<strong>Written By:</strong> jensonj
<strong>Date:</strong> 2007-01-16 20:38:47
<a href="/article/173847359-rbc-limits-use-of-us-dollar-accounts">Article Link</a>

"It's their currency, they have the right to decide how it's used," he said in an interview.

"If you want to write a cheque to someone, make a payment in a U.S. dollar, most times it's going to clear through the U.S. and it has to meet their rules and regulations," Moorcroft added.

The Royal Bank has major bank and brokerage operations in the United States.

The national president of the Canadian Islamic Congress is urging Canadians to open foreign accounts in different currencies other than the U.S. dollar.

Mohamed Elmasry said the restricted list is a political decision made by the U.S. administration.

"It is an American interference in Canadian business and should be totally rejected by the Canadian banking system," said Elmasry.

The Canadian Bankers Association declined to comment and said the country's banks could comment individually.

<snip>

"There must be ways for the Royal Bank to say to the American administration that our citizens and our landed immigrants (of Canada) are free to open accounts in any currency they wish."

He also said if it's only the Royal Bank that following U.S. instructions, there may be a call for a boycott.

<a href="http://www.canada.com/globaltv/national/story.html?id=65f07c95-1798-43d2-9246-2b00e93bc4c7">http://www.canada.com/globaltv/national/story.html?id=65f07c95-1798-43d2-9246-2b00e93bc4c7</a>







[Proofreader's note: this article was edited for spelling and typos on January 17, 2007]

   

""What they're trying to do is reduce and eventually eliminate the U.S currency being used for terrorist financing and money laundering," Moorcroft said."

Gee, makes one wonder if there are any other currencies on Earth.

I have to wonder if anyone in the US has ever heard of the Euro?

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"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

   

One has to forgive Canada's banking system for these sort of reactions. After all, they encouraged and supported Apartheid in South Africa..............

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"When you change the way you look at things, the things you look at change."
-Max Planck

   

Who wants a US dollar account?! It’s soon to be a worthless currency. Unless it’s needed for business they’re doing these people a favour.

   

The Canadian Bankers Association's reply is a cop out; they should have clearly stated that the Royal Bank of Canada operates under Canadian legislation; if they want to offer US$ accounts, they should not discriminate between their clients.

This is not unlike the situation at the Hilton-owned hotel in Oslo, Norway. We have yet to see the end of that.

On the other hand, getting out of US$ holdings seems to be the in thing these days. Does any Canadian bank offer accounts in Euro?

   

Since when is the RBC an American bank?