Eliminating Interac Debit Fees

5 posts / 0 new

Sat, 2011-11-05 22:04

Leroy

Petitions are not new. They have occasionally been effective in bringing minor change. But in light of the Occupy Movement, the recent petition against Bank of America may be a warning shot history may remember:

http://www.cnn.com/2011/11/04/opinion/rattray-consumers-fight-back/

I'd like to start a Canadian petition against Interac fees. We lend banks our money in order for them to earn some nice profits and for that privellege we get charged. Doesn't that seem a little backward?

The amount of money we'll save by eliminating such fees will be unremarkable. But the co-ordinated activity, if sucessful will be highly symbolic and will continue building momentum.

So I'd like to open a discussion on this topic. Has anyone heard of any recent Canadian activity along these lines? What are the strengths of this idea? The weaknesses?

Mon, 2011-11-07 08:33

Caissa

I use cash or a credit card. It seems the prolifearation of those using debit cards for purchases is in a demographic younger than I.

Mon, 2011-11-07 10:44

Northern Shoveler Northern Shoveler's picture

Caissa wrote:

I use cash or a credit card. It seems the prolifearation of those using debit cards for purchases is in a demographic younger than I.

I use a credit care for everything but that is because I am privileged and can afford to pay it off every month. Most of the young people I know are way less privileged than I am and many rightly see credit cards as a trap that leads to bigger problems.

Mon, 2011-11-07 13:01

Caissa

I agree with you NS, re. crdeit cards. I've been wondering why fewer people pay with cash these days? Do you know? I go to our campus cafeteria and the vast majority of the students use debit.

Mon, 2011-11-07 19:07

abnormal

The only problem with the claim that the move to credit unions hurt the banks is that the majority of accounts that moved are ones the banks wanted to get rid of in the first place. Small accounts actually cost the banks more to adminster than they make in fees.

And, in the US at least, credit unions get preferential tax treatment so they can afford to do things that the banks can't.