A tenants’ rights organization has held a demonstration in downtown Hamilton as part of what it’s calling a “national day of action for fair banking.”
ACORN Canada is calling for new federal rules to ease “financial stress” on low-to-moderate income families.
Mike Wood, the group’s local chair, says it’s currently cheaper to take out a payday loan that it is to overdraw your bank account.
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In order to make banking more affordable for all Canadians, it’s calling for access to low-interest credit for emergencies, low-interest overdraft protection, no holds on cheques and lower NSF fees.
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Wood claims that the banks are making combined profits of $35 billion “off of these issues,” giving them what he calls the “leg room” to provide alternatives that ensure “access for everyone.”
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