3 ms·

The banks contacted the government to seek advice on what to with these funds before the Emergency Act. They have these funds they know belong to multiple indiv

The banks contacted the government to seek advice on what to with these funds before the Emergency Act. They have these funds they know belong to multiple individuals, including the account holder, and don't know what to do with them. Just because 100,000 people dumped money into your account for cause doesn't mean it belongs to you personally. No individual protestors accounts have been frozen. If you donated to this cause you literally have no idea where your money went. If you participated in the protest and feel entitled to these funds, how would you get them? Freezing the accounts, at this time, is neither pro-protest or anti-protest. The government isn't seizing this money -- it's keeping it from being moved until somebody can figure out who even owns it. https://financialpost.com/fp-finance/banking/trudeau-gives-banks-power-to-freeze-funds-without-court-order-in-bid-to-choke-off-protest-funding https://financialpost.com/fp-finance/banking/trudeau-gives-b...

phil21 5y ago
> Just because 100,000 people dumped money into your account for cause doesn't mean it belongs to you personally. This is the first time I've seen someone make this completely true point about the banking system. It's not right or just, but money in the bank is not your money. It is your bank's money, and they may or may not allow you to transact it at any given time. Your recourse's are few and extremely expensive. If anything positive comes out of this, I hope it's more folks realize this.
- JamisonM 5y ago
  I think actually you will find in the normal course of life your recourse against a financial institution that freezes your funds in Canada are many and very affordable, even free. It is a highly regulated sector, there is frequent reporting and quick reviews. In the specific case of the GoFundMe money TD Bank was immediately at the courts begging for someone to tell them what to do.

phil21 5y ago

> Just because 100,000 people dumped money into your account for cause doesn't mean it belongs to you personally. This is the first time I've seen someone make this completely true point about the banking system. It's not right or just, but money in the bank is not your money. It is your bank's money, and they may or may not allow you to transact it at any given time. Your recourse's are few and extremely expensive. If anything positive comes out of this, I hope it's more folks realize this.

JamisonM 5y ago
I think actually you will find in the normal course of life your recourse against a financial institution that freezes your funds in Canada are many and very affordable, even free. It is a highly regulated sector, there is frequent reporting and quick reviews. In the specific case of the GoFundMe money TD Bank was immediately at the courts begging for someone to tell them what to do.