5 Major Canadian Banks Go Offline For Hours. What’s Happening?
The largest banks in Canada went offline following the government announcement to freeze the bank accounts of protestors. Are these related?
The “Big Five” Go Offline
Starting on February 16, the 5 largest banks in Canada went offline for hours, preventing customers from accessing online and mobile banking services. Many customers also reported not being able to withdraw cash from ATMs.
The banks include Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, TD Bank Canada, and the Canadian Imperial Bank of Commerce (CIBC).
These 5 banks take up so much of the Canadian banking market that they’ve been dubbed the “Big Five”.
The reported outages have continued to occur throughout the 17th.
Canada Freezes Protestor’s Bank Accounts
Just one day prior, the Canadian government announced they would be freezing the bank accounts of truckers protesting vaccine mandates in the “Freedom Convoy”.
