NDP takes action to protect consumers from pay-to-pay bank fees
June 1st, 2015 - 11:54am
On the heels of a successful campaign to end pay-to-pay fees on phone and Internet bills, the NDP’s latest opposition day motion is taking action to protect Canadian consumers from being charged extra by their banks for everyday transactions.
“Making customers pay an extra fee to use their own money to pay their bills or get their bill in the mail is a blatant cash-grab and is unacceptable as bank profits soar and many Canadians struggle to make ends meet,” said NDP Consumer Protection critic Andrew Cash (Davenport). “It’s time for the Conservatives to crack down on their greedy friends in the big banks.”
In addition to increasing basic account fees, banks are considering charging extra fees to pay bills, make mortgage or loan payments, or to even access the money in your own accounts. A mandatory financial code of conduct would protect consumers from predatory practices like pay-to-pay fees.
The motion reads as follows:
“That, in the opinion of the House, the government should ban all pay-to-pay practices by banks operating in Canada through the enactment of a mandatory financial code of conduct to protect consumers.”