The Gouging Continues: Canada’s Big Banks Hike Fees Again

As Canadians get squeezed from all directions – higher taxes, higher prices, lower or stagnant wages – Canada’s big banks aren’t holding back either

Despite making record profits, they are increasing fees once again, ensuring that the gouging of Canadian consumers continues.

Most banks charge customers a certain amount to maintain a chequing account – usually around $20-30 a month.

However, many banks give customers a chance to avoid that fee if they have enough in their account.

But that limit is going up, meaning more and more people will be hit with the chequing account fee.

These little charges add up, and they come at a time when Canada’s big banks are already making record profits.

Government is complicit in banks gouging Canadians

Of course, Canada’s elitist, Bay Street dominated government is MIA when it comes to standing up to banks or supporting real Canadians.

The government is in fact complicit with the banks – as the overly restrictive regulatory environment reduces competition and has given the big Canadian banks such a massive advantage.

The reduced competition means banks can get away with charging higher fees and customers have fewer choices.

The government justifies the competition-killing regulations by bringing up the financial crises. However, the specific regulations that protected Canada were about the mortgage sector and leverage ratios, and those regulations can be easily maintained while allowing more competition in the market.

Canada’s government is in the tank for the banks

Canada’s government, especially the current one led by Trudeau – is stocked with elitist insiders who have the interests of international banks, multinational corporations, and the globalists in mind – while ignoring regular Canadians.

They want to see the banks get richer and more powerful at our expense, so they look the other way as we get nickle and dimed over and over and over again.

The latest changes by the banks to take more out of your account aren’t the first, and won’t be the last move they make to screw Canadians.

So long as our government refuses to stand up for the Canadian people, the banks will get away with taking more and more of our money.

Spencer Fernando

Photo – Twitter