NDP Calls For Ban

[jdobbin]

http://www.cbc.ca/consumer/story/2007/01/25/ndp-atm.html

This will certainly appeal to the base of the NDP.

Last December, NDP finance critic Judy Wasylycia-Leis in question period pressed Finance Minister Jim Flaherty to legislate the end of competitor automated banking machine fees. She noted that banks in other countries, including the U.K. and U.S., do not charge additional fees when a consumer uses a competitor's ABM.

"TD Bank doesn’t think its American customers should have to pay these fees — only its Canadian customers. British banks don’t charge these fees either. Why do people in the U.S. and the U.K. get a break from their banks, but ordinary Canadians get gouged?" Layton said.

For me, I would just appreciate more competition in the banking field. Open it up. Allow Wal-Mart to open a bank here.

[M.Dancer]

There's a lot of banks and trusts right now.

I use ING, who do not charge a user fee

[Fortunata]

I support this. I'm not happy doing my own banking and then getting charged for it. I'm saving the bank work, they should give me a bonus for them not having to have people behind a desk doing it for me. But I doubt very much if government will do anything to p.o. the banks. I hope that I might be pleasantly surprised by government for once.

[jdobbin]

There's a lot of banks and trusts right now.

I use ING, who do not charge a user fee

Do the ATMs you use to access your ING acount for cash charge a fee?

Do you avoid all fees everywhere? Or do you live primarily cash-free?

Curious to find out how it works and how convenient it is.

[jdobbin]

I support this. I'm not happy doing my own banking and then getting charged for it. I'm saving the bank work, they should give me a bonus for them not having to have people behind a desk doing it for me. But I doubt very much if government will do anything to p.o. the banks. I hope that I might be pleasantly surprised by government for once.

The NDP might have a winner of a policy here. However, it is only one of many issues people have with the bank system to be sure.

[guyser]

Come on folks, the ATM charges are to fund the super secret bank cabal and to enrich the Rockefellers and the Jewish media elite.

Well at least two people think so

[Remiel]

The fees should go. If not, why don't I get to charge the bank a fee every time I deposit money? Basically the same transaction in reverse.

[geoffrey]

Do the ATMs you use to access your ING acount for cash charge a fee?

Yes.

Do you avoid all fees everywhere? Or do you live primarily cash-free?

I have an ING account where I do my short-term savings, but use my TD account where I have the 'infinity' package, unlimited transactions for like $7.50 a month or something, not really sure. Much cheaper in the long run to just get an unlimited package.

If you carry a balance over $5k (a mark of poor financial management IMO), I think it's free.

Curious to find out how it works and how convenient it is.

The ING account is easy for ST savings, just transfer from your normal account. But otherwise it's the same as any other bank... without the banks... or the ATM's. So you need to pay the charges to use your card in another bank's machine.

[geoffrey]

The fees should go. If not, why don't I get to charge the bank a fee every time I deposit money? Basically the same transaction in reverse.

No bank will accept that as a contract term... but millions of Canadians accept the reverse. Banks do it because they can, and people are too silly to argue otherwise.

The government has no authority to tell a business what to charge IMO, if people pay the fees, then obvious they are fair otherwise they wouldn't pay the fees (just withdraw everything and pay in cash). The fees provide more 'goodness' to you than what you perceive dealing with cash would cause 'badness'.

It's a good deal if people are paying them.

[M.Dancer]

There's a lot of banks and trusts right now.

I use ING, who do not charge a user fee

Do the ATMs you use to access your ING acount for cash charge a fee?

Do you avoid all fees everywhere? Or do you live primarily cash-free?

Curious to find out how it works and how convenient it is.

Other ATMs charge, and the degree varies, some charge nothing...But ING doesn't charge at all.

[M.Dancer]

The ING account is easy for ST savings, just transfer from your normal account. But otherwise it's the same as any other bank... without the banks... or the ATM's. So you need to pay the charges to use your card in another bank's machine.

And except they pay real interest. Doesn't matter how much is in your account.

Currently savings is around 3.1%

[Riverwind]

The fees should go. If not, why don't I get to charge the bank a fee every time I deposit money? Basically the same transaction in reverse.

If you run a business you will find that banks charge you for deposits too. Banks charge the money because transactions cost them money to process. It does not make a difference whether money is going into the bank or out of bank - someone from the bank must do work in order to complete the transaction. That is why most banks offer no charges for electronic transfers done with their online banking services.

[Remiel]

Riverwind --> But I must also to work to complete the transaction. I don't just wave my magic wand and suddenly appear at one of their local branches. I have to drive there, and that costs money. So, I am in effect paying for both mine AND their costs of doing the transaction.

[Riverwind]

Riverwind --> But I must also to work to complete the transaction. I don't just wave my magic wand and suddenly appear at one of their local branches. I have to drive there, and that costs money. So, I am in effect paying for both mine AND their costs of doing the transaction.

Do you think your hair stylist should pay you because you have to drive to the salon?

Incidently, I used to use ATMs all of the time until they started changing those transaction fees. Since then I have refused to use them because the cost is too high to justify the convience. Sometimes I am a bit short of cash but I can live with it. When I do need cash I simply use my debit card at Safeway and ask for extra cash back.

Bottom line: ATMs are not an essential service. The only people that pay these fees are people that are not capable of managing money. I don't think I should have to pay more in service charges because other people cannot manage their finances.

[Remiel]

Does the hairstylist only make one cut with the scissors each and every day?

[madmax]

This will certainly appeal to the base of the NDP.

I thought both of them were changing their votes?

The Banks will offer a reply to brush off the NDP as an unwarranted attack on them, and continue making healthy profits in a protected market.

