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e-4398 (Consumer protection)
- Keywords
- Banks and banking
- Fees
E-petition
Initiated by Mercedes Cepeda from Victoria, British Columbia
Original language of petition: English
Petition to the Government of Canada
Whereas:
- Canadian financial institutions commonly charge a non-sufficient fund (NSF) fee when an account becomes overdrawn;
- Canada's Big Six banks typically charge between $45 to $48 for each instance while also rejecting payment requests;
- NSF fees overwhelmingly and disproportionally affect Canadian families that are already struggling financially;
- NSF fees can be equated to a tax on poverty; and,
- High NSF fees are not justifiable based on the administrative burden on the banks.
We, the undersigned, Citizens of Canada, call upon the Government of Canada to protect financially vulnerable Canadians by taking immediate action to regulate the amount Canadian financial institutions can charge in non-sufficient fund fees and to regulate bank policies and procedures regarding overdrawn accounts.
- Open for signature
- April 24, 2023, at 11:19 a.m. (EDT)
- Closed for signature
- August 22, 2023, at 11:19 a.m. (EDT)
