The Curious Case of Banks and Their Political Agendas
I’ve always thought the job of a bank was rather simple. You take my money, you keep it safe, and you try not to lose it on some harebrained scheme. In return, I pay you some fees. A straightforward, if slightly dull, arrangement. It seems, however, that some of our grand old financial institutions have decided to add a new, unwritten clause to this contract. Now, they also want to approve of your politics. If they don’t, well, tough luck. Your account is closed.
This practice, charmingly dubbed ‘debanking’, strikes me as one of the most commercially foolish trends I’ve seen in a long time. It’s the equivalent of a pub landlord refusing to serve anyone who supports the wrong football team. You might feel terribly virtuous, but your till is going to be a lot lighter at the end of the night.