These comments remind me more of the Social Credit then the NDP. But, someone has to keep the banks on peoples minds. I don't pay user fees because I have enough to cover it, but there are people in minimum wage jobs whom, in my opinion, would be better off not having any of there money in a bank, short of the amount needed to receive a direct deposit. Withdraw it all, and go on living instead of paying significant service charges each month for day to day living expenses.

Of course, then again, I receive these service charges for lord knows what reason, have to go in see the banks and get them removed. Real time waster, but it is my money.

[Riverwind]

Does the hairstylist only make one cut with the scissors each and every day?

It takes a teller a lot longer than 1 sec to process a check. When I deposit checks at a teller it takes about 5 minutes to process the transaction. If you assume the tellers are paid $8/hour then it costs the bank $0.67 to handle the deposit in initial labour costs alone. After that the check must be handled several times by various bank employees (e.g. it has to be returned to the bank where the check came from).

[jdobbin]

I thought both of them were changing their votes?

The Banks will offer a reply to brush off the NDP as an unwarranted attack on them, and continue making healthy profits in a protected market.

These comments remind me more of the Social Credit then the NDP. But, someone has to keep the banks on peoples minds. I don't pay user fees because I have enough to cover it, but there are people in minimum wage jobs whom, in my opinion, would be better off not having any of there money in a bank, short of the amount needed to receive a direct deposit. Withdraw it all, and go on living instead of paying significant service charges each month for day to day living expenses.

Of course, then again, I receive these service charges for lord knows what reason, have to go in see the banks and get them removed. Real time waster, but it is my money.

Any young voter who has voted NDP in the past, if they have voted in the past, might find some appeal in this.

You can't remember or reading about when the CCF/NDP made their bread and butter pointing out the failings of the banking system?

As for the joke on changing votes, I can say that living in Manitoba, I've known long time NDP voters who have been turned of by Layton. He came to Manitoba this past week and gave a speech to farmers where he repeatedly erred by talking about the SARs problem on farms. Even NDP cabinet minister Rosanne Wowchuck whispering BSE to him again and again was not enough for him to correct the mistake until it was too late.

http://calsun.canoe.ca/News/National/2007/...399924-sun.html

[tml12]

I thought both of them were changing their votes?

The Banks will offer a reply to brush off the NDP as an unwarranted attack on them, and continue making healthy profits in a protected market.

These comments remind me more of the Social Credit then the NDP. But, someone has to keep the banks on peoples minds. I don't pay user fees because I have enough to cover it, but there are people in minimum wage jobs whom, in my opinion, would be better off not having any of there money in a bank, short of the amount needed to receive a direct deposit. Withdraw it all, and go on living instead of paying significant service charges each month for day to day living expenses.

Of course, then again, I receive these service charges for lord knows what reason, have to go in see the banks and get them removed. Real time waster, but it is my money.

Any young voter who has voted NDP in the past, if they have voted in the past, might find some appeal in this.

You can't remember or reading about when the CCF/NDP made their bread and butter pointing out the failings of the banking system?

As for the joke on changing votes, I can say that living in Manitoba, I've known long time NDP voters who have been turned of by Layton. He came to Manitoba this past week and gave a speech to farmers where he repeatedly erred by talking about the SARs problem on farms. Even NDP cabinet minister Rosanne Wowchuck whispering BSE to him again and again was not enough for him to correct the mistake until it was too late.

http://calsun.canoe.ca/News/National/2007/...399924-sun.html

I really don't think is a campaign winning issue.

[jdobbin]

Yes.

I have an ING account where I do my short-term savings, but use my TD account where I have the 'infinity' package, unlimited transactions for like $7.50 a month or something, not really sure. Much cheaper in the long run to just get an unlimited package.

If you carry a balance over $5k (a mark of poor financial management IMO), I think it's free.

The ING account is easy for ST savings, just transfer from your normal account. But otherwise it's the same as any other bank... without the banks... or the ATM's. So you need to pay the charges to use your card in another bank's machine.

Thanks Geoffrey. I pay a package fee already for my bank already. I could discern no savings for ING for a short term account so I never did change to ING.

[madmax]

Does the hairstylist only make one cut with the scissors each and every day?

It takes a teller a lot longer than 1 sec to process a check. When I deposit checks at a teller it takes about 5 minutes to process the transaction. If you assume the tellers are paid $8/hour then it costs the bank $0.67 to handle the deposit in initial labour costs alone. After that the check must be handled several times by various bank employees (e.g. it has to be returned to the bank where the check came from).

I guess with an ATM a check goes into the machine and presto, no hands touch it after that. Pure magic.

I

[jdobbin]

No bank will accept that as a contract term... but millions of Canadians accept the reverse. Banks do it because they can, and people are too silly to argue otherwise.

The government has no authority to tell a business what to charge IMO, if people pay the fees, then obvious they are fair otherwise they wouldn't pay the fees (just withdraw everything and pay in cash). The fees provide more 'goodness' to you than what you perceive dealing with cash would cause 'badness'.

It's a good deal if people are paying them.

I actually wish they the would allow bank mergers and at the same time opened the entire Canadian banking system up to international competition. As I said, let Wal-Mart run a bank.

[jdobbin]

And except they pay real interest. Doesn't matter how much is in your account.

Currently savings is around 3.1%

Still, I don't keep any large amounts of money in short term accounts.

[madmax]

You can't remember or reading about when the CCF/NDP made their bread and butter pointing out the failings of the banking system?

No, my Canadian Ancient History class only covered the Social Credit Party.

[jdobbin]

No, my Canadian Ancient History class only covered the Social Credit Party.

Today's NDP could learn a lot from Tommy Douglas at least when it comes to deficit spending and how Canadians really feel about the banking system.