Mr. Speaker, I am not sure Canadians know their banking rights. I am not sure that they insist on having their rights respected in the context of banking. For instance, some of the payday loan companies, those rip-off outfits that have taken the place of banks in the inner city, are charging people 2%, 3%, 4%, even 5% to cash a cheque, even a government cheque. It is against the law to charge a fee to cash a government cheque and yet they do.
Also, one of the reasons people have to go to these rip-off alternate banking companies is that they do not have an account with an established bank. Banks have to open accounts for people, even if they have no money. In the trade we made with the chartered banks, we granted them the exclusive monopoly privileges on certain very lucrative financial services in exchange for providing basic needs to Canadians. One of those things is they have to open a bank account for people. All people have to do is show some ID, even if they have no money, and then they have a relationship which enables them to cash cheques.
Does the member share my concern that perhaps we have not informed Canadians of their banking rights so that they know enough to demand their rights and that they be respected in the context of banking?