• Sunshine (she/her)@lemmy.caEnglish
    9·
    4 hours ago

    “A cap of $10 was chosen to balance the need to protect consumers from high fees with the need to maintain the integrity of the payments system by incentivizing consumers to honour their payments,” the department wrote.

    Nonsense, just cancel the transaction then.

    • Yoga@lemmy.caEnglish
      5·
      3 hours ago

      Don’t worry, they usually do, they just give you privilege of paying anyways.

      Having worked in banking I can tell you it’s a fee that is charged purely to punish people with limited cashflow. EQ bank is the only one I know of that doesn’t have them.

  • magikmw@lemm.ee
    11·
    6 hours ago

    Having had a bank account in Europe for nearly 20 years, I never paid a dime for not having enough money in the account. The transaction just fails.

    I’m so confused.

  • apprehensively_human@lemmy.caEnglish
    54·
    12 hours ago

    This is huge. It seems criminal for banks to charge you up to $50 when you may not even have that in your account.

    34% of Canadians getting slapped with one of these fees in 2023 is bonkers. That’s like $50 million in fees taken from the people who are least able to afford it.

  • CobraChicken3000@lemmy.caEnglish
    14·
    11 hours ago

    That’s amazing! I remember being broke and being hit by NSF. It was downright devastating. $40 or $50 is a lot when you have no money.

  • Phil_in_here@lemmy.ca
    12·
    10 hours ago

    Can anyone explain what risk or labour is involved in an NSF incident and how that’s even worth $10?