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NDP wants 50-cent cap on ATM fees

Jessica Hume. (Andre Forget/QMI AGENCY)

By Jessica Hume, National Bureau

(Postmedia Network files)

(Postmedia Network files)

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OTTAWA — The NDP wants a cap on ATM fees and is urging the Conservative government to address the issue in its upcoming budget.

Debating the motion in the House of Commons Monday, NDP consumer affairs critic Glenn Thibeault said Canadians are being gouged. He said if the next federal budget does nothing to address ATM fees, it will "show the government's priorities" that it favours "Bay Street over Main Street."

The NDP motion proposes ATM fees be capped at 50 cents, contending it costs banks roughly 36 cents per transaction.

"Canadians pay $420 million each year in these ATM fees and most of that is pure profit," Thibeault said. "We're saying the fees should be capped at 50 cents. It's still a good profit margin for the banks and it saves a good chunk of money for Canadians who are having a hard time making ends meet."


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