National Day of Action for Fair Banking!
This event is a pivotal moment in ACORN's ongoing Fair Banking Campaign, aimed at holding financial institutions accountable for exploitative practices that disproportionately impact low- and moderate-income Canadians.
- Vancouver, BC: 11AM at RBC - 10201 King George Blvd
- Calgary, AB: 1:30PM at RBC - 339 8 Ave SW, Calgary
- London, ON: 1PM at CIBC - 228 Oxford St E (the corner of Oxford and Richmond)
- Peel, ON: 1PM at Scotiabank - 543 Steeles Ave E, Brampton
- Ottawa, ON: 11AM - Scotiabank - 2714 Alta Vista Dr, Ottawa
- Hamilton, ON: TBA
- Moncton, NB: 12PM at TD Bank - 860 Main St.
- Fredericton, NB: 11AM at Scotiabank - 490 King St.
- Halifax, NS: TBA
Members from all ACORN neighborhood chapters in 5 provinces will participate, creating a unified national voice against unjust banking fees. Actions will take place at multiple big-bank locations across Canada. Bring signs and wear your ACORN shirts (or red shirts if you don't have an ACORN shirt!). ACORN will be highlighting how NSF fees trap individuals in cycles of debt, often leading to reliance on high-interest payday loans.
Core Demands:
- Cap NSF Fees at $10: Stop the excessive $45-$48 charges for failed transactions.
- Ban Multiple NSF Charges: Ensure banks can't stack fees for the same bounced payment.
- No Fees for Overdrafts Under $10: Prevent penalizing small financial shortfalls.
- Real-Time Alerts: Require banks to notify customers when accounts are overdrawn.
- Grace Periods: Provide consumers time to rectify account balances before fees are applied.
- Transparency: Mandate banks to disclose their earnings from NSF fees annually.
Why This Matters:
- Over 50% of NSF fees come from people earning less than $40,000 annually.
- Banks like RBC collect $4.08 billion in banking fees quarterly, profiting from those least able to afford it.
- Canadian banks charge $45-$48 per NSF fee, while countries like Australia and the UK cap similar fees at $0-$5.
ACORN's National Day of Action will send a clear message: Canadians demand fair banking practices, financial justice, and an end to predatory fees. This event showcased the power of grassroots organizing to challenge corporate greed and advocate for systemic change.