ACORN members demand reimbursement of bank charges! Give RBC and BMO the Pandemic Profiteer Award for making record profits, increasing bank fees and funding predatory lenders

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TORONTO, July 12, 2021 (GLOBE NEWSWIRE) – Last month the Big 6 banks announced record profits in their second quarter 2021 reports – BMO and RBC have doubled their profits since last year and CIBC has quadrupled! Meanwhile, people with low to moderate incomes have seen their bank fees rise further, with the minimum balance now standing at $ 4,500 for most banks, in order to avoid charges.

Along with the series of lockdowns, job losses have been highest for low- and moderate-income people, the majority of whom are precarious workers. However, that hasn’t stopped the big banks from exploiting, further compressing low to moderate income people!

Banks received $ 750 billion in federal government support during the pandemic, but continued to charge NSF fees and push people into the crisis by forcing them to rely on predatory lenders, while helping fund predatory lenders like EasyFinancial1.

ACORN members organize actions across the country to demand reimbursement of their bank charges, a permanent reduction in fees and the end of two-tier banking services.

Diane, an ACORN member, was waiting for her ODSP check – her only source of income – when BMO closed her account without notice. She says, “Banks are pushing low and moderate income people into predatory lenders instead of phasing them out. These lenders are a ‘scam.

LOCAL ACTION
What: ACORN Executives Across Canada To Target Big Banks
When: Tuesday 13e July
Or: https://acorncanada.org/civicrm/event/info?id=2895

We ask the banks:

  • Reimburse all costs to low and moderate income people immediately during the pandemic period, when banks had access to government payments of $ 750 billion in cash.

  • Lower the NSF fee to $ 10.

  • No bank charges for everyone! (not just the middle income and the rich)

  • End of the 2-level bank! And provide low interest or zero interest loans to low income people.

  • Stop funding predatory lenders like EasyFinancial.

Background:

ACORN Canada is an independent national organization is an independent national organization of low and moderate income families with over 140,000 members in Alberta, British Columbia, Ontario, Quebec, New Brunswick and Nova Scotia.

Contact information:
Judy Duncan – 416 996 6401, canadaacorn@acorncanada.org
Jambage Bhumika – 647 913 5358, natresearch@acorncanada.org

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1 Goeeasy 2021 Annual Factsheet https://www.sedar.com/CheckCode.do


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