Us humans...we’re just so darn stupid. Take me for example. When I need cash in a hurry, I typically go to the nearest ATM or bank. As such, unless I happen to be near my own bank, I’m charged a fee of about $2. I’ve always seen this as a convenience fee, and it is quite convenient not to have to drive to my own bank when I’m not near it. The federal NDP party doesn’t agree. They say I need help making those tough decisions.
“Cap it at 50 cents”, that way I’ll never need to tax my poor brain again. When I choose the more convenient option and decide to pay the fee, silly me for thinking I’m buying a service in a free market, because it’s really just highway robbery in disguise. The NDP points out that it costs banks as little as 36 cents to complete a transaction, so a 50 cent fee is fair. Not only are they smarter than me, they’re also smarter than the banks’ accountants.
Here’s how capitalism works: if any bank in Canada suddenly started charging $10 per transaction, it would be out of business in a month. If every bank started charging $10 per transaction, they would all be out of business in a month, because everyone would keep all of their cash at home. No one is forcing anyone to take the convenient option. If you don’t like the fees, go to your own bank.
The priorities of the NDP are mind boggling. Food is incredibly expensive, and a necessity of life – no need to cap food prices. For a lot of people, gasoline is essential to their employment – no need to cap gas prices. Here in Ontario, hydro customers are being financially ruined by ridiculous billing practices. Should we cap hydro bills? No, let’s fight those outrageous bank fees and save Canadians...a $1.50!
Unless citizen welfare is severely at risk, politicians (notably the socialist NDP party) should keep their noses out of free market business. There are real issues to be addressed, and a $2 fee is not one of them.
So to the NDP: get your priorities straight. Convenience is not free, and people are not stupid. If a $2 fee was such a hardship, we would have stopped paying it a long time ago.