I would suggest people do the same as when TD bank tried its 'digital transition' and thousands of people moved their money out in process (mostly to credit unions). I wrote about this last June, should anyone be interested: https://wdavidward.substack.com/p/the-electronic-vs-digital-debate
Banks have an incredibly privileged position, in that the government allows them to substitute their 'bank credit' (bank fiat) for our national sovereign currency (and then collect interest on that 'money'). The deal is, they have to handle physical cash (that is, real Bank of Canada-created sovereign money). Now they want to renege on this arrangement . The Bank of Canada should step in to prevent this. I
I don't use this bank, but its customers should all write to complain, and start pulling deposits out to underscore their point, and we should all write to the Bank of Canada to insist commercial banks must continue to offer this essential service.
I would suggest people do the same as when TD bank tried its 'digital transition' and thousands of people moved their money out in process (mostly to credit unions). I wrote about this last June, should anyone be interested: https://wdavidward.substack.com/p/the-electronic-vs-digital-debate
Banks have an incredibly privileged position, in that the government allows them to substitute their 'bank credit' (bank fiat) for our national sovereign currency (and then collect interest on that 'money'). The deal is, they have to handle physical cash (that is, real Bank of Canada-created sovereign money). Now they want to renege on this arrangement . The Bank of Canada should step in to prevent this. I
I don't use this bank, but its customers should all write to complain, and start pulling deposits out to underscore their point, and we should all write to the Bank of Canada to insist commercial banks must continue to offer this essential service.