers in advance by phone, email and registered mail.
“In many cases, we did not hear back from them and based on the information on file, we had to apply the regulations and close accounts,” she said in an email.
Yet many Iranian-Canadians were taken by surprise — including Pooya Sadeghi, a Toronto realtor who has created a Facebook page to condemn the bank’s actions.
Sadeghi said his wife, a Canadian citizen of eight years, received a letter May 2 saying her account had been closed and she had 30 days to transfer her funds elsewhere.
No one from TD had been in touch with them before then — and the letter arrived a day after his wife had both her debit and credit cards declined, he said.
The letter gave no reason for the closure. Even after repeated calls and visits to his wife’s branch, Sadeghi says he has yet to receive an explanation.
“It was such an insult to not only our family but the entire Iranian-Canadian community,” he said. “This is the first time in 14 years (in Canada) that I feel discriminated against.”
TD has refused to comment on individual cases.
The regulations, which went into effect in November, state that non-commercial financial transactions to or from Iran cannot exceed $40,000.
The letters inform customers they can apply to the Department of Foreign Affairs for an exemption.
Jean-Bruno Villeneuve, spokesperson for the department, said in an email that the application of the regulations to individual accounts must be determined on a case-by-case basis.
No other Canadian banks have been reported to be closing accounts. Scotiabank spokesperson Andrew Chornenky said the bank has been making customers aware of the regulations and assisting them in applying for exemptions when possible.
http://www.thestar.com/news/canada/politics/article/1225871--iranian-canadians-furious-over-closure-of-td-bank-accounts
======== .. sounds like a bank covering it's ass with little consideration for ordinary citizen customer care ..
Iranian-Canadians puzzled by bank account closures
Posted on Thursday, 07.12.12
Similar stories:
* Dutch bank hit with record fine for passing money through U.S. financial entities on behalf of Cuban and Iranian clients
http://miamiherald.com/2012/06/12/2846348/dutch-bank-hit-with-record-fine.html#storylink=mirelated
* U.S. imposes new sanctions on Iran, turning up the heat
http://miamiherald.com/2012/02/06/2628171/us-imposes-new-sanctions-on-iran.html#storylink=mirelated
* Europe, U.S. impose new Iran sanctions but repeat offer for talks
http://miamiherald.com/2012/01/23/2604331/europe-us-impose-new-iran-sanctions.html#storylink=mirelated
* Move blocks Iranian banks from world payments system
http://miamiherald.com/2012/03/15/2696199/move-blocks-iranian-banks-from.html#storylink=mirelated
* Iran’s stealth financial partners in Latin America
http://miamiherald.com/2012/03/14/2693960/irans-stealth-financial-partners.html#storylink=mirelated
By CHARMAINE NORONHA
Associated Press
TORONTO -- The vice president of an Iranian-Canadian advocacy group said Thursday that a Canadian bank has been closing a number of accounts belonging to members of the community with little or no explanation.
Kaveh Shahrooz said TD Bank notified some account holders that the closures were in response to Canadian sanctions against Iran, but others received no explanation. He said the closures have been taking place for the past few months.
"Some clients received a letter informing them that TD Bank would no longer provide them with banking services and the letter made a general reference to the Special Economic Measures Act, which is Canada's sanction law, but it did not indicate how that particular individual had violated the sanctions," he told The Associated Press.
Pooya Sadeghi, who moved to Toronto from Iran 14 years ago, said the TD account he shared with his wife and her parents was closed two days before he received a letter from the bank on May 2.
"They went to the grocery store to do some shopping, it didn't work and the next day we received the letter," he said. "There was no explanation in our letter about why TD was closing the account," he said.
Shahrooz said TD has offered to meet with representatives of the group on July 22 to discuss the closures. TD was not immediately available for comment.
TD bank has not publicly revealed how many accounts belonging to Iranian Canadians have been closed, but Shahrooz said they have received complaints from British Columbia to the Maritimes, indicating that this is a nationwide issue. He said he held a meeting on July 7 in Toronto, and 60-70 people attended, many of whom told him they had their accounts closed.
The Canadian government imposed a series of sanctions against Iran in 2010 to pressure the Islamic republic to suspend nuclear enrichment activities and cooperate with the International Atomic Energy Agency. Canada expanded sanctions in January, forbidding Canadian financial institutions from providing financial services to anyone in Iran or for the benefit of Iran.
Canada's foreign affairs department did not immediately return calls for comment, but Rachel Swiednicki, a spokeswoman for the Canadian Bankers Association, confirmed that a number of international sanctions prohibiting some financial and business activities with Iranian individuals, banks, companies and government institutions were strengthened in January.
"Each bank develops its own policies and procedures and takes the steps that it feels necessary to ensure that the bank is in compliance with these regulations," she said in an email.
The CBA has no information on what banks are doing to comply with the regulations, she said.
A Bank of Montreal spokesman said the bank has closed or frozen
accounts "but only in a very few instances where required."
"BMO carefully assesses the regulations, as well as the sanctions that the office of the superintendent of financial institutions publishes on this topic to ensure that our dealings with Iranian Canadians are compliant," said Ralph Marranca.
Pooya Sadeghi said that he stays in contact with family members in Iran but has had no financial transactions with them.
He said it took TD representatives one month to reply to his request for an explanation for the account closure. The reply he received said they could not provide an explanation.
"I've been a Canadian citizen for 10 years and this is the first time I'm feeling that I've been treated differently than a Canadian citizen," says Sadeghi.
Sadeghi has since opened a new bank account with CIBC. He has also created a Facebook group called "Condemn TD Bank in their Treatment of clients with Iranian Background" and said he has received a lot of support.
On the Facebook group, there are a number of posts from people who say they are considering canceling their TD bank accounts in protest.
"No Canadians should be subject to this. A discrimination and charter challenge should be in place," said one post.
http://www.miamiherald.com/2012/07/12/2893131/iranian-canadians-puzzled-by-bank.html
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