The senate's Standing Committee on Banking, Trade and Commerce is having hearings on fees amid complaints of interest rates as high as 24.75 percent, the Toronto Star reported.
CBA President Nancy Hughes Anthony said consumers unhappy with fees were free to shop around.
"Consumers and business, I believe, benefit from the tremendous competition and
choice of these payment cards," Hughes Anthony said. "I think we should remember that (credit cards) are not the only type of payment available to consumers ... and they compete clearly with cash, with checks, with debit cards as well as unregulated electronic payment services like PayPal."
Of all credit cards in Canada, banks issue 92 percent, the committee heard.
Hughes Anthony justified interest rates as a result of banks' processing costs, technology upgrades, rewards programs and outlays related to fraud. She said with the economy in decline, more bankruptcies and defaults are expected.
Copyright 2009 by United Press International.
Royal Bank of Canada (RBC Bank) : Corporate Bully
RBC Bank President Gordon Nixon - Salary $11.73 Million
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:[email protected]
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:[email protected]
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:[email protected]
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:[email protected]
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:[email protected]
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:[email protected]
http://www.pfraser.blogspot.com
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
http://www.p2pnet.net/story/17877
"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"
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