CanPol: Layton goes off the deep end

[notyoueither]

A person doesn't even have to be personally guilty. The banks may simply withdraw their services from 'your class.'

Many of these borrowers live in the wrong part of town—wrong for the big banks, that is. Since the early 1990s, the banks have closed dozens of branches in low-income areas of Toronto, Vancouver and other cities. Why allocate tiny portions of capital to marginal branches when big dollops of it could be deployed in booming lines of business such as investment dealing, corporate finance and high-net-worth individual banking?

[Asher]

Closing of branches does not equate with refusal to provides loans to people because of where they live...

[notyoueither]

*cough* bull**** *cough*

[Kuciwalker]

Fillion is far from unique. There are millions of Canadians with "bruised" credit ratings, or none at all, who are eager to borrow money to buy homes, cars and appliances. But they are automatically spit out as rejects by the computerized borrower assessment models used by Canada's big banks. This caste of customers includes the self-employed entrepreneur with an irregular income, the recent immigrant with no Canadian credit history, the single mother who missed a few mortgage payments during a messy divorce, and the labourer with a paycheque due next week who needs cash for a car repair or a night out, now.

Weren't you (rightfully) slamming these types of loans earlier in the thread?

[notyoueither]

I've slammed the fact that a labourer can't get his cheque cashed in appropriate time by the chartered banks, so he turns to a shylock who takes 3% as a fee for cashing a paycheque.

Lines of credit, and the inability of low income people to get them from the chartered banks is a further issue. The labourer goes to the shylocks and risks incurring criminally usurious interest.

[notyoueither]

That's actually really interesting wording though. I've thought about it a bit.

Could it be that the chartered banks aren't there to cash paycheques in a reasonable timeframe. They aren't there for an overdraft or line of credit to fix the vehicle that gets a tradesman to work. As a consequence an unregulated industry that is profitable enough to stay open 24 hours a day (and would fit perfectly in a later-day Dickensian novel) has sprung up. That industry is also there to fund binges, no questions asked. Afterall, they are open 24 hours a day and are right next to the bar.

That's what I've thought about that line.

[Tingkai]

Originally posted by Asher

It's funny that during the same period my experience with the banks has improved with lower fees, higher interest, and more convenience.

That's cause you're just a puppy.

Before the 1990s, there were no service fees on withdrawing money, or depositing coins or using an ATM.

Originally posted by Asher
Why don't you focus on feeding the homeless, reforming our awful healthcare system, and funding our schools instead of whining about a $1.50 fee

Because people should not be charged for withdrawing their own money from their bank. And when it adds up to $442 million a year, that's big money.

The big question is why do you care so much about an issue that doesn't affect you?

[Asher]

Originally posted by Tingkai


That's cause you're just a puppy.

Before the 1990s, there were no service fees on withdrawing money, or depositing coins or using an ATM.

Amazing how there still isn't now, then.

Because people should not be charged for withdrawing their own money from their bank. And when it adds up to $442 million a year, that's big money.

Agreed, which is why I chose a bank which does not do such things. Consider switching if you don't like your current bank. If more people got smart like this, the banks would change their tunes.

Your laziness is not an excuse for government intervention.

The big question is why do you care so much about an issue that doesn't affect you?

Because big government needs to stay out of areas where it's not needed. No fee banking already exists, so complaining about bank fees by some of the banks as a government issue is a waste of my tax dollars and government time which is best spent dealing with real problems.

Competition only works if people are smart enough to switch to a competitor that offers what they want. Since many Canadians are not smart enough to do this, not surprisingly NDP voters, they want the government to waste time and money to force banks hands in how they do business to compensate. That's ridiculous.

[Asher]

And for the record, I'm all for regulating the payday loan industry. No one but NYE is talking about that, so I suggest NYE can it and use the other thread to whine about it and spam there.

[MRT144]

I'm seriously considering opening another bank account with BofA (this is after my account was closed due to huge outstanding balance on it due to gambling addiction problems).

I like Washington Mutual but whenever I travel anywhere outside of Seattle/Washington State I am literally screwed. It's either carry large amounts of cash, or pay fees. Vegas wound up costing me an extra 12 dollars on top the 600 I already spent!

[MRT144]

Originally posted by notyoueither
I've slammed the fact that a labourer can't get his cheque cashed in appropriate time by the chartered banks, so he turns to a shylock who takes 3% as a fee for cashing a paycheque.

Lines of credit, and the inability of low income people to get them from the chartered banks is a further issue. The labourer goes to the shylocks and risks incurring criminally usurious interest.

shylock? SHYLOCK? why are you racist!?

[DinoDoc]

Originally posted by MRT144
(this is after my account was closed due to huge outstanding balance on it due to gambling addiction problems).

Vegas wound up costing me an extra 12 dollars on top the 600 I already spent!

I don't think Vegas was the right place to vacation.

[MRT144]

Originally posted by DinoDoc


I don't think Vegas was the right place to vacation.

I know, but I did pretty well regardless. I didn't lose more than I thought I would (I set aside 600 dollars for the weekend[food, strippers, gambling]) and I didnt feel compelled to gamble when I lost money. I think the fact that I can gamble anywhere also took the edge off for me. It was kinda pedestrian there and didn't have this taboo that drove me.

[notyoueither]

Originally posted by Asher
And for the record, I'm all for regulating the payday loan industry. No one but NYE is talking about that, so I suggest NYE can it and use the other thread to whine about it and spam there.

You want to talk about Layton. I want to talk about banks. This is a thread about Layton and bank policies, so tough it out.

[Asher]

Originally posted by notyoueither
You want to talk about Layton. I want to talk about banks. This is a thread about Layton and bank policies, so tough it out.

This thread is about Layton's policy on inter-bank ATM charges.

Layton has not proposed wholesale bank reform.

To discuss that, go spam another thread, because you're the only one talking about that here, which makes it spam.