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> banks now refuse accounts to "high risk" businesses We have/had that in the US too: https://en.wikipedia.org/wiki/Operation_Choke_Point https://en.wikipedia.

> banks now refuse accounts to "high risk" businesses We have/had that in the US too: https://en.wikipedia.org/wiki/Operation_Choke_Point https://en.wikipedia.org/wiki/Operation_Choke_Point In this case the federal gov't (FDIC and DOJ) pressured the banks. They even attacked a Constitutionally-protected activity (firearms)

cal5k 9y ago
It's simply not possible to carry on business without a bank account. For that reason I'd like to see legislation which makes it illegal to refuse customers on the basis of their business model, so long as it is legal.
- ad_hominem 9y ago
  Yeah I'd also like to see that, especially with the number of banks continually shrinking (e.g. less than half as many exist as did in 1980), giving consumers fewer and fewer options to shop around. Then the other half of my brain is like "you're expecting the gov't that gave you Operation Chokepoint to do a 180 and suddenly be benevolent?" and "the reason banking is congealing into an oligopoly in the first place is because of the staggering amount of banking regulations churned out by the gov't every year, significantly raising barriers to entry" ¯\_(ツ)_/¯
  - cal5k 9y ago
    Yeah, I hear you. At least it's more robust there than it is in Canada... our Schedule I banks (there are 5 major ones) are protected by law from foreign competition. I don't see a move towards the type of deregulation that might lead to real competition, so the only plausible solution I see is more legislation. Hah. It makes my inner libertarian cry.
- ams6110 9y ago
  I'm familiar with a few local restaurants that take cash only. All Chinese food places for whatever reason. If your car ever gets towed away on a private-property parking violation, good luck getting it back paying in anything but cash. My barber takes cash only. It's not as uncommon as you might think.
  - cal5k 9y ago
    Are they stuffing that money into a mattress? Buying stuff with it? Or do they deposit it somewhere?
    - mark-r 9y ago
      That's the whole point of cash, you'll never know.

cal5k 9y ago

It's simply not possible to carry on business without a bank account. For that reason I'd like to see legislation which makes it illegal to refuse customers on the basis of their business model, so long as it is legal.

ad_hominem 9y ago
Yeah I'd also like to see that, especially with the number of banks continually shrinking (e.g. less than half as many exist as did in 1980), giving consumers fewer and fewer options to shop around. Then the other half of my brain is like "you're expecting the gov't that gave you Operation Chokepoint to do a 180 and suddenly be benevolent?" and "the reason banking is congealing into an oligopoly in the first place is because of the staggering amount of banking regulations churned out by the gov't every year, significantly raising barriers to entry" ¯\_(ツ)_/¯
- cal5k 9y ago
  Yeah, I hear you. At least it's more robust there than it is in Canada... our Schedule I banks (there are 5 major ones) are protected by law from foreign competition. I don't see a move towards the type of deregulation that might lead to real competition, so the only plausible solution I see is more legislation. Hah. It makes my inner libertarian cry.
ams6110 9y ago
I'm familiar with a few local restaurants that take cash only. All Chinese food places for whatever reason. If your car ever gets towed away on a private-property parking violation, good luck getting it back paying in anything but cash. My barber takes cash only. It's not as uncommon as you might think.
- cal5k 9y ago
  Are they stuffing that money into a mattress? Buying stuff with it? Or do they deposit it somewhere?
  - mark-r 9y ago
    That's the whole point of cash, you'll never know.