A bank closure in Canada?
A video posted on Facebook warns: “BANKS AND DEBIT CARDS ARE STOPPING”.
“It’s happening in Canada right now,” a man says to the camera. “Debit cards refuse to work, accounts are closed. The entire banking system in Canada, as we speak, as I make this video, is shutting down.
A service outage from industry giant Rogers Communications lasted most of July 8 and affected some banking operations. But this assertion of a bank closure goes too far.
The video appears to be from TikTok, but it’s unclear when. By the time it reached Facebook on July 15, the shortage was resolved. The Facebook post was flagged as part of Facebook’s efforts to combat fake news and misinformation on its News Feed. (Learn more about our partnership with Facebook.)
This video could have been filmed during the outage, which affected more than 10 million users.
Reuters reported that the shutdown lasted 19 hours, ending late July 8, and that cellphone and internet connections were affected. (Reports on the precise duration of the shutdown have varied; CBC News reported that some customers were affected for days.)
Rogers blamed the outage on a coding error during a network update. The Canadian government is demanding answers from the telecom giant. Rogers said its network is now “fully operational”.
The statement that “the entire banking system in Canada is shutting down” is not accurate.
“The whole system is not shutting down,” University of Ottawa law professor Michael Geist told PolitiFact.
Geist, who testified about the outage at a House of Commons committee hearing on July 25, said in an email that the widely used Canadian electronic payment system, known as Interac, was down. during the outage, which he said lasted nearly 24 hours. Interac said its debit and electronic payment transactions were affected.
Banks reported that debit cards, funds transfer systems, online banking, ATMs and other activities were affected, according to Bloomberg News.
Other parts of the financial system, like the Canadian stock market, weren’t affected, said Andreas Park, a professor at the University of Toronto’s Rotman School of Management.
A Facebook post claimed that the entire Canadian banking system was shutting down.
Rogers Communications, a major telecommunications service provider, experienced an outage that lasted much of the day. Some banking activities were affected.
The message does not say the outage is over and says the banking system is shutting down, which is not correct.
We rate this claim as false.