In 2005, Canadians used bank-owned ATMs to make over 700 million withdrawals. They used ATMs to make over 400 million other types of transactions. In doing so, Canadians had to cough up an estimated 420 million dollars to access their own money.

The NDP ATM amendments to the Canadian Bank Act would eliminate fees for using your bank’s ATMs and for using a competing banks ATM.

Ample evidence exists to support this change to the Banking Act.

“Fees for basic services represent only 5 percent of revenues of the big six Canadian banks – hardly critical to the bottom line,” says Layton. “Its working families that are hurt most by these outrageous fees.”

Layton cited examples of banks in the United Kingdom and the United States that have removed fees and not suffered any significant financial set-back.

“TD Bank doesn’t think its American customers should have to pay these fees -- only its Canadian customers. British banks don’t charge these fees either. Why do people in the US and the UK get a break from their banks, but ordinary Canadians get gouged?” asked Layton.

In 2006, the six biggest banks posted profits just over $19 billion.