TD Bank released a report today announcing that the “well-being of the average Canadian has barely advanced over the past 15 years”. In addition, they’re urging the Feds to cut taxes and supplement policies that boost income and productivity. That’s pretty rich coming from a bank, don’t you think?
I’m not an economist but I think it would be interesting to compare this report with the rise of service charges in the banking industry (how about “white-label” ATM charges?). Perhaps that’s where part of our incomes are going! In 1989 the service charges on my bank account were well under $10. Today it’s not unusual for me to pay $30/month in service charges. Use interac, get charged; pay a bill, get charged; write a cheque, get charged. And it never seems to matter if I upgrade my account, I still get charged for so many transactions!
And how about the ridiculous rates of interest we “earn”. That’s really where we’re getting screwed.
Wait, there’s an upside – just not for you! According to the Globe and Mail, Canada’s six biggest banks earned more than $13.3-billion in profits for fiscal 2004. I’m happy for them.