Mr. Speaker, I am disturbed by the big banks' insistence on gouging their customers at every turn. Industry Canada reports show that the big banks are charging fees on their credit cards that average 10.5 to 12 percentage points higher than the bank rate. Incredibly, even while prime bank rates decrease, credit card rates continue to rise.
"Not fair," cries the chairman of one of the large banks. "Caucus isn't friendly to the banks," states another representative. The banks are nickel and diming their customers to death. The next thing you know a customer will need to pay an entrance fee to have access to his or her money.
It is odd that the central bank rate goes up one day and the banks raise their rates the next day, but when the rate goes down, the banks might react in a week or never at all.
I am asking the banks on behalf of all Canadians to act as good corporate citizens, to work together with us in partnership for a better Canada today and tomorrow.