CARP: WILL BANKS KEEP LOW-COST BANKING PROMISE?

May 27, 2014

By Bob Komsic

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Ottawa have announced that the major banks in this country have agreed on a measure to offer cheap access to banking services for millions of financially vulnerable Canadians.

But you’ll have to excuse Susan Eng if she’s holding her breath.

While the vice-president of advocacy for CARP – A New Vision of Aging – welcomes the announcement, she’s hoping the banks come through this time.

Eng tells AM 740 News, ”It’s very important for seniors, especially on low-income who have very modest banking needs but nonetheless a banking account.  The question is whether or not they’re going to keep their promise this time because the banks have promised this kind of account before and they literally cancelled it.”

Starting next January, the banks are to offer no-cost accounts with cheque writing privileges, a minimum of 12 debit transactions per month and at least two in-branch transactions.

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