In his final days in office, former Prime Minister Justin Trudeau's government made good on its promise to limit the ability of Canadian banks to charge hefty fees when somebody doesn't have enough in their account to cover a payment.
I’m reminded of a radio interview with, I believe, an RBC rep a couple decades ago. They were asked about their various fees and why they kept them as they were so unpopular with their customers. The response was along the lines of, “Well, it’s only a small part of our revenue.” I was sort of thinking, “What, so you can’t think of a reason, either?!”
Should have gone the Québec route and removed NSF charges.
Quebec is often ahead of Canada as they also have election spending capped at $100 per year.
I like both of these ideas.
I’m reminded of a radio interview with, I believe, an RBC rep a couple decades ago. They were asked about their various fees and why they kept them as they were so unpopular with their customers. The response was along the lines of, “Well, it’s only a small part of our revenue.” I was sort of thinking, “What, so you can’t think of a reason, either?!”