How Banks are "Fleecing" Canadians with Andrew Spence | No Nonsense with Pamela Wallin

[@mikebell0315]

The late great Canadian author Walter Stewart wrote 'Towers of Gold,Feet of Clay's decades ago. I recall the opening sentence being something like ' The Canadian banking system was set up and run by carpet baggers and still is'. A book worth finding and reading for context.

[@darrenlove2625]

I have about as much confidence of competition happening in Canada as I do for health care reform...and they almost have the same root problem, one of which is cultural (i.e. Canadians don't really want competition...that's too American, and therefore bad). Will never happen in my lifetime as there is just to much social, political and economic incentive to keep things the way they are.

[@tubbyrob]

Thanks Pamela for this interview. I was previously with HSBC for the reasons stated by your guest. I will be pushing a new conservative government to get up to date with the banks in Canada. People can use EQ bank, Tangerine, Simply Financial, Neo or a few others out there for no fees.

[@everydazetuesday]

i hate my bank. was hoping your guest would have a brilliant option. no luck. Canada's entire system has squeezed everything out of me. want to vote with my money, but they took it.

[@bigsid3011]

And a completely incompetent, uncaring and disinterested Government.

[@thomasmccart9970]

Before the banks were ALLOWED to deal in mortgages, all mortgages were contracted at a fixed rate for the life of the mortgage. We really need competition and laws for the Canadian citizens and not for the closed competition bank.

[@Jenniferlall]

Thanks. I never knew that. Imagine what would Canada be like if we could fix our mortgage rates until paid in full.

[@AV-MusicMan]

Since our banks are publicly listed companies, the oligopoly and regulatory environment protects our banks from mergers and acquisitions or redomicile activities. Thank goodness our banks are protected from Hedge funds and private equity!

[@allandenton3155]

Very interesting interview thank you.

[@concerned_2023]

I will be moving over 2 million dollars out of Scotiabank into a credit union this year.

[@waynesutherland-rs6ct]

Our family lost their life savings in 1923, due to the failure of the Home Bank Of Canada

[@franklarin8100]

Great interview Pamela. We perhaps could talk about how price regulation affects taxed produce. It would seem that many of our major chain grocery stores, despite the tax breaks given by Prime Minister Trudeau, are increasing prices, as opposed to, giving consumers the chance to benefit from the certain taxable food items (or any other related tax reduced items).. Are they,? Or is the cost of inflation, that, is said to have gone down over the last year, a myth? Thank you again F/

[@bunsw2070]

Pamela Wallin was sitting on the Senate that voted for the Covid mandates.

[@dirtlump]

Our entire economy.... and indeed our 'freedom' within what we think of as a 'society' is as follows: "we are truly only FREE to be no more than a good little consumer" Think about it.... and then understand that increasingly that 'freedom' is entirely predicated upon greater and greater Debt servicing to maintain the system of financialized 'entitlements' denominated and accrued within whatever currency valuations.... those same 'enitlements' indeed determinative of societal policy ?..... and very simply because you will VOTE for whatever Policy/Politician you are told to for fear your plight may become even worse ! The Big Banks/Telecoms and LARGE monopolies are merely the "facilitator" of Financial obligations we work and PAY/SERVICE the cradle to Grave DEBT maintaining the financialized 'entitlements' of too few determining Policy.

[@dgh5760]

Don't have a cell phone, still write some cheques and don't trust online banking. Also I get a lot of cheques still from clients for payments. Forcing people to use methods they don't want to or don't trust is a recipe for disaster. Also, because computerization didn't lower fees there is no advantage to the client to use new methods they don't want or trust. The big lie is that everything is done for our safety - BS - it is done for the convenience of the bank and to reduce their costs and increase profits. It is the big lie that they are concerned about their clients' needs and wants. I know, I know....I'm a Luddite. Since the Government can freeze or take my money, or control my use of it with online-only banking, no one should be in favor of this.

[@guitarpicker7464]

If it is true that banks earn half or more of their revenue from fees and the rest from lending, we better hope that housing (mortgages) and business investment loans don't drop or we will may see significantly higher fees in the coming years to offset Bank losses.

[@wayneherron6511]

We need banking reform as much as or more than political reform.

[@waynesutherland-rs6ct]

I switched to the Canadian western bank, they always answer their phone

[@BrettGell]

Allow American companies into Canada!

[@jasonhenn7345]

Get the wef out, the only solution

[@geoffjames6181]

The percentage of Canadian bank's revenues via fees and charges is more like 60%. And growing.

[@ougmass]

A significant number of Canadians are illiterate in politics, finance, law, and public affaires.. and a big number are simply illiterate. So it is unlikely to expect some active efforts by Canadians to deal with misuse of price by oligopols within the private sector, and misuse of taxes within the public sector.

[@tomreilly515]

To his credit, he implicitly admits that he spent his career fleecing his banker clients, and now wants a book advance to confess his mea culpa. That said, I believe that he lacks the moral authority to speak on the subject. I don’t want to hear his confession or buy his book.

[@cynthiacarruthers8680]

Just ordered a copy