Investment Executive on Nostr: Canadians paying billions of dollars in 'excess' bank fees: report ========== ...
Canadians paying billions of dollars in 'excess' bank fees: report
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Canadians are overpaying by more than $7.7 billion a year in bank fees. The report by Alberta-based consultancy firm North Economics compared fees at the Canadian Big Five banks with what consumers face in the U.K. and Australia. Canadians pay much more per month for bank accounts, as well as for fees for non-sufficient funds, overdraft charges, and accessing ATMs at competitor banks. Canada’s five biggest banks had $7.73 billion in 'excess' income. The Canadian Bankers Association noted that competition has led to affordable bank accounts, with 37% of Canadians reporting not having an account fee.
#BankFees #Canada #Economy
https://www.investmentexecutive.com/news/industry-news/canadians-paying-billions-of-dollars-in-excess-bank-fees-report/
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Canadians are overpaying by more than $7.7 billion a year in bank fees. The report by Alberta-based consultancy firm North Economics compared fees at the Canadian Big Five banks with what consumers face in the U.K. and Australia. Canadians pay much more per month for bank accounts, as well as for fees for non-sufficient funds, overdraft charges, and accessing ATMs at competitor banks. Canada’s five biggest banks had $7.73 billion in 'excess' income. The Canadian Bankers Association noted that competition has led to affordable bank accounts, with 37% of Canadians reporting not having an account fee.
#BankFees #Canada #Economy
https://www.investmentexecutive.com/news/industry-news/canadians-paying-billions-of-dollars-in-excess-bank-fees-report/