CanPol: Layton goes off the deep end

[Kuciwalker]

God, people, do you really care that much about a couple dollars per withdrawal? Just withdraw a larger amount of cash each time.

[Asher]

Good on them for finally opening the door to more competition.

Now it's time to let it work.

There still is differences between Schedule I (Canadian) and Schedule II banks (International), though. Which you neglected to mention...

[Asher]

Originally posted by Kuciwalker
God, people, do you really care that much about a couple dollars per withdrawal? Just withdraw a larger amount of cash each time.

(Just withdraw from your own bank's ATMs is easier...)

There are all kinds of real issues that need to be dealt with in Canada. Spending time on this nonsense is embarrassing.

[Victor Galis]

Let's face it, around where I live I have two real choices: Royal Bank, which has ATMs everywhere, or Bank of Montreal which, if I deposit $4500 into an account will give me an account with no fees and the like.

Even the other big banks don't really have enough ATMs in the area to be worthwhile. I don't have real choice. Yes, I could open an account with another bank, but then it would be less convienient due to location.

On a side note, is there a bank in Canada that will allow me to make withdrawals from my Bank of America account without charging me a fee like BNP-Paribas does in France? (Because that was awesome.)

[Kontiki]

Scotiabank

http://bankofamerica.via.infonow.net/locator/atmbranch/ListLoadAction.do

[Asher]

Did Scotiabank ask Layton if they could do that?

How dare they...

[Kontiki]

VG, you may also want to look at a Caisse in the Desjardins group.

[notyoueither]

Originally posted by Kuciwalker
God, people, do you really care that much about a couple dollars per withdrawal? Just withdraw a larger amount of cash each time.

This is just an example of the problems many Canadians have with our banking industry. It's a good issue to begin a discussion of bank reform with as it affects a larger section of the population even if it isn't a life and death issue for them.

Other issues are more important, such as the banks wanting to abandon a large segment of the population to the cheque cashing/ legal shylock industry, but wouldn't appeal to soccer moms as much.

[Asher]

Last time I checked Layton didn't want bank reform. Just to save a couple bucks for being insanely lazy...

[notyoueither]

I can have hopes for the guy. He's actually done pretty well the last couple of years.

I'll grant that he would start with an issue that more people would identify with and go from there.

[Victor Galis]

Yay! Scotia Bank it is.

[Tingkai]

Originally posted by Asher

So switch banks. You act like you're powerless. You're not.

It's not an option for many people. If you live in Penticton or Red Deer, to give two examples, there are no PCfinancial banks.

And having one bank with no fees is not a free market.

Originally posted by Asher
You can do telephone banking as well, but last I checked the vast majority of Canadians did have computers.

You're a computer geek. To you, using a computer is like taking a ****, but for many people, computer banking is something they don't trust.

Originally posted by Asher
There are also many plans for the banks that offer unlimited transactions.

Yeah, if you have $5,000 that you're able and willing to park in an account that gives you hardly any interest. But you end up paying an indirect service fee because that money could be invest elsewhere and earn a higher return. It's called opportunity cost.

[Kuciwalker]

Yeah, if you have $5,000 that you're able and willing to park in an account that gives you hardly any interest. But you end up paying an indirect service fee because that money could be invest elsewhere and earn a higher return. It's called opportunity cost.

Not if you wanted that money to be liquid and risk-free, so I don't really see much of an opportunity cost.

[Asher]

Originally posted by Tingkai
It's not an option for many people. If you live in Penticton or Red Deer, to give two examples, there are no PCfinancial banks.

They seriously don't have the telephone or internet in Penticton or Red Deer?

There are no PCFinancial banks at all. If you're referring to the kiosks in some grocery stores, their only purpose is to sign people up...they're not bankers.

FWIW, there is a PCFinancial kiosk in Red Deer:
A5016 - 51st Avenue
Red Deer, AB
T4N4H5

[Tingkai]

Originally posted by Kuciwalker
God, people, do you really care that much about a couple dollars per withdrawal? Just withdraw a larger amount of cash each time.

People obviously do care. It matters for people living on limited incomes, like the retired. It matters to the entrepreneur who gets charged for depositing coins or getting coins.

Besides, in a truly free market, we give the bank money in the form of deposits. The bank uses this money to make money, but in return pays a percentage to the depositor.

In the Canadian system, banks have oligopolistic power that allows them to create fees that take back the interest paid to depositors.

When the markets fail, government must intervene.