Canadians paying billions of dollars in 'excess' bank fees: report

TORONTO — As the federal government pushes to reduce bank fees, a report from consultancy North Economics figures Canadians are overpaying by billions of dollars a year.

To get a sense of just how much more Canadians pay, North Economics managing director Alain de Bossart looked at how Canadian and British non-interest retail bank profits compare with their deposits. The measure excludes interest-based profits from mortgages and other loans. He said he's been wanting to delve into the issue since moving to Canada from the U.K. about seven years ago.

The Canadian Bankers Association said in a statement that Canada's banks provide the tools Canadians and small businesses need to manage their finances. The report also notes that Canadian banks generally charge $5 for overdraft protection, either on a monthly or per instance basis, whereas U.K. banks charge nothing .

She noted that according to recent data from the Bank of Canada, roughly 57 per cent of Canadians either do not pay for a bank account or had their monthly fee waived or refunded.

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