Mr. Speaker, Canadian banks have announced record profits.
It is true that when, as lending institutions, they take advantage of fluctuations in interest rates and exchange rates and earn money in the process, it is all part of the rules of the game. But when we are talking about service charges for consumers and small businesses, that is something else. For instance, whether we are talking about $1.10 for an automatic withdrawal, $3 per month plus 25 cents per cheque cashed, and up to $20 for a cheque that is refused or $4.50 for a certified cheque, the charges are enormous.
The growing tendency for the banks to increase their service charges must be controlled if the Canadian public is to maintain its confidence in our Canadian banking system.