Canadian Cash Machine Charges Too High?

Jack Layton, Leader of Canada’s NDP political party, has claimed that Canadians are losing out to high charges when they use cash machines.

In 2005, Canadians used bank-owned ATMs to make over 700 million withdrawals and over 400 million other types of transactions. Banks charged total fees of 420 million dollars for use of the machines.

As Canada’s banks enjoy record profits, (in 2006, Canada’s six biggest banks posted profits of over $19 billion,) Layton says the Conservative government has the power to make the cash-machine-money-grab disappear.

“The NDP thinks hard working Canadians should not be charged by banks when they deposit, withdraw or transfer their own money using an ATM,” said Layton. “The NDP will table amendments to the Bank Act that would eliminate fees for using ATMs.”

How To Reduce or Avoid Fees At Canadian Cash Machines

1. Use a bank that offers no fee banking if you maintain your account balance above a lower limit.
2. Use only your own bank’s cash machines.
3. If you cannot avoid charges, do not make frequent withdrawals of small amounts. Make less frequent withdrawals of larger amounts.