Cancel NSF fee charges during Covid-19

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The Covid-19 pandemic continues to impact our jobs and economy with more than 2.1 million Canadians filing Employment Insurance claims over the past two weeks.

Nearly 19 million Canadians are now on the brink of insolvency. They're $200 or less away from not being able to make debt payments, according to the recent MNP Consumer Debt Index. A quarter of Canadians said they're already unable to pay their bills.

Yet as many Canadians struggle to pay rent, bills and mortgages and keep food on the table, banks continue to charge non-sufficient funds (NSF) fees between $40 to $65 for each failed transaction.

This is an urgent call-to-action for all banks across Canada to immediately stop charging NSF fees during these challenging times.

Charging these hefty and unnecessary fees must be stopped to help Canadians until the pandemic is over and our economy is no longer in a recession.

Let's put people before profits and do the right thing for our country and economy. No more NSF fees during this pandemic.

Please sign, share and together let's #CancelNSF

Additional Information:
NSF fees are charged when banks approve and later cancel transactions that exceed a customer's account balance. They are often assessed per transaction, so customers could face multiple $45 to $60 fees in a day.

NSF fees often create negative account balances. Customers are then subject to additional financial penalties.

An ongoing class-action lawsuit in Quebec argues that collecting NSF fees contravenes the Quebec Consumer Protection Act. The lawsuit states the practice is exorbitant and illegal because bank customers have no opportunity to avoid the charge.

In the 2019, Canada’s top six banks (BMO, CIBC, National, RBC, Scotia and TD) generated net profit of $46.6 billion.