The weaponizing of banks against their own clients (aka, debanking) is a phenomenon that doesn’t seem to be losing momentum.
And it makes plans to introduce central bank digital currencies (CBDCs) even more of a suspect proposition, since that would make this sort of activity by financial institutions much easier.
As far as well known cases, after Canadian “Freedom Convoy” civil protesters got a rude awakening by having access to their money in the bank temporarily denied by the government – for daring to criticize said government’s Covid policies, it was the turn of a former member of European Parliament (MEP) and UKIP party leader Nigel Farage to have himself “debanked” in his own country.
But now, a number of “regular customers” of NatWest and its subsidiary Coutts are sharing their seemingly similar experiences online. In other words, they strongly suspect that the bank closing their accounts are politically motivated moves.
Specifically, a form of punishment for these people’s political views – critical of Covid restrictions, migration policy, the NHS, etc.
And those on the wrong side of these apparent machinations on the part of the bank say that there was really no reason for it, refusing to accept that expressing political views or falling victim to “personal revenge” should be considered reason enough.
One thing that big banks and Big Tech have in common is making these murky, but serious decisions, such as deplatforming, debanking, or simply censoring speech, without feeling they owe their users/clients proper explanation.
One of the multi-decade NatWest customers whose account was mysteriously closed, small business owner Tej Bal, is quoted in media reports as being left to wonder if the reason is his “political” posts.
They included what Bal describes as “tongue in cheek” musings on Covid lockdowns, and supporting a farmer’s protest in India.
Or it could be that the bank just doesn’t like the fact Bal paid off a loan early and decided he would close his credit cards.
Another customer who has come forward, also a business owner, Mayur Patel, is pretty sure NatWest’s decision to shut down his account has to do with Covid restrictions criticism – and views this as “personal revenge.”
