News   Apr 27, 2026
Eglinton Further East: City Council Reboots Scarborough LRT Plans
 986     4 
News   Apr 27, 2026
Zoning Needs More Flexibility to Better Accommodate a Growing City
 536     0 
News   Apr 27, 2026
Two 43-Storey Towers Proposed in Expanded Plan Near Weston GO
 794     0 

Flaherty asks banks to justify ATM fees

I don't have a problem with paying "Bank A" an ATM fee to access my account at "Bank B", but I have a problem if "Bank B" charges me for accessing my account as well. There is a cost to provide an ATM (the machine, the rent on the floorspace, the people who service the machine, etc) so the fee to "Bank A" seems reasonable, the cost of getting the short text message over the modem from "Bank A" to "Bank B" can only possibly cost a few cents and pales in comparison to providing a teller in a brick and mortar branch so an additional fee from "Bank B" is a complete rip-off.
 
The fee rates often quoted by the NDP imply you only taking out money in twenty dollar installments. But if you need $100 dollars for the week and you take it out $20 each day, that makes you stupid. And if you choose to take money out of some other bank's ATM because you wont walk a few blocks to your own ATM, that makes you lazy. Basically, like a lot of the NDP's policy this one is geared to help the stupid and lazy. Same for their crusade on the minimum wage and the 35 hour work week.
 
I will agree that the NDP's numbers are grossly inflated and do assume a stupid and lazy individual.

Whether or not the fees are justified are up for debate by the relevant players, but if someone is paying so much for withdrawls... eh... ya... maybe it's best they not have an account.
 
I don't think that's fair. The less wealthy are the ones who will act more like "lazy and stupid" individuals for several reasons.

1. Mobility is limited.
2. Less disposable time. The poor will often pay more for services as they don't often have the time or resources to seek out the savings. Do you think
3. Banks are less numerous in low income areas. These same areas are where payday loan sharks are the most prevelant.
4. Low balances result in higher fees.
5. Generally, bank fees have hurt the poor the most.

I am rehashing some of the stuff I wrote about in my Masters thesis. The NDP is not advocating stupid and lazy behaviour, it is trying to save some money of the working poor.
 
Flaherty will get you nowhere

My mean-spirited ATM refused to cough up six hundred dollars the other day when I told it to. I don't think it was an unreasonable demand, seeing as it was my own money and it was the first time I have ever given it such a directive. I felt let down. I was told I was getting five, not six, and be done with it. So I took the five and moved to the next machine and took out a hundred more. Naturally, both wretched devices gave me all of my money in twenties. Which is why I prefer going to the branch and dealing with the nice young people who work there - sometimes they practically fight over who gets me as I approach the end of the line.
 
I wouldn't call people who don't use their banks atm's lazy. I know for example an RBC atm was blocks away from King and Spadina. Thankfully they've finally opened one in the hudson. For most people in this area, Finding the time to walk 15 minutes to a bank machine in each direction really takes a bite out of your lunch hour just to access money.
 
Just to be clear I'm not suggesting those who occassionaly hit up another bank's ATM for money are lazy or stupid...

All I'm saying is for one to incur the yearly fees suggested by the NDP, one would have to question why they continue doing what they're doing.
 
Re: Flaherty will get you nowhere

If you rely on cash so much, you really oughtn't withdraw your money less than $100 at a time. Hell, I don't rely on cash that much, and I'm a student (so no huge bank account) and that's still what I do, despite having unlimited free bank withdrawls. I just value my time too much to run to an ATM every time I need a twenty.

Reasonably speaking, if your bank doesn't charge you to access your account with them on their ATM, if you incur anything more than say $15 in ATM service charges in a year, you need to re-examine your behaviour. If your bank does charge you to access your account through their ATM machines, vote with your wallet and switch banks. Alternatives exist, so shut up and stop whining (no offense).
 
Re: Flaherty will get you nowhere

afransen TO:

www.banking.pcfinancial.c...count.page


it seems too good to be true!

can you have a passbook, direct deposit?

any hidden fees? is it safe? 4% intrest including the advertised no monthly fees?


if you pay for something at a store using interac, is there a transaction fee?

right now i get nailed with passbook fees- $2, value account fees - $3.95, and the "other bank fees"
 
Re: Flaherty will get you nowhere

I've been using PC Financial for several years (nearly 6?).

Everything is as they say it is. The only major snag I've had is with items requiring a teller such as a same-day money order or certified cheque.

Of course, you don't have a passbook. Statements are available online only, etc. It's really best for people who do 95% of their banking online and occasionally grab cash from a CIBC machine ones in a while.

I keep a "pay as you go" RBC account on the side for those certified cheques.
 
Re: Flaherty will get you nowhere

It's pretty much as they say it is. The only things you'll get dinged for are things that are fairly exceptional, like wire transfers, money orders, etc.

Cheques are free, unlimited interac transactions, no account fees, no fees for using CIBC machines for anything. I don't see why direct deposit would be a problem...

I'll disagree with rb in that PC Financial is really for people who seldom or never use human tellers. If you only ever use ATMs or online banking, you're not really losing any service, you're only losing hundreds+ per year in fees. Their savings account pays better interest than some GICs that I bought a few years ago.
 
Re: Flaherty will get you nowhere

thanks for the info :)
 
Re: Flaherty will get you nowhere

I use my PC account for direct deposits... no problemo.
 
Re: Flaherty will get you nowhere

Is Flaherty intelligent?
 
You must log in or register to post here.

Back
Top