Stop Bank Gouging and Abuse
Stop Bank Gouging and Abuse
Feeling gouged by your bank? You have a right to – while businesses in most sectors across Canada were suffering, Canada’s big 6 banks gouged out record annual profits of almost $35 billion in 2015 (which works out to almost $4 million in profit every hour, 5% higher than in 2014, and double their profits in 2010).
The big banks also paid their CEOs about $10 million each in 2015, and gave them bonuses that totalled more than $10 million (51% higher than in 2008).
In 2016, Canada’s big 6 banks continued to gouge you to hike their profits to more than $37 billion (6% higher than in 2015) – in part by firing thousands of people, cutting services, and hiking fees and credit card interest rates. And their profits in 2017 are headed even higher -- they have already made $20.6 billion in just 6 months.
Canada’s big banks make the highest percentage profits of any comparable banks in the industrialized world while doing far too little to support job-creating businesses and community development across Canada.
A recent CBC-TV news investigation detailed how TD Bank is pushing its employees to sell you products you don't need, and that you can't afford.
In a recent report, the federal government points to all these problems -- including the fact that Canada's big banks control more than 90% of the banking market in the country, which makes them even more powerful and unaccountable to customers.
But still the federal government continues to fail to require the banks serve everyone well at fair prices, and to require responsible lending and investing. The federal government even gave the banks a record $114 billion bailout in 2008-2009 (most of it by having CMHC purchase mortgages from the banks), and the federal government will likely bail out the banks again if they have any financial difficulties.
The federal government is reviewing the banking law right now – please sign this petition calling on Prime Minister Trudeau and other federal party leaders to make key changes to require Canada’s big banks serve everyone fairly and well at fair prices, and to lend and invest in sustainable, responsible job-creating businesses and support community development.
Your time to be heard and counted is now!
See details about gouging and abuse by Canada's big banks in the following recent news stories:
CBC.ca (March 16, 2017) Consumer advocates have low expectations for probe into Canada's 5 big banks
Democracy Watch (March 16, 2017) - Will Liberals make key changes to stop gouging and abuse of 30 million bank consumers or continue protecting overpaid big bank executives?
CBC (March 6, 2017) - Bank employees say their jobs depend on upselling customers products that can put them into debt
Financial Post (March 2, 2017) - Big 6 bank profits top $10.5 billion for first quarter of 2017
CBC (March 1. 2017) - A pretty greedy time as profits soar for Canadian banks
CBC (June 13, 2016) - Canada's major banks hiking fees while pulling in big profits
And see details about the federal Finance Department's public consultation on Canada's financial sector in its Report for Public Consultation on Canada's Financial Sector