Freedom of Speech and Debanking: How Your Beliefs May Result in a Personal Account Loss

Lately, people in Western Europe have become split in their views. With lots of conflicting opinions about major events in their countries, even when leaders try to agree, complex issues still arise. In this situation, leaders are starting to use stricter rules to protect their views and beliefs, especially when people question the decisions they make.

For a while now, certain countries have been limiting freedom of speech and other personal freedoms. There is nothing new about it. Remaining inconspicuous, this fact wasn’t a big deal for a long time. Across the ocean, in the United States, the tendency to curb freedom of speech became markedly pronounced after the terrorist attacks on the Twin Towers of the World Trade Center on September 11, 2001.

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Throughout European Union nations, the gradual erosion of fundamental rights and freedoms including the freedom of speech has become a point of conversation since Brexit and the tumultuous events in the USA, notably the takeover of the Capitol on January 6, 2021. As a result, the harmony between the official EU standpoint and public opinion has become a thing of the past.

The crises we witnessed in the early 2020s have shown that dissenting from official interpretations of events and using your right to exercise freedom of speech can have far-reaching consequences. If you stick to your views, protect your right to freedom of speech, and not do what the government says your life will become harder. Sometimes, you might even risk being arrested. Although the loss of jobs, limited access to essential services, and impediments in conducting business due to doubts about the government’s official narrative are not yet widespread in the European Union or North America, the first precedents have begun to surface.

A classic example of what may follow if people exercise their right to freedom of speech and related personal freedoms is what happened with the Freedom Convoy in Canada in January and February 2022. Many people were upset because the government, led by Justin Pierre James Trudeau, demanded that drivers going into Canada have vaccine passports with them. Back then, lots of people who gave money to support the protests (but didn’t actually take part in the protests or tell others to) experienced issues with their personal bank accounts. The said bank accounts were suddenly frozen without any explanation.

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The situation could likely be manipulated to fit illegal transactions, attempts at money laundering, and terrorism financing. Essentially, Canada faced a curb on freedom of speech through debanking. This first-world country, known for its long-standing democratic traditions and strong societal awareness, encountered signs of totalitarianism, perhaps for the first time.

Another typical example is what happened with the populist politician Nigel Farage in July 2023. His case centers around Coutts Bank, one of the United Kingdom’s most ancient financial institutions, founded as far back as 1692. Despite its formal amalgamation into the NatWest Group, the bank’s largest ownership stake has been held by the UK government since 2008.

Farage’s bank account was unexpectedly closed without any formal notice or rationale. Had it not been for the surge of public criticism and the barrage of inquiries directed at Coutts’ management, the matter might have slipped under the radar. Nonetheless, within the public domain, Farage asserted that the bank account closure was linked to his personal and political beliefs, and him exercising his right to freedom of speech. As a result, it became impossible to brush off such allegations.

Initially, the bank’s bosses and the BBC claimed that Farage had violated the terms of cooperation with the financial institution, causing the bank account balance to dip below the allowed minimum set for it. There was no initial hint of any connection to the former client’s political beliefs.  Yet, Farage chose to forge ahead, demanding a detailed bank dossier containing his complete correspondence with the financial establishment.

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The information found in the archive indirectly confirmed that the reason behind the bank account closure had nothing to do with exceeding the set limits for the above bank account. The real cause was Farage’s political beliefs about Brexit events and his support for Donald Trump’s actions. To be more exact, it was about his supposedly transphobic and xenophobic views (as described by Coutts).

Farage strongly believes that his situation sets a dangerous example. According to him, it demonstrates a trend seen not in the Western but rather in the Eastern approach. An example of this is China, where the right opinions that match the official CCP stance is a key requirement for citizens to fit into society. China’s social credit system doesn’t align with the values of first-world Western European countries. But if local banks start treating customers based on their political, religious, societal, and common civic beliefs, it might signal the beginning of a dictatorship era and a regression to the Middle Ages.

Farage’s case has caused quite a stir and the widest public response. Perhaps if Coutts’ management had understood the potential outcomes from the start, they wouldn’t have unilaterally denied him the bank service. However, with Pandora’s box opened, the wave of anger against banks’ overreach resulted in the resignation of NatWest CEO Alison Rose and official apologies to Farage from the BBC management.

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David Davis, the former UK Minister for Brexit, firmly believes that society will eventually adopt a different perspective from the current one. According to him, opening a personal bank account is no different from making a service agreement with a utility provider. For who cares about the homeowner’s political stance when connecting utilities like electricity, light, or gas. And that’s perfectly normal.

Restricting citizens and taxpayers from accessing essential conveniences and services only because their value system differs from the widely accepted one goes against the principles of equality and freedom. This is particularly relevant now, when cashless settlements and digital transactions are so widespread and denial of banking services essentially means curbing basic freedoms.

Farage’s case can be seen from 2 perspectives. On one hand, risks for private customers are likely to escalate over time. Certain citizens may encounter unilateral refusal of service for reasons unrelated to the financial sector. Thus, it would be logical to keep a portion of your savings outside the traditional banking system, perhaps in alternative forms like cryptocurrency or precious metals.

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This viewpoint is shared by Claudio Grass, who was the first to have raised awareness about the extensive influence of banks on the general public. With its thought-provoking inquiries that numerous authoritative figures would prefer to overlook, his article was released on August 17, 2023, and rapidly gained widespread attention. According to Mr. Grass, the source of the threat to foundational values including freedom of speech arises from the banking system itself. However, his recommendations about partially keeping one’s assets outside the conventional financial system are not exactly right.

A much smarter approach is to cooperate with a bank that cares about its customers and resolves issues through consultations. Such an approach would significantly reduce the risks of service denial and allow you to benefit from the trust of a dependable financial partner for many years.

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