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"A cap of $10 was chosen to balance the need to protect consumers from high fees with the need to maintain the integrity of the payments system by incentivizing consumers to honour their payments," the department wrote.
Nonsense, just cancel the transaction then.
Don't worry, they usually do, they just give you privilege of paying anyways.
Having worked in banking I can tell you it's a fee that is charged purely to punish people with limited cashflow. EQ bank is the only one I know of that doesn't have them.
Having had a bank account in Europe for nearly 20 years, I never paid a dime for not having enough money in the account. The transaction just fails.
I'm so confused.
I wish we had that.
This is huge. It seems criminal for banks to charge you up to $50 when you may not even have that in your account.
34% of Canadians getting slapped with one of these fees in 2023 is bonkers. That's like $50 million in fees taken from the people who are least able to afford it.
Should have gone the Québec route and removed NSF charges.
Quebec is often ahead of Canada as they also have election spending capped at $100 per year.
I like both of these ideas.
I'm reminded of a radio interview with, I believe, an RBC rep a couple decades ago. They were asked about their various fees and why they kept them as they were so unpopular with their customers. The response was along the lines of, "Well, it's only a small part of our revenue." I was sort of thinking, "What, so you can't think of a reason, either?!"
That's amazing! I remember being broke and being hit by NSF. It was downright devastating. $40 or $50 is a lot when you have no money.
Can anyone explain what risk or labour is involved in an NSF incident and how that's even worth $10?
It’s 100% automatic and electronically based. The marginal cost of processing any NSF is quite literally $0. Even at $10, it’s 100% profit to the banks.
Unsure if it has changed but in 2018 I was approving and declining transactions manually before 9:30AM that would go through accounts with insufficient funds. Any transaction I didn't have time to go through before the 9:30 cut off would auto NSF
Back in 2006-2008 my wife and I were in a tight spot, we were hit with NSF fees within seconds of going into the red. And this was at two of the big six, not some teeny-tiny regional credit union that still did a lot of things by hand back then.
So I don’t know where you worked, but I can ABSOULTELY GUARANTEE that none of the big six were wasting time and money having a salty bag of mostly water actually processing NSF determinations. Maybe you were rolling back fees on review, but not applying them.
Source: wife actually works at one of the big six, and even when she started working in the 90s, NSF fees were 100% automated.
Finally it’s about time we stop the big banks from screwing everyone over.
Non-sufficient ? Do you mean insufficient ?
I don't mean anything, as I didn't write the headline.
But if you were to have written the headline, and could only eat either a hamburger or a hot dog today, how many shoes would you own if next Tuesday was a full moon?
Purple.
I FUCKING KNEW IT!
Ouhhhhh you saucy
I like you