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You won’t believe how badly your bank is fleecing you
Dec 16, 2024
In this enlightening discussion, Andrew Spence, author of "Fleeced: Canadians Versus Their Banks," reveals the shocking truths about the Canadian banking system. He exposes how a lack of competition leads to sky-high fees for essential services compared to global standards. Spence highlights the struggle against the dominance of the Big Six banks and the barriers faced by innovative fintech companies. He also shares insights on how real-time payment systems could revolutionize banking and provide fairer options for consumers and small businesses.
39:36
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Quick takeaways
- The Canadian banking sector suffers from a lack of competition, resulting in significantly higher fees compared to other countries like the UK and Australia.
- Disruptive fintech firms have the potential to revolutionize banking services in Canada, but current regulations and bank dominance hinder their growth and innovation.
Deep dives
High Banking Fees in Canada
Canadians face some of the highest banking fees in the world, as highlighted by recent discussions surrounding the political push by the Conservative Party to address this issue. The federal government has committed to lowering these fees but has yet to take substantial action. Statistics show that Canadians pay about 8% of their GDP in bank revenues compared to only 6% in similarly structured countries like the UK and Australia. The dominance of just six banks controlling 95% of mortgages in Canada creates a lack of competition that contributes to this problem.
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