CanPol: Layton goes off the deep end

[Victor Galis]

Originally posted by KrazyHorse


I just use BoA ATMs. No fee.

Plus, I only make 1-2 cash withdrawals per month. Most days I don't have any cash in my pocket. I pay for almost everything with credit card, then pay that off at the end of the month.

Yeah, the whole minimum purchase kinda annoys me. And Royal Bank only gives me 30 free transactions a month

Soon as I manage to repatriate my money though I might get a BMO account on much better terms.

[Ninot]

Originally posted by Asher

France?

Fail geography?

[Asher]

Originally posted by Ninot
Fail geography?

They're communists from the east. The only difference is they're more prone to surrendering.

[KrazyHorse]

France sucks.

[Victor Galis]

Originally posted by KrazyHorse
France sucks.

I find that the Quebeqois suck more. I have nothing against actual French people.

[KrazyHorse]

I like the Québecois. I hate the governments they elect.

[Tingkai]

Originally posted by Asher

If it's not an ATM of your bank's, yes.

From checking websites, it seems a lot of Canadian banks charge $1.50 every time you use an ATM, even if the ATM is operated by your bank.

It definitely should be banned.

I do find it funny how you get annoyed that the NDP wants to do something to help consumers. Good thing we have you around to stick up for those poor, misunderstood banks.

Banks have a lot of ways to make money (traditionally, the interest rate margin between deposits and loans). Charging in-house ATM fees serves no useful purpose.

Layton is right on this one.

[Asher]

Originally posted by Tingkai
From checking websites, it seems a lot of Canadian banks charge $1.50 every time you use an ATM, even if the ATM is operated by your bank.

It definitely should be banned.

I do find it funny how you get annoyed that the NDP wants to do something to help consumers. Good thing we have you around to stick up for those poor, misunderstood banks.

Banks have a lot of ways to make money (traditionally, the interest rate margin between deposits and loans). Charging in-house ATM fees serves no useful purpose.

Layton is right on this one.

This is none of the government's business. Period.

Your research is as dumb as your opinions on hockey. Most banks have free transactions (up to X per month). But even that's stupid, anyone can get no-fee bank accounts already. ANYONE.

The government needs to stay out of it.

(BTW, Leafs SUCK. Flames are kicking ass. Your bet with Flubber looks retarded now)

You know what else serves no useful purpose? Charging lots of money for popcorn at movie theatres. BAN IT!!!!

You know what else serves no useful purpose? PROFIt. BAN IT!!!!!

[snoopy369]

Originally posted by Richelieu


There goes the first part of your statement!

Votre Carte Pourrait faire vous GAGNER! Quebec is definitely up with the idiotic card schemes we use here in the states ...

[snoopy369]

On the OP issue:
1. Get either a bank account at a bank with ATMS everywhere, or get an account like mine, at one of the major internet/telephone based banks which provide $1-$2 in refunds for ATM fees (plus not charging themselves).

Layton's full of it if he thinks US banks don't charge fees in the same way, though. Many national US banks charge additional fees for competitor ATM usage in addition to the operator charge.

That said, banking regulation is an important aspect of governmental regulation, and after utilities leads the list of things the government has an obligation to regulate. Banks by their very nature have a great deal of power over the consumer, more so than almost any other industry (other than utility companies, really), and that power disparity is where governments step in.

There may be a wide selection of banks, and there may frequently be some who offer better policies than others, but the combination of the difficulty of understanding most bank policies, and the fact that banks tend towards oligopolies at the top (the US may have 1000s of banks, but there are four that matter, and have the power to set the country's policies to the extent the government permits).

Undoubtedly my republican friends would deny my conservative credentials after this, but frankly I'd support strong government regulation of the banking industry, to the degree of explicitly setting fees and costs (not interest rates, except for caps, though). Banks simply have too much power over the consumer, not to regulate them strongly. That combined with the fact that banks don't offer any substantial benefit to a depositor that is advanced by competition, until you get into the fairly high dollar value accounts that have decent interest rates; means there's just not enough benefit from competition, compared to the costs to the consumer.

Oh, and on the hockey point ... Melrose just called the Red Wings a sleeper team. Funniest thing ever

[notyoueither]

Originally posted by Tingkai


From checking websites, it seems a lot of Canadian banks charge $1.50 every time you use an ATM, even if the ATM is operated by your bank.

It definitely should be banned.

I do find it funny how you get annoyed that the NDP wants to do something to help consumers. Good thing we have you around to stick up for those poor, misunderstood banks.

Banks have a lot of ways to make money (traditionally, the interest rate margin between deposits and loans). Charging in-house ATM fees serves no useful purpose.

Layton is right on this one.

Get this.

They have begun charging small businesses for depositing currency. That is correct. They are charging to handle the coin of the realm. Why do these institutions have charters? Why are they protected?

Layton is more than right.

[notyoueither]

Originally posted by snoopy369
Undoubtedly my republican friends would deny my conservative credentials after this, but frankly I'd support strong government regulation of the banking industry, to the degree of explicitly setting fees and costs (not interest rates, except for caps, though). Banks simply have too much power over the consumer, not to regulate them strongly. That combined with the fact that banks don't offer any substantial benefit to a depositor that is advanced by competition, until you get into the fairly high dollar value accounts that have decent interest rates; means there's just not enough benefit from competition, compared to the costs to the consumer.

Try having few assets and open a bank account in this country. It can be quite trying.

In the absense of adequate regulation, the cheque cashing sharks flourish. Nobody with a dime to their name and a good head start due to momma and papa, like some people from Calgary, has to deal with it.

Others get jobbed. They need their pay cheque to pay the rent. Assuming a bank will deign to give them an account out the graciousness of their hearts, many people can't wait 10 days for a cheque to clear (nevermind that cheques clear in 24 hours). They need to pay their rent tomorrow, so they pay Money Mart a percentage for the priviledge of collecting their wages.

Money Mart is aptly named, for the owners of the Mart. The cash falls off trees.

[notyoueither]

Finally, if Layton wants to make bank reform a hill to die on in the campaign(s) to come, I as a Tory at heart would welcome another couple of minority situations where he can force the government(s) to enact it.

Even in hay stack country such a policy would play well. From the POV of the NDP, it is a no brainer of a campaign issue. The Liberals are going to be hard pressed to steal that one while they maintain connections to Bay Street.

[Asher]

Sounds to me like a couple people who can't choose their banks properly want to forgo the competitive marketplace in favour of government handholding.

From Tingkai, this is no surprise, but the water in Edmonton is clearly contaminated.

Let us hope Layton's next step is to eliminate profit made on the sales of computers -- which are pretty fundamental to today's society as well. Small business taxes should also be raised to give back to the community they take money from.

[Asher]

Originally posted by notyoueither
Get this.

They have begun charging small businesses for depositing currency. That is correct. They are charging to handle the coin of the realm. Why do these institutions have charters? Why are they protected?

Layton is more than right.

Did some research...

CIBC charges all of 13 cents per cheque deposited. As someone selling computers as you do, what is that as a percentage of your average sale?

Also, why should the banks process cheques for free? Why should banks pay to stock their ATMs with money so users from other banks can take it out for free?

I simply do not see why these are fundamental rights that the government needs to step in to protect. In fact, I think it's bullying and politicking based on the record profits of banks (which, BTW, do not come from the $1.50 non-native ATM fee or the $0.13 cheque processing fee for businesses...) The only people buying it are those who want a free ride from the government, or too stupid so as to want the government invading every aspect of their life.