June 2nd, 2015

NDP secures victory for consumers on pay-to-pay bank fees

The NDP’s recent victories are delivering results for consumers and will put money back into the pockets of hard-working Canadians.

Today, MPs voted in favour of the NDP’s practical proposal to ban banks operating in Canada from charging consumers an extra fee for basic transactions or to get paper statements in the mail. A mandatory financial code of conduct prohibiting pay-to-pay practices by banks operating in Canada will protect Canadian consumers.

Thanks to the work of New Democrats, the Conservatives have now recognized the need to act to end pay-to-pay bank fees.

As well as charging for paper statements, banks have increased basic account fees and considered charging customers extra for simple transactions like bill payments or even account access. This is simply unacceptable at a time when so many Canadians are struggling to make ends meet.

This latest NDP win for consumers is in addition to our successful push for the federal tax to be removed from tampons, securing sufficient compensation for thalidomide survivors, greater protections for unpaid interns and our campaign to ban microbeads.

Tom Mulcair’s NDP is fighting for the middle class. When we work together, positive change is possible.