TORONTO, July 12, 2021 (GLOBE NEWSWIRE) -- Last month saw the Big 6 Banks announcing record profits in their second quarter 2021 reports - BMO and RBC doubled their profits since last year and CIBC quadrupled! Meanwhile, low-to-moderate income people saw their bank fees rising further with the minimum balance now at $4,500 for most banks, to avoid fees.
With the series of lockdowns, job loss has been the highest for low-and-moderate income people, the majority of whom are precarious workers. However, this did not stop the Big Banks from gouging, squeezing low-to-moderate income people further!
The Banks got $750 billion in support from the federal government during the pandemic but continued to charge NSF fees and push people into crisis by forcing them to rely on predatory lenders, all while helping finance predatory lenders like EasyFinancial1.
ACORN members are holding actions across the country to demand their bank fees back, lower fees permanently and an end to 2 Tier Banking.
Diane, an ACORN member, was expecting her ODSP cheque - her only source of income - when BMO closed her account without any notice. She says, “Banks are pushing low-and-moderate income people to predatory lenders instead of phasing them out. These lenders are a rip off”.
LOCAL ACTION
What: ACORN leaders from across Canada will be targeting the Big Banks
When: Tuesday, 13th July
Where: https://acorncanada.org/civicrm/event/info?id=2895
We are demanding that the banks:
- Immediately reimburse all fees to low-and-moderate income people during the period of the pandemic when Banks had access to the governments 750 billion liquidity payment.
- Lower the NSF fees to $10.
- Charge no bank fees for all! (not just the middle income and the rich)
- End 2 Tier Banking! And provide low-interest or zero interest loans to low-income people.
- Stop financing predatory lenders like EasyFinancial.
Background:
ACORN Canada is a national independent organization is an independent national organization of low-and-moderate income families with 140,000+ members in Alberta, BC, Ontario, Quebec, New Brunswick, and Nova Scotia.
Contact Info:
Judy Duncan – 416 996 6401, canadaacorn@acorncanada.org
Bhumika Jamb – 647 913 5358, natresearch@acorncanada.org
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1 Goeeasy Annual Information Sheet 2021 https://www.sedar.com/CheckCode.do