Join Date: Jul 2009
Location: Eastern Ontario (Ottawa/Kingston)
Yes ...I am genuinely concerned about these matters.
For myself, the hard copy paper statement that the bank itself mails to me from my chequing account - my main personal working account - forms an official document that I can refer to, present to various institutions (like Revenue Canada / the Federal Government ) if necessary, and file away and keep for future reference.
I have some important things "linked" to this account. As I am sure many others do. Changing to a different bank / account type may be alot of effort.
Internet banking and bill payment from this account certainly helps make these tasks more convenient. (lest we go back to paying all bills by mail and cheque). Security concerns with internet banking are always on my mind.
It is extra trouble and work for me to have to start to work with online statements or electronic statements.
TD Canada Trust has a large network of TD Green Machine bank machines which make getting some cash easy and convenient. And when set up - I can pay my bills easily at the TD Green Machine - just like internet banking.
Usually I am not using my TD Green Card as a Debit card / for debit card transactions. Only in emergencies, or when other methods are not practical, or when a credit card is not possible [security concerns for stores and local vendors or gas stations etc]
Small purchases are usually cash only for me [security and privacy of information concerns with the plastic].
However, the plastic is getting "more secure" with the introduction of more and more CHIP cards. My TD Green card is a chip card now. So are most credit cards.
I guess the point I am trying to make is:
That printed bank statement is a VERY important document to me.
I am so SAD that the banks feel they need to charge me for it now. I maintain enough of a balance in that account and gain (practically) no interest from that account.
Changing to a different bank will be a difficult exercise. And even if I do go to the trouble ... it may only be a matter of time before that bank starts to charge for it as well.
A small fee like $2 / month is not unreasonable for that important bank statement ... however I am VERY concerned this FEE will quickly increase in a very short time - and that the BANKs may start to rely on this fee as a source of PROFIT from us poor little personal account holders.
I actually think this is a very serious matter.
I did some quick research on the internet:
Seems like ScotiaBank has maybe a $1.00 / month fee on some cheq accounts.
Bank of Montreal may still have some chq accounts with no fee for a minimum balance.
[Getting rid of cheques altogether, as mentioned by an earlier poster - I certainly hope *NOT*. I certainly wish to retain, in society, a hard copy, simple and easy, non-electronic method, to write someone a cheque (!)]
[And yes, I think these issues are important enough issues, that the Government should take an interest in these matters, and consider rules and regulations. These matters do affect society - may have large implications for the future / how society functions in the future.]
Is Government Regulation in these matters required ?
I'm genuinely concerned ...