Mr. Speaker, administration fees charged to clients of Canadian banks for ATM and branch transactions totalled close to $6 billion in 2011.
During that time, large financial institutions vacated Stadacona, Saint-Charles, Giffard and Royale Avenue in the riding of Beauport—Limoilou. The exodus of service points toward “power centres” is a real tragedy for businesses and residents in the affected areas. As a result, local businesses have suffered and closed.
Combined with incredible and shocking transaction fee hikes, this phenomenon is condemning thousands of people in my riding to poverty and exclusion.
The Conservatives are leaving people out in the cold. Even though, in 2007, the Minister of Finance agreed that bank transaction fees were scandalous, he has not said a word to the powerful people in high finance. Shame.
The NDP wants to put an end to unfair bank transaction fees and credit card fees for consumers and small businesses. That is something that needs to happen. In 2015, we will have a government that protects all Canadians: an NDP government.