NDP moves to cap ATM fees

As part of their efforts to make life more affordable for Canadians, New Democrats have introduced an Opposition Day motion calling for a cap on ATM fees. The motion will be debated on Monday.

“No one should have to pay $2 or $3 to withdraw their own money from a bank machine – especially when it costs the banks around 36 cents to complete the transaction,” said NDP Consumer Affairs Critic Glenn Thibeault (Sudbury). “Canadians’ budgets are stretched to the breaking point and New Democrats are proposing real solutions.”

The NDP proposal would cap ATM withdrawal fees at 50 cents per transaction.

The motion reads as follows:

That, in the opinion of the House, Canadian consumers face unfair Automated Teller Machine (ATM) fees as a result of an uncompetitive marketplace and that the House call on the government to take action in Budget 2014 to protect consumers by limiting ATM fees.