Account terminations spark outrage from Iranian-Canadians

The author of the Facebook page entitled “Condemn TD Bank in their Treatment of clients with Iranian Background” alleges through a post that there are more than 100 individuals that have recently received a Notice of Termination from TD Bank.

A group of Iranian-Canadians are asking why their bank accounts have been officially terminated without being given any reasons as to why.

Several individuals that do not wish to be named have contacted Salam Toronto over the last few weeks to investigate why their bank accounts and investments have been, or will be, terminated.  

Most of the disgruntled individuals allege that their TD Bank accounts, including mortgages and lines of credit, have or will be terminated.

In a letter entitled “Termination of Financial Services” signed by TD Associate Vice-President Dave McAdams, it stated that the bank “periodically conduct(s) a review of all client relationships” and as a result, they “can no longer continue to support your current accounts and/or services, or offer you any new accounts and/or services.”

When contacted by Salam Toronto, TD Corporate Communications Manager Barbara Timmins did not give any details as to why such accounts have been terminated, but did give a few hints.

“Depending on the customer situation, there’s a number of different reasons it could be attributable to,” said Timmins. “But I can say that if it’s not a case that’s with respect to sanctions then, generally, it’s based on us having to make a business decision around risk and how to manage risk.”

Ms. Timmins offered to make sure that, if contact details were given to her, she would make sure the rejected customer would receive a call back. After giving Ms. Timmins the name and phone number of one of the “customers”, a call was returned, but again, no reasons for termination were given, according to the source.

A Facebook page entitled “Condemn TD Bank in their Treatment of clients with Iranian Background” was created on May 15, 2012 and currently has about 50 “likes.”

The author of the Facebook page alleges that there are more than 100 individuals that have recently received a Notice of Termination from TD Bank.

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