Iranian Canadians TD Bank Accounts Closed Due To Economic Santions

Iranian-Canadian Customers Find TD Bank Closes Accounts

Several Iranian-Canadian customers of TD Bank received the unpleasant surprise of having bank officials suddenly close their account without warning and without giving them what they considered to be a satisfactory explanation.

TD Bank officials would only tell those customers whose accounts were suddenly closed that current banking regulations prohibit the Bank from offering any type of financial services to individuals or companies connected to or benefiting Iran.

“A recent review has identified you as a person TD is restricted from providing financial services to, from, or for the benefit of under these new regulations,” TD wrote in one letter to an affected customer, Soudeh Ghasemi of Toronto. “As a result, we are informing you that TD will no longer continue to support your current accounts and/or services.”

Iranian Canadians TD Bank Accounts Closed Due To Economic Santions
Iranian Canadians TD Bank Accounts Closed Due To Economic Santions

The Special Economic Measures Regulation was put into effect last fall and mandates that all banking institutions, including TD Bank, must comply with economic sanctions being taken against Iran.

TD Bank told the BBC it did not target people based on ethnicity or nationality, but it was required to comply with Canadian law on sanctions.

“This episode shocked us,” said Pooya Sadeghi, a real estate agent whose father-in-law’s account was closed.

He has created a Facebook page entitled “Condemn TD Bank in their Treatment of clients with Iranian Background” to draw attention to the issue.

“Never in our wildest dreams did we imagine that a major bank in Canada would treat us like we are second-class citizens and undeserving of answers.”

Those whose accounts were closed are protesting that they have no financial dealings with Iran.

On Wednesday TD Bank Group agreed to meet with the Iranian Canadian Congress (ICC) to discuss the closures of the bank accounts, according to the vice-president of the ICC who received an email from the bank late Wednesday night.

“We are cautiously optimistic about this. We think it’s a good gesture by TD to reach out to us. We hope that it will be a constructive meeting and that we can express our concerns to them,” said Shahrooz Wednesday night.

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Jim K is a Toronto based writer, and has been writing full-time for eCanadNow since May of 2005, covering Canadian topics and world issues. Prior to his work writing and editing for eCanadaNow, he worked in sales and marketing. In addition to his work at eCanadNow, Jim has contributed to several other sites, mainly in entertainment feild. You can email Jim at {jim at]

6 thoughts on “Iranian Canadians TD Bank Accounts Closed Due To Economic Santions

  1. And it begins, This is the first step into controling the people… And TD CANADA TRUST is known to be un-fair with its clients. However in this case I predicted it a long time ago and it will not stop here and only with iran… This goes so far up… I tell you now this is just a begining wait and you will see. Many already know whats going to happen next but there are many fools out there who believe in the MEDIA. God Speed

    1. I panicked when I read this article I’m not iranian though never been there and I don’t even have iranian friends or neighbors but I’m dual citizen, my original country has no political problems but these days who knows what will happen??!! and would like to know if they close these accounts and keep the money or what?? because that’s so unfair if real.I know it’s a naive question but please can someone answer me?????????

  2. I don’t understand, if they are doing this to comply with Canadian law, why don’t people get angry at the government rather than the bank?

  3. Did you even read the article? Since when did Economic Sanctions have anything to do with deportation?

    Whats wrong with Muslims? Is it the image of Muslim extremists that come to mind when that religion is mentioned? You need to fucking grow brain. Some bad apples doesn’t make the whole religion a medium for evil. If you lived somewhere with hardly an education system in place and all there was religion, you would follow those manipulators/warlords blindly as well.

    What we need to do is improve our education system to prevent idiots like you from sprouting up. Think outside the box for once, don’t believe word for word what the government or the media shows you.

  4. What the bank is doing is just plane wrong. My wife and I will be closing our TD accounts because of this poor treatment towards tax paying canadians who’s tax dollars bailed out TD from going bankrupt when it would have been cheeper to buy them out. Screw You TD.

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