Agreed, a bill that:
Does not address the problem of ATM fees, at own-bank, or other banks and the dissapearence of own-bank ATM's in favour of white label.
NDP MP writes law to ban ATM fees
- Thread starter Niflmir
- Start date
Does not address the problem of ATM fees, at own-bank, or other banks and the dissapearence of own-bank ATM's in favour of white label.
The banks are certainly not hurting:
http://www.fin.gc.ca/toce/2001/bank_e.html
ATM fees are too high. I wouldn't ask them to provide this service for nothing but I would say they could do it comfortably at a quarter, $0.25, for each transaction. On the other hand, most of our banks pay lousy interest on savings compared to what they used to pay in relation to what is charged for interest.
http://www.fin.gc.ca/toce/2001/bank_e.html
ATM fees are too high. I wouldn't ask them to provide this service for nothing but I would say they could do it comfortably at a quarter, $0.25, for each transaction. On the other hand, most of our banks pay lousy interest on savings compared to what they used to pay in relation to what is charged for interest.
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I think this applies where there is competition, when I don't like a shoe store, bakery, book store, I can simply choose another one. The basic difficulty with Banking is that there are not many alternatives, we are forced to choose the best of bad alternatives.
For ING they do not offer chequing services which is where for personal banking the majority of fees are accumulated.
For PC since they are not an institution and they don't have their own ATM's you don't have to pay the bank fees (since there are none) but if you want your money in cash you still have to pay for it, this is a new phenomena and very questionable considering that due to the large conglomerations of banks there is little to no alternative.
I can choose the bank with the best package for me, but this does not stop my bank from reducing the hours that I can access a live teller, which drives me to use the ATM, and then charge me for using the ATM. Now the market thing to do in this scenario is say 'bye-bye bank' and move to one that does not charge me, but if there are only a small number of banks and they are all reducing access to live tellers, and increasingly charging for access to live tellers, driving consumers to ATM's and then charging for use of the ATM's in addition to service charges.... well then, there is no market alternative because the market has failed to provide the competition.
Now the failure to provide the competition lies with the government because the government already heavily regulates the banking industry creating barriers to entry, and also allowing for the mergers that did happen, so I don't think it's unreasonable to ask the government to fix this both by applying a bill (that actually would work) that says the bank cannot in effect levy a tax on it's members to access their own funds on top of a set service fee, and in addition open up the regulations to allow for more competition in the industry.
Right on, SVMc.
You folks are also missing the fact that the only ATMs available in the outbacks (like here) aren't owned by banks at all. We should drive 35 kliks into town every time we need cash? We should keep our cash at home? I got around the use of these "aftermarket" ATMs by leaning on friends who happen to own businesses out here and having tabs to pay off when it's convenient, but not everyone can do that.
Would it actually cut that much into the billions of $ of profits for the banks to think of their customers for a change (pun intended)?
You folks are also missing the fact that the only ATMs available in the outbacks (like here) aren't owned by banks at all. We should drive 35 kliks into town every time we need cash? We should keep our cash at home? I got around the use of these "aftermarket" ATMs by leaning on friends who happen to own businesses out here and having tabs to pay off when it's convenient, but not everyone can do that.
Would it actually cut that much into the billions of $ of profits for the banks to think of their customers for a change (pun intended)?
There are non-bank alternatives. Go to a cheque cashing store and cash your cheque. Put the money in your home safe or under your mattress. Then there are no fees for the ATM no long distances to the closest bank.
If you are concerned about the money being stolen then you may want to determine what the extra security of a bank is worth to you.
If you are concerned about the money being stolen then you may want to determine what the extra security of a bank is worth to you.
Every Superstore that I've been in has a PC bank machine.
Remember before ATMs? Everyone carried enough cash to get them by. It's a novel concept, maybe for those who don't want to pay fees, you could try it? This whole argument boils down to the idea that everyone wants the convenience of ATMs, but believes that they should be provided free. And you'll come up with a gazillion flawed arguments to support that position.
Me, I'd like to have the Globe and Mail deilvered to my house every morning free. Maybe the NDP will bring in legislation that, since Bell makes lots of profit, they should deliver the paper free.
My mother who was about 60 at the time, lost $250 she had in her purse to a purse-snatcher. Nice guy you are, TP.
