NSF fees
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- Published on Sunday, 29 November -0001 16:00
- Written by editor
PAOV — You can make a difference. Sign now to push back against rising NSF fees.
End high NSF fees that act as a poverty tax in Canada!
22,923 have signed Mercedes Cepeda’s petition. Let’s get to 25,000!
Sign now with a clickThe Rising Cost of Poverty
I’m calling out the greed of TD, BMO, Scotiabank, RBC, CIBC, and other major Canadian banks. In these times of the skyrocketing cost of living, many of... us Canadians are struggling to pay our monthly bills. After the economic limbo of COVID and the recent inflation, those of us that are trying to crawl out of financial insecurity are being sabotaged by Canada’s banks. Most of us have been hit with that NSF fee at some point. The reasons vary, and with an increase in automations of our bill payments, they have become even more common. Each time this happens, Canadian banks pocket around $50, and there is no limit to how many times we can be hit with this fee. Does this seem reasonable to you?
There was a time when this fee was justified by the fact that a banker would have to manually process the returns, yet despite this becoming an automated process, the rates have continued to climb. Another justification is that this causes disruption to the party seeking payment, yet often the third party is also able to charge you an additional fee. That can mean that if a charge of $60 is charged to an account with $50, and it is returned the next day, the charging party can reattempt to bill with their own fee of $20 the following day. When this is inevitably returned, the entire transaction can end up costing you $120. This can be a hydro payment, or groceries for your family. When you are already struggling, this can be the straw that breaks the camel’s back. Meanwhile CEOs Bharat Masrani, Darryl White, Brian Porter, David I. McKay, and Victor G. Dodig made an average salary of $13M.
And why is this allowed? To incentivize us to keep a balance in our accounts? To motivate us to have more money? It is as if when the hydro bill bounces, wanting to keep our homes powered isn’t enough of a motive to resolve payment issues. No, I think the reason Canadian banks are allowed to do this is because it is an easy way to make money, and they believe poverty is a sin in itself, worthy of punishment. While these same banks offer accounts with waived fees if there is a certain amount of money in them, they nickel and dime those who already have so little. THIS IS WRONG. Even many of America’s largest banks agree that NSF fees are an undue burden!
Join us in the fight against greedy banks making life even harder for already struggling Canadians. Tell these multi-billion dollar banks to eliminate these unnecessary and unjust NSF fees once and for all. Pledge to move your money to community banks or banks with lower NSF fees unless TD, RBC, Soctiabank, BMO, CIBC and other major banks. Demand that your local MP address this problem at the legislative level so the government does its duty of protecting its most vulnerable citizens. Enough is enough. Let’s use our voice to FIGHT BACK AGAINST GREED!
Please sign, share and promote this petition if you can. If you share your full name and email I plan to share this as an official petition through the House of Commons. Real people can make a REAL CHANGE!
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