Category Archives: Consumer Protection

Bank Fees, Credit Card Fees Gouge Consumers

consumer, credit card fees, banks, government

Governments must crack down on out-of-control bank fees and credit card fees.

Canadians have had it with outrageous bank fees and credit card fees.

The eight largest banks in Canada are obliged to provide a basic monthly banking package for $4 or less. These accounts don’t offer much — 10 or so free transactions per month — and they’re not heavily promoted because they aren’t very profitable for the banks.

Brian Shumak, a Toronto certified financial planner, said he doesn’t understand what the banks are doing to justify the bank fees, many of which have become automated and should cost the banks less to administer.

“Banking has become very costly for consumers and yet the service and what you pay for has not changed one iota,” he said. Continue reading