Mr. Speaker, I have two petitions to present today.
The first petition is signed by dozens of Canadians calling on the House of Commons and the government to bring greater accountability and transparency to the credit card industry. Debit card transactions are currently handled by Interac, which is a non-profit organization made up of Canadian banks. Debit card fees are currently flat fees per transaction, and there is no review process for increases to credit card or debit card fees at this time.
In addition, there is no requirement that credit card and debit card fees be disclosed at the point of sale to consumers. Also, debit card and credit card fees can be increased without justification.
Credit card fees are a percentage of the total sale, and the federal government is prepared, now, to allow Visa and MasterCard to enter the debit card business, effectively allowing Visa and MasterCard to change from small flat fees to a fee which would greatly increase the cost of all purchases.
The petitioners demand that the Conservative government enshrines in legislation that debit cards be kept at a flat fee and that credit card fees be made transparent and accountable.