Mr. Speaker, I recently applied for a credit card from a major financial institution I do banking with. I am appalled at the depth and scope of the questions I was asked by one of the country's leading banks. Particularly, I was told my information could be shared with any of its other business operations. The banks are simply asking and, obviously, collecting too much information from Canadians, right down to the amount I pay for rent, my building fee, and even the liquidation value of my 2007 F-150.
Respect is a two-way street and Canadians are entitled to it when dealing with our banks. If my treatment is typical, and I certainly hope it is not, then we are not getting that respect. We all have credit trouble at some point in our lives, so what was equally egregious is being told the card's interest rate at 20% rises to 25% if a payment is missed by the due date. When the prime lending rate is at 3%, this is near extortion on working families and makes payday loans look like a giveaway.