Banking Challenges for Small Businesses

Canadians have been deceived into believing that having strong, stable banks means sacrificing competition, as Andrew Spence, author of Fleeced: Canadians Versus Their Banks, tells Brian. So, we have no real competition, which means we pay more — loads more — for ATMs, Interac, mortgages, NSF fees, exchange rates and more, than people do in comparable countries. No wonder Canadian banks are making out like bandits relative to their U.S. and U.K. peers. Yet, it doesn’t have to be this way, Spence explains. Especially as new, disruptive fintech firms are ready to offer us better, cheaper and more convenient banking services. But the Big Six are doing everything they can to stop that from happening. And they’re succeeding — with the government’s help. (Recorded November 29, 2024)

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