(RightWing.org) – A number of behavioral specialists agree that practicing cancel culture as a means of obtaining accountability or changing behavior even when opinions remain the same has proven a toxic failure. Rather than promoting change, it encourages shame, typically amplifies issues, and often promotes abusive tendencies because of the power dynamics involved.
Now, add finances into the mix. Cancel culture came to banking in North America in late 2021 and early 2022 when payment processors like GoFundMe and PayPal refused to transfer funds to certain groups or individuals. In essence, those instances represented debanking in the US. Within the last few months, a UK politician began a campaign against widespread debanking affecting thousands.
Debanking in the UK
Nigel Farage was a UK Independence Party (UKIP) and Brexit Party leader. He remains a staunch Conservative and critic of the European Union. On June 29, Coutts, a banking subsidiary of NatWest, a major banking concern in the UK, debanked Farage, claiming his political views were responsible for the cancellation. However, on July 4, an anonymous bank source disclosed to the BBC that Coutts closed the politician’s account because it failed to meet minimum deposit requirements.
After further investigation, Dame Alison Rose, NatWest’s then-chief executive, admitted she was the source and provided inaccurate information. She resigned on July 26, as the scandal grew, followed the next day by Coutts chief executive Peter Flavel.
Yet, the Daily Mail revealed that UK banks were debanking up to 1000 accounts daily, stigmatizing individuals, small and medium businesses, and groups. Farage sought to campaign against the practice and start an organization to help those suffering through the experience. Farage started AccountClosed.org and asked people to share their experiences with him.
The information he gathers will help him build a lobby to convince lawmakers to change laws in favor of individuals and small companies rather than corporate banks. He’ll seek guarantees against debanking.
Debanking in the US
Cancel culture remains alive and well in America. Dr. Joseph Mercola complained Chase Bank made him a recent victim on July 25 after more than 18 years as a loyal customer. The bank provided him with no explanation. In addition to his business account, Chase closed accounts for his CEO, CFO, and some of his officers’ family members.
Another infamous instance of debanking happened during the Obama years when his administration employed an initiative called Operation Choke Point. According to a May 2014 Oversight Committee report, the Department of Justice encouraged banks to terminate relationships with firearms dealers and ammunition stores, among others.
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