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NDP calls for ban on ATM fees
Last Updated: Thursday, January 25, 2007 | 11:13 AM ET
CBC News
Federal NDP Leader Jack Layton on Thursday called for legislation restricting bank-machine fees at a press conference in Toronto.
The party has proposed changes to banking laws that would eliminate fees for using automated teller machines (ATMs), also known as automated banking machines, or ABMs.
"The NDP thinks hard-working Canadians should not be charged by banks when they deposit, withdraw or transfer their own money using an ATM," Layton said in a release. "The NDP will table amendments to the Bank Act that would eliminate fees for using ATMs."
Canadians made 707 million cash withdrawals in 2005, according to the Canadian Bankers Association. Another 264 million deposits were made using ATMs in 2005. Canadians paid about $420 million in charges to cover these transactions, according to Layton.
Last December, NDP finance critic Judy Wasylycia-Leis in question period pressed Finance Minister Jim Flaherty to legislate the end of competitor automated banking machine fees. She noted that banks in other countries, including the U.K. and U.S., do not charge additional fees when a consumer uses a competitor's ABM.
"TD Bank doesn’t think its American customers should have to pay these fees — only its Canadian customers. British banks don’t charge these fees either. Why do people in the U.S. and the U.K. get a break from their banks, but ordinary Canadians get gouged?" Layton said.
In January after a two-day party meeting, Layton said the NDP planned on pressing the issue of high interest rates. Layton said the banks charged average Canadians exorbitant interest rates and went on to enjoy a record annual profit of $19 billion last year.
Last Updated: Thursday, January 25, 2007 | 11:13 AM ET
CBC News
Federal NDP Leader Jack Layton on Thursday called for legislation restricting bank-machine fees at a press conference in Toronto.
The party has proposed changes to banking laws that would eliminate fees for using automated teller machines (ATMs), also known as automated banking machines, or ABMs.
"The NDP thinks hard-working Canadians should not be charged by banks when they deposit, withdraw or transfer their own money using an ATM," Layton said in a release. "The NDP will table amendments to the Bank Act that would eliminate fees for using ATMs."
Canadians made 707 million cash withdrawals in 2005, according to the Canadian Bankers Association. Another 264 million deposits were made using ATMs in 2005. Canadians paid about $420 million in charges to cover these transactions, according to Layton.
Last December, NDP finance critic Judy Wasylycia-Leis in question period pressed Finance Minister Jim Flaherty to legislate the end of competitor automated banking machine fees. She noted that banks in other countries, including the U.K. and U.S., do not charge additional fees when a consumer uses a competitor's ABM.
"TD Bank doesn’t think its American customers should have to pay these fees — only its Canadian customers. British banks don’t charge these fees either. Why do people in the U.S. and the U.K. get a break from their banks, but ordinary Canadians get gouged?" Layton said.
In January after a two-day party meeting, Layton said the NDP planned on pressing the issue of high interest rates. Layton said the banks charged average Canadians exorbitant interest rates and went on to enjoy a record annual profit of $19 billion last year.
Is he too stupid to figure out how to avoid bank fees?
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