I just got note from my bank that as of next month, I need to keep an extra $500 in my bank account to avoid the monthly transaction fees. This, of course, is a result of the correction of the oil prices and the decrease by a quarter of a percent for the interest rate. Right now, the banks are not making money by lending money, so they are going to again squeeze us for more money.
All the banks know how to do, driven by greedy business people who want more money in their pockets, is squeeze their customers for more money. Could you imagine the amount of money that the bank now has since many of their customers are going to put an extra $500 in the bank account to avoid fees? Not to mention all of the fees that people might/will now have to fork out to keep using their bank accounts?
And when the economy is going well... Do the banks ever give us a break? No... They just keep going... Business as usual and keep pocketing our money.
On top of all this, Canadian consumers tend to be too forgiving. I have not heard a single person complain about the minimum balance going up to keep the fee waived status. In July 2014, Porter introduced the American system of charging for checked luggage on domestic flights. Canadians just accepted it like doormats. Westjet, seeing that Porter was getting away with it, announced their fee hike for domestic flights in September 2014 and then shortly after, Air Canada. For Westjet, it was after October 28, 2014 and for Air Canada, it was after November 2 or 3, 2014 that they charged customers for checking luggage on a domestic flight.
Now that we are having adjusted fuel prices, are these companies giving us a break? Are the prices for the plane tickets cheaper? No! Have they gone back to letting us check luggage without any additional fees? No!
And what did the Canadian public do? Nothing! They just sat there and let it happen. How do I know this? I started a petition that never took off. I have a grand total of nine signatures.
If Canadians were truly less pushover consumers, we would have had more noise and people finding ways to boycott the airline companies. If Canadians were truly less pushover consumers, we would have more noise and people making the Big Five accountable for their money and to their consumers and making this fee increase be justified. All of these fee increases are masked as requirements but in reality it's just a money grab because of greed.
Labels: economy, rants