- Infuriating customer service.
- Chequing accounts that demand exorbitant fees.
- Credit cards that charge outrageous rates of interest.
- Mutual fund expenses that torpedo your investments.
- Loans departments that refuse to support Canada’s small businesses.
ASK NOT WHAT YOUR BANK DOES FOR YOU BUT WHAT YOU DO FOR YOUR BANK!
These are just a few of the many ways chartered banks abuse their dominant position in the Canadian financial system. Fleeced: Canadians Versus Their Banks is a stunning exposé of the inner workings of our six major banks, demonstrating how they are set up to avoid competing with one another, squeeze their customers, evade risk, stifle innovation, and produce staggering profits that enrich bank executives and shareholders—all to the detriment of the broader Canadian economy.
8 WAYS BANKS WORK AGAINST THE CONSUMER INTEREST
CANADA’S BANKS FACE NO MEANINGFUL COMPETITION AND THE FEDERAL GOVERNMENT OFFERS NO CONSUMER PROTECTION
WITH FEW COMPETITORS, THE BANKS LOCK-UP THE DOMESTIC MARKET AND HIT YOU WITH HIGH FEES.
DOMESTIC MARKET DOMINANCE DELIVERS ROCK BOTTOM DEPOSIT RATES AND INFLATED CREDIT CARD INTEREST RATES.
THE LACK OF COMPETITION IN THE MORTGAGE MARKET LEAVES HOUSEHOLDS OPEN TO REPRICING RISK AND FINANCIAL INSECURITY.
BANKS UNDER SUPPLY CREDIT AT A HIGH INTEREST RATE TO SMALL AND MEDIUM SIZED BUSINESSES WHO DRIVE INNOVATION.
FINTECH COMPETITORS ARE KEPT AT BAY AS THE BANKS DELAY THE ARRIVAL OF OPEN BANKING.
THIS LEAVES US TO FACE HIGH FEES FEW ALTERNATIVE SUPPLIERS AND PERSISTENT POOR QUALITY SERVICE.
BANKS ARE NOT IN THE RISK BUSINESS BUT THE PROFITABILITY BUSINESS.
About the author
ANDREW SPENCE is an independent financial consultant and economist. Andrew has extensive experience in banking from time spent in Canadian and global banks. He was also an investment executive at two of Canada’s largest pension plans and was Special Adviser to the Governor of the Bank of Canada.
Andrew advises pension plans, independent asset managers, insurance companies, risk managers and global industry networking groups.
ASK NOT WHAT YOUR BANK DOES FOR YOU BUT WHAT YOU DO FOR YOUR BANK!
GET THE BOOK AT THE LINK BELOW.
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