At a time when the federal finance minister is asking Canada’s big banks to justify a raft of ATM banking fees, Canada’s second-largest bank is reporting its first quarterly profit of more than $1 billion.
Bank of Nova Scotia reported Tuesday morning a first quarter profit that smashed all expectations at $1.01 billion, or $1.01 a share, up almost 20 per cent from $844 million, or 84 cents a share, a year ago.
Ok. On a more personal note, I do not generally pay ATM fees.
How!? Why!?
Well. I never use ATMs other than the ones my native financial institution offers. Ever. Never, ever, ever.
I speak up for the millions of Canadians that are getting reamed up the wazoo by Canadian banks.
Make no mistake about it. Canadian (and American) banks are evil as Satan. They profit from you. They profit from your misery (read – hold your mortgages…)
Your money? It aint your money according to the banks.
The banks feel they are doing you a favor by handling your money.
It is more theirs than yours.
Or so the story goes. And ATM fees. Well. While they have you bent over the Maytag, it is just an extra reminder of who is in charge.
So like oil companies, banks rule. They always will.
They screw you today. And they will tomorrow.
How can you fight back? Stop using non-native ATMs.