Wow...for once I agree with something the NDP is saying [ATM's}

[youravatar]

What Banks were those 

 

[rmacqueen]

I have come across a solution for this problem, whenever the machine asks me if I accept the fee I choose no and go somewhere else.  No one is forced to pay these fees, you could just go to your own bank ATM or even, heaven forbid, use the teller.  TD Canada Trust is open from 8am to 8pm so the only reason (barring being in a remote location) for paying these fees is laziness.  If you aren't willing to go that extra block or two to your own bank then it is your problem, not the banks.

My girlfriend, when negotiating with banks to take her business, asked, "can I have unlimited withdrawals via ATM without charge?", a surprising number of places were willing to do so just to get the business.  If you have ANY leverage, give it a go, even if it's just a moratorium for a year or so...

You don't need leverage you just need to go to a bank that offers this service.  I have had unlimited Interac and internet usage for my personal account for years.  Research what is best for you prior to opening an account, don't just go to the one around the corner if this makes a difference to you.  Again, stop accepting what is easiest.

If Layton wants to take on the banks about something he should tackle credit cards.  Talk about gouging, they charge high interest to the user, they charge a fee to the store that you use it in and, if you only pay part of the amount owed, they charge you interest for the entire amount.  For instance, if you use a credit card to buy a $300 item and a week later you pay the credit card company $299 you are not charged interest on the $1 left owing but the $300 initial amount.

 

[IN HOC SIGNO]

Now I'm really going to date myself. I remember when the Bank paid you for the privilege of handling your money, it was called interest.  :
I was shocked when they brought in monthly service charges. I pay about 16 dollars a month presently to the TD for the privilege of them handling my money...unlimited ATM withdrawals, overdraft protection up to $500 (for which they charge me interest if I do go into OD). IN those good old days they also didn't charge you for cheques. I remember when the Credit cards brought in yearly fees and thinking why? They are already gouging people exorbitant fees if they carry a balance why do they need a yearly fee. At the time (1982) I switched from Visa to Mastercard to avoid the fee.....a few years later MC followed suit.
It's all a big rip off folks! :rage:

 

[The Bread Guy]

What Banks were those 

PM inbound....

 

[George Wallace]

We are starting to rehash what we have discussed so many times before.  Try reading all of "Entering the CF and YOUR Money...." and get some good pointers on how to protect your hard earned wages and perhaps some good ideas on how to invest them.

 

[Ex-Dragoon]

Back on topic....

 

[Brad Sallows]

If you don't want to pay the bank for its "privilege" of handling your money, don't give it your money to handle.  The instant you concede a reason that you must do so, you've admitted the bank is providing a service to _you_ and you are paying for the privilege of that service.

Banks are greedy?  Everyone is.  I've never met anyone who admitted he went to his employer and asked to have his pay reduced because he was earning too much.

 

[NL_engineer]

Here's the big question:

Whats 420 mill out of 19 billion?  With the way the tax system is for business, you could file that as an expenses, and still make the 19 billion  ;D.

I liked my economics prof's statement about the banks: "Why give you service, when they can make you pay to do it yourself"

 

[SupersonicMax]

I think the banks' "unlimited transactions" package is really worth it.  I'm with RBC and I can use my debit card in any non-private ATM and it won't cost me anything more.  For 19.95$ a month.

Max

 

[niner domestic]

I'm half expecting when I read this thread to hear the ditty, "hands in your pocket" (either by ING or Rick Mercer).  After watching hubby collapse on the floor from reading the service charges on our account, we switched our walking around money account to a non-bank and pay 10 bucks a month in fees instead of 120.00

 

[vonGarvin]

Although I don't like the fees banks charge for ATM usage, etc, I disagree with the NDP's statements that these be "outlawed".  It's all about free market economics.  Since we are willing to pay for this "convenience", there must be a demand for this convenience.  If we consumers were to find a different way to bank, eg: go TO the bank after you figure out through making a budget what you need for the upcoming week, then withdraw it from the bank, etc.  Now, many are unwilling to do this and instead want to slide that card into the "Insta-drunk machine" (as I used to call it), then be prepared to pay for it.  Yes, it's your money, but YOU choose to keep it in the bank.  Heck, even if your pay is auto deposited (as with most forces pers), then withdraw it from there on Payday.  Then go round and pay your bills the old fashioned way (eg: with cash).  Finally, purchase whatever you need (with cash) and put the rest in a sock.  It won't gain interest, but I'm certain not many among us can earn interest from a savings account that would cover 19.95 a month in ATM fees.


