Account cancellations: Banks attack left-wing groups over US politics!

Account cancellations: Banks attack left-wing groups over US politics!

In a surprising step, the GLS Community Bank and the Sparkasse Göttingen have terminated their accounts with the Rote Hilfe e.V. organization. This decision, which has profound political and social implications, appears to have more than just an economic background. According to klassegegenklasse.org it is directly related to the controversy surrounding the classification of the group “Antifa Ost” as a foreign terrorist organization by US policymakers. Despite the fact that the German federal government has not adopted this classification, the American requirements have a noticeable impact on conditions in Germany.

The account terminations are not the first of their kind. Similar actions had previously affected those affected by the climate justice movement and Mehring Verlag. It's no secret that banks are under pressure to distance themselves from organizations that are viewed as problematic in the United States. This leads them to close accounts out of fear of sanctions, such as exclusion from the international payment network SWIFT, which acts as an economic means of pressure.

The nature of the threat

Rote Hilfe e.V. is a nationwide active solidarity organization that supports people who experience repression because of their political commitment. With approximately 19,000 members, it is a significant voice for the rights of those affected by arrest, surveillance or discrimination. Hartmut Brückner from Rote Hilfe emphasizes that the dismissals represent a worrying trend of political repression. “We see the danger that many more progressive initiatives will come under pressure,” he warns, especially in light of past experiences in which organizations such as the DKP and Anarchist Black Cross were also affected.

The GLS Bank, traditionally known for its social-ecological orientation, withdrew, as did the Sparkasse Göttingen, terminating all accounts within a period of just two months. This shows how quickly political decisions can be translated into economic measures, even against the savings banks' legal mandate to provide public services.

A look at the effects

The debate about account terminations, which were initially carried out by banks without justification, has now spread widely. The Ethics Bank also recently announced that it would not open accounts for affected organizations. This raises the question: How far can debanking go? It is becoming increasingly clear that this is not just an isolated case. Affected organizations across the progressive spectrum, including groups in the climate justice movement, face similar challenges. They feel pressured by a repressive climate triggered by US politics.

What is particularly explosive is that these developments are interpreted as an attack on left-wing infrastructures in Germany. While the US administration under Donald Trump perceives these organizations as a threat, the federal government emphasizes that “Antifa Ost” does not pose a significant threat. This gap between the two countries' perceptions highlights the challenges facing progressive groups in Germany today.

Rote Hilfe e.V. is now planning legal action against the account terminations. They want to set an example, not just for their own members, but for everyone who suffers from the influence of authoritarian and repressive politics. A call for solidarity is being made, as the organization is calling on people to become members and provide their own financial resources for support. Because one thing is certain: “Solidarity cannot be canceled,” as emphasized by a campaign that is also attracting attention on social media.

The discussion about how to deal with left-wing organizations and their financing has only just begun. It is up to society to react to this and to send clear signals against arbitrarily defined repression.