tag:blogger.com,1999:blog-6929537540404873123.post850186209230844059..comments2023-10-04T06:59:20.803-06:00Comments on The Enlightened Savage: A Pinch of This, A Dab of That...Enlightened Savagehttp://www.blogger.com/profile/17872131888278838737noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6929537540404873123.post-43160606210365033612007-02-01T16:10:00.000-07:002007-02-01T16:10:00.000-07:00EnSavage,
ATM fees are a pain, but banning them a...EnSavage,<br /><br />ATM fees are a pain, but banning them as Jack Layton would do is just additional government interference. Rather, one should just open up the banking system to competition. The big Canadian banks have protected status in Canada under the Bank Act, and this is one reason that they are almost invariably profitable. I say put no ban on fees, but open it up to other players and the fees will come down naturally (likely to zero).<br /><br />The entrance of ING and other foreign "virtual" banks forced the Canadian banks to reintroduce the idea of high-interest savings accounts. I bank at BMO, and they had no such thing until five or so years ago, if memory serves. They do now, and the interest rate they pay is close enough to ING that I don't bother to change.<br /><br />I also have a bank plan that allows me at certain number of transactions now for free, with no monthly fee if I maintain a minimum balance. Yes, some people cannot maintain a minimum balance if they live cheque to cheque, but it is also silly that some of these same people draw money from other ATMs daily. Walk another block, use your bank's ATM, and save yourself a couple of bucks.Anonymousnoreply@blogger.com