Quote:
Originally Posted by Thunderball
I hate to say it, but Layton has a bit of a point.
To me, bank fees are almost like usury, and since banking is somewhat protected in Canada, perhaps its something to look into.
Personally, I try to stick to my bank when possible, but sometimes that's not possible... I guess the argument is if its part of the "interac family" there shouldn't be a fee for using it.
|
There is a fee for using Interac as well. The difference is that most stores and resteraunts absorb it and pass it onto the customers as part of the price.
Banks do the same as well. As part of my account type at Scotiabank, I do not pay their fees for using a non-Scotiabank ATM. I do, however, pay the fee that is charged by the bank that does own the ATM. That is why I tend to avoid using such machines.
Incidentally, the 2400% comment is just ridiculously weak. This cannot be compared to an interest charge becuase it is not a loan. It is a service fee. Makes about as much sense as trying to convert the cost of a haircut into an interest charge would.