Big Brother in Ottawa should keep his nose out of this, in my opinion.

 

[youravatar]

Very true. No need to reninforce our laziness!

 

[SupersonicMax]

Although I don't like the fees banks charge for ATM usage, etc, I disagree with the NDP's statements that these be "outlawed".  It's all about free market economics.  Since we are willing to pay for this "convenience", there must be a demand for this convenience.  If we consumers were to find a different way to bank, eg: go TO the bank after you figure out through making a budget what you need for the upcoming week, then withdraw it from the bank, etc.  Now, many are unwilling to do this and instead want to slide that card into the "Insta-drunk machine" (as I used to call it), then be prepared to pay for it.  Yes, it's your money, but YOU choose to keep it in the bank.  Heck, even if your pay is auto deposited (as with most forces pers), then withdraw it from there on Payday.  Then go round and pay your bills the old fashioned way (eg: with cash).  Finally, purchase whatever you need (with cash) and put the rest in a sock.  It won't gain interest, but I'm certain not many among us can earn interest from a savings account that would cover 19.95 a month in ATM fees.


Big Brother in Ottawa should keep his nose out of this, in my opinion.

I must admit, I'm not a big paper cash type.. I like plastic cash.  It's so much more convenient.  You'll be lucky if I have 20$ cash on me.  The 19.95 inclused online transactions, pre-authorized payments, etc.  So that's a 1 stop shopping.  I average 60 transactions a month (online, payments, ATM, buying stuff at the convenience store, etc) so it's really worth it for a person like me that doesn't carry cash.

Max

 

[JesseWZ]

People people people... the credit unions are where its at. I pay 20 cents to use my debit card, and 1.50 at a non-bank ATM. After that... no service charges...

 

[SupersonicMax]

20 cents and 1.50 adds up.  I don't pay anything other than the 19.95.  I have no surprise.  For the amount of transaction I do and for online banking, it's worth it...

Max

 

[a_majoor]

If we do the work of shopping around, asking for concessions, planning the efficient use of our money etc. we can certainly reduce our service charges.

If the NDP does the work of suppressing service charges we will discover new and probably more painful ways of paying, hidden costs are always passed on somehow, or if not, we will see another small drop in service, slight increase in unemployment or other example of economic friction reducing our standard of living..

I vote for the do it yourself approach.........

 

[Rodders]

While I won't say which party I typically support, I am thrilled with this idea!

I lived in the UK for a time, and there are very few service charges there, yet somehow, their banks manage to stay in business.

There is not one manner in which banking is a winning proposition, whereas at one time, you made money by putting it in the banik. True, it wasn't much, but they gave you a very small return on the fact that they were taking your money and investing it somewhere else to generate profits for themselves. That was fine with me.

Now, the interest you recieve in your savings/chequing account will be eaten up by the service charges they levy against us for accessing, and using OUR money.

I couldn't care less if it was the Christian Heritage or the BQ that brought this in. I would love it as much as I do now!

 

[vonGarvin]

As stated so well by A_Majoor, if these fees were "suppressed", then there would be hidden fees added elsewhere.  Besides, the only reason that banks get away with charging these amounts is because we conduct our lives in such a manner that we pay them.  Yours truly included.  It took one long sober look at my statement one day to realise my folly, so except in extreme circumstances I use cash to buy stuff and will only use a machine from my own bank.  I have a long way to go, but the banks certainly are getting less "profit" from yours truly than they did before.

 

[NL_engineer]

If we do the work of shopping around, asking for concessions, planning the efficient use of our money etc. we can certainly reduce our service charges.

If the NDP does the work of suppressing service charges we will discover new and probably more painful ways of paying, hidden costs are always passed on somehow, or if not, we will see another small drop in service, slight increase in unemployment or other example of economic friction reducing our standard of living..

I vote for the do it yourself approach.........

DO you know were the banks make there money ???

I can tell you that it is not by service fees.  The banks invest (stocks, bonds, T Bills, etc.) all the money taken in, and only have an averge ammount on hand for every given day (historical average).  For example if all of the army.ca members went to the RBC in Oromocto (just cause its small), and withdrew $500.00 we could possably withdraw ALL the cash from the bank.

 

[vonGarvin]

cash in the bank is not representative of how much they have...
They make OODLES of cash by charges.  I don't have the figures, but they certainly made their fair share off of me in addition to whatever they make by investments, loan charges, etc....