Um, does Bell make billions in profits?
Um, does Bell make billions in profits?
You can always go to the grocery store and buy something worth about what the ATM fee might have been and ask for extra cash...........the grocery stores don't charge any fee. Hell, even the liquor store will allow you to have extra cash on your debit card. You can live without the ATMs.
You're blaming me for your mother getting robbed? What are you smoking?
It doesn't matter how much profit Bell makes; the logic is, the banks make profits, so they shouldn't charge fees. So, the same logic should apply to other businesses. If you make a profit, you should be legislated into providing services free of charge. It's the NDP way, apparently.
I do. I refuse to pay anything because of them. Like I said, I made other arrrangements. In town, I put everything on the other plastic card and pay the total when I get the credit card statement. 
I still think it'd be a nice gesture if the banks wouldn't be so bloody tightassed and do something altruistic once in their existences. After all, if it weren't for customers, they wouldn't be.
I still think it'd be a nice gesture if the banks wouldn't be so bloody tightassed and do something altruistic once in their existences. After all, if it weren't for customers, they wouldn't be.
A agree, service is as much of an issue as fees. I am not against ATM fees and I think getting rid of them is a bad idea. However, the fees should be lowered for small withdrawals.
Tell me, what are your retirement funds/pension plans invested in?I do. I refuse to pay anything because of them. Like I said, I made other arrrangements. In town, I put everything on the other plastic card and pay the total when I get the credit card statement.
Bell doesn't own the majority of the Globe anymore, it is owned by CTVglobemedia.
Bell owns 20% of it currently
Bell owns 20% of it currently
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Someone mentioned somewwhere they were incensed. I think it was the Afghan thread. But, you mentioned that people should carry cash or used to carry cash, or something like that. I didn't accuse you of anything. I merely mentioned that seniors carrying cash around isn't a good idea.
Nope. That's not the logic. Even the general store down the road here has a policy of giving a newspaper to whomever spends $20 or more on stuff. It's good business because it brings in business. I also think it'd be altruistic. Sort of a "thank you for doing business with us". I'm hardly gonna hold my breath, though.
I have no idea what CPP and OAP monies are invested in. I have money in alternative energy companies to telecomm companies. My private pension comes from a money market. Why?
Why? Because one of the major investments of pension plans is in Canadian Banks. Everyone wants their pension plans to do well, but somehow forgets where the money comes from.
Good night
I don't understand why everyone thinks Banks should provide services free, just because they can't be bothered to use the options that are available to them. If the NDP has to pass legislation to help out lazy people, so be it.
Good night
Not talking about the NDP, but I think if the banks would at least reduce those ridiculous fees, they'd be ahead.
My pension is variable. Sometimes it's in insurance, sometimes in other things. Right now it's money market fund. Interest income in Canada is a joke.
My pension is variable. Sometimes it's in insurance, sometimes in other things. Right now it's money market fund. Interest income in Canada is a joke.
I'm not sure why banks should be forced to lose money on a consumer's actions.
Before banks started charging fees on accounts, most customers lost money for the bank.
To me, the only argument for it is that banks are chartered in Canada, which is essentially government protection from increased competition.
A healthy banking system is critical for a healthy economy.
Before banks started charging fees on accounts, most customers lost money for the bank.
To me, the only argument for it is that banks are chartered in Canada, which is essentially government protection from increased competition.
A healthy banking system is critical for a healthy economy.
Good arguments all 'round, folks - I have yet to read a compelling reason why banks should be forced to lose or lower fees. If you live in a big city, with a tiny bit of thought and effort, you can get all your services for free (as I do).
If you live in the sticks. . .well, sorry - there are lots of things that are only feasible with economies of scale. Like a big general hospital with an emergency ward. Or timely ambulance service. Big issues out in the sticks.
Internet banking (also free of charge) takes care of the vast majority of my financial transactions.
A non-issue looking for a nanny state solution.
Pangloss
If you live in the sticks. . .well, sorry - there are lots of things that are only feasible with economies of scale. Like a big general hospital with an emergency ward. Or timely ambulance service. Big issues out in the sticks.
Internet banking (also free of charge) takes care of the vast majority of my financial transactions.
A non-issue looking for a nanny state solution.
Pangloss