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Milk Toast

March 6, 2007 @ 09:01

It's still difficult to determine what Finance Minister Jim Flaherty was trying to accomplish when he met with the big banks yesterday.

The issue was ATM fees and when he emerged from the meetings, Flaherty gave some feeble story about asking the banks to eliminate ATM fees for students, low income seniors and the disabled.

What? It sounds noble but it's unrealistic. The technology alone is probably enough to make the banks look the other way, but when it comes to something like gouging by major banks, Flaherty needed to show a bit more strength.

Let's face it, bank fees are never going away so the only way Flaherty is going to get anywhere with the banks is to threaten legislation, but the legislation should also be realistic.

Bank machines are a great convenience for all Canadians but like any convenience is comes with a cost and we know that. Where it breaks down is the double dipping that takes place when you use the machine of a competing bank.

That's where Flaherty should have aimed his attack and he should have been clear and decisive. Eliminate those fees or the government will force it through legislation.

Who knows, maybe at that point the banks would get together and make the changes as a good will gesture?

And then get together again and think of under the table ways to make it back.

Category: Politics

Permalink Discuss

176 Responses to "Milk Toast"


Deb
March 6, 2007 / 10:37

So what is this...only the students, low income seniors and the disabled are being ripped off?
Does Jim Flaherty think it is OK for the balance of Canadians to pay the fees?
An unfair policy is unfair to all regardless of your financial status.


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March 6, 2007 / 10:51

It's also convenient for the banks to use my money and borrow it to invest it, making them billions, but I don't get to charge them a buck and a half for every transaction! All I get is a lousy 0.025%


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