Monday, January 29, 2007

I actually agree with Jack Layton on something?

I have complained quite bitterly in this forum on more than one occasion about the ridiculous profits the major banks are earning here in Canada. I have been infuriated by quaint little letters from the bank informing me that "in order to remain competitive" fees are being "restructured" - mainly because any time fees are "restructured" fees are being hiked. And not by mere percentage points.

The relatively small charitable organization I work for has seen its monthly bank fees virtually double since the "improvements" to business accounts were introduced last year. Complaining to my branch manager or corporate headquarters was useless as they refused to put me through to a Vice President of Customer Service (if such a position indeed even existed - I was not allowed to know... or the person on the phone said that such information could not be disclosed to me.)

Imagine my surprise late last week when Jack Layton decided to attack the banking industry by flogging them for the "convenience charge" one is assessed when attempting to withdraw money from a bank machine owned by another bank? Critics point out that lazy people should pay for the convenience of using someone else's machines... but letter writers in local newspapers point out that due to "convergence" (or mergers for us lay people), several rural communities have seen big banks closing local branches. What other choice do they have?

The bottom line is that "competition" amongst bank monoliths in Canada means who has the biggest quarterly earnings. They "compete" to satisfy shareholders, not customers.

Anything that can be done to make these corporate giants exercise some responsibility in their day to day operations is good by me. It's too bad it's a third party in our House of Commons that wants to "stick it to the man" but if given a chance, I'll line up with Jack and the NDP to support this project.

Each and every one of us, regardless of political affiliations, and lord knows I ain't no leftist!!!

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