A public demonstration has been organized to protest TD Bank Group’s recent account closures of Iranian clients.
The dispute began when several Iranian-Canadians alleged the bank unlawfully closed their accounts, mortgages, credit cards and lines of credit.
TD Bank Group repeatedly stated that they have complied with federal regulations pertaining to the Special Economic Measures Act (SEMA), which was made to restrict the transfer of money to and from Iran and Canada in order to hamper Iran’s nuclear development.
The demonstration will take place between 2 p.m. and 4 p.m. in front of the TD Canada Trust branch at the corner of Yonge St. and Finch Ave. in North York on Sat. Aug. 25.
According to a media release, organizers of the demonstration are proposing five actions, including:
•TD Canada Trust to stop issuing “Termination Notices” unless they first provide affected individuals an opportunity to properly establish the facts.
•A letter of apology be sent to clients subjected to rash decision making by the Bank.
•TD Canada Trust to promote transparency by providing full & precise justification to all the affected clients.
•TD Canada Trust to devise a process to interview clients whose accounts are under investigation so as to allow the bank to properly assess pending banking risks in the future.
•The Canadian government is under a constitutional and international obligation to take all necessary measures to protect the human dignity and basic human rights of all its citizens and to avoid and prevent discrimination based on “national or ethnic origin.”