‘The Big Banks and their multi-millionaire executives are a powerful lobby group – that’s why they have been able to keep their gouging fees and credit card interest rates so high for the past 30 years.’
News from Democracy Watch, a leading Canadian citizen group advocating for democratic reform, government accountability and corporate responsibility
Posted April 4th, 2024 on Niagara At Large
A new study has found Canada’s Big Banks gouge $7.7 billion out of Canadians every year in excessive fees that UK and Australian banks don’t charge!
Canada’s Big 6 Banks gouged out a total of more than $58 billion in profits in 2023 (almost triple their 2010 profits), paid their CEOs an average of $12 million each, and gave out more than $21 billion in total bonuses to employees.
Meanwhile, the Trudeau Liberals have only partially kept 2 of their 5 promises from the 2021 federal election to stop bank gouging and abuse and increase bank accountability.
Please go to [BetterBanks.ca](https://democracywatch.ca/campaigns/bank-accountability-campaign/) and join the call for key measures to stop the gouging (and see details about Big Bank profits and the new study on their billions in gouging), and please [click here now](https://democracywatch.ca/funds/democracy-2020-fund/) to double your donation to help win changes to stop the gouging!
The Big Banks and their multi-millionaire executives are a powerful lobby group – that’s why they have been able to keep their gouging fees and credit card interest rates so high for the past 30 years.
Finance Minister Freeland and the federal government need to be pushed more – they have done nothing to require the banks to give everyone who needs it a real break, and have done nothing to ensure the banks stop gouging and treating their customers unfairly.
The Big Banks can afford to do more to help – they should be required to cut excessively high credit card interest rates right now, and everyone renewing their mortgages should be allowed to re-renew without a penalty at a lower interest rate if interest rates decrease over the next few years.
Many other key measures are needed to ensure Canada’s Big Banks are required to serve everyone fairly and well at fair interest rates and fees.
Until these key changes are made to strengthen banking consumer protection rules, and to strengthen enforcement:
• 30 million Canadians will continue to be gouged and abused by the banks;
• visible minorities, Indigenous peoples and women will continue to be discriminated against by the banks, and;
• Canadians with low incomes will continue to be preyed on by predatory lenders.
You can see details about the key bank accountability measures that 120,000+ Canadians are calling for in [Democracy Watch’s news release](https://bit.ly/48pqykY).
Please [click here now](https://democracywatch.ca/campaigns/bank-accountability-campaign/) to join with tens of thousands of Canadians calling for these key changes to make Canada’s Big Banks give everyone a break on interest rates and fees, treat everyone fairly, and pay their fair share of taxes.
All together we can stop Big Bank gouging and abuse!
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Thank you for your support, Duff, Josephine, David and everyone at Democracy Watch
About Democracy Watch – Democracy Watch is a national non-profit, non-partisan organization, and Canada’s leading citizen group advocating democratic reform, government accountability and corporate responsibility.
Democracy Watch is the most effective and successful national citizen advocacy group in Canada at winning systemic changes to key laws since it opened its doors in fall 1993 – it has won more than 200 changes to federal and provincial good government and corporate responsibility laws, many of which are world-leading. See for details the Summary of Democracy Watch’s Many Notable Achievements.
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