Is Escaping Canadian Banks Now Easy?
Channel: Paige Saunders
Date: 2020-09-19

Canadian banking is dominated by a price fixing oligopoly that is difficult to escape. 

Some think that it gets given a break because most Canadians don’t realize how much it was bailed out during the financial crisis and saved by CMHC. 
Others think it’s because Canadians don’t know what the average OECD banking system looks like.
But could it be because there is another oligopoly in the way? A political one? A consensus to not bring about the meaningful change required to fix these problems?

But in the absence of an easy fix for the systematic problems, is it possible for a Canadian citizen to save themselves the thousands of dollars that they typically pay for these terrible services? Let the anger wash over you, the time for bank shopping has finally arrived... Unless of course you live in Quebec.

Want to do something? Vote with your feet:
Koho: We both get an extra 1% off purchases with this code. https://web.koho.ca/referral/VKWEI426
EQ Bank: One of the people who helps me make videos lives in Ontario and uses EQ Bank. Use this code so he’ll buy me beer: https://join.eqbank.ca?code=PAIGE2562
Motusbank: Co-op owned bank https://www.motusbank.ca (Not Quebec)
Alterna Bank: Co-op owned bank https://www.alternabank.ca/ (Not Quebec)
Two federal credit unions: https://www.uni.ca/en/ and https://www.coastcapitalsavings.com/ (Not Quebec)

Music:
The music in this episode was composed and performed by La Charpie: https://www.youtube.com/watch?v=u1fc47LOcbk
https://www.youtube.com/watch?v=Hn3GrqVSFRo (Note the robot painting)
Is there anything more Montreal than meeting an opera singer at a party who is onboard with swapping a robot painting for a recording of juvenile jokes about the banking system

Extra Content: https://www.patreon.com/PaigeSaunders
Mastodon: https://masto.canadiancivil.com/@paige
Peertube: https://video.canadiancivil.com/a/paige
Get On The Fediverse! https://fedihost.co/
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References & Sources
[1] https://www.vice.com/en_ca/article/3kp4j5/canadians-pay-high-bank-fees-but-seem-okay-with-it
[2] https://money.cnn.com/quote/shareholders/shareholders.html?symb=RY&subView=institutional 
[3] https://www.statista.com/statistics/730759/market-capitalization-of-leading-canadian-companies/
[4] https://lobbycanada.gc.ca/app/secure/ocl/lrs/do/vwRg?cno=5141&regId=891596&blnk=1 
[5] https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/every-day-chequing-account/
[6] https://www.td.com/us/en/personal-banking/checking-accounts/convenience/
[7] https://www.vancourier.com/news/over-half-of-canadians-live-paycheque-to-paycheque-carry-credit-card-debt-1.23963050 
[8] https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp#:~:text=The%20S%26P%20500%20index%20is,since%20its%20inception%20through%202019. 
[9] https://www.reddit.com/r/PersonalFinanceCanada/comments/ex6ogp/recurring_etransfer_with_rbc/ 
[10] https://www.cbc.ca/news/business/banks-deny-compensation-online-fraud-security-1.5322982 
[11] https://www.ratehub.ca/blog/ratehub-ca-banking-behaviour-survey-results/ 
[12] https://www.cbc.ca/news/business/bank-fees-tips-1.4025828 
[13] https://www.cdic.ca/your-coverage/list-of-member-institutions/federal-credit-unions-fcus 
[14] https://www.quebecentete.com/en/living-in-quebec-city/quebecs-financial-system/ 
[15] https://www.youtube.com/watch?v=8No0r0ENyD4
[16] https://www.eqbank.ca/personal-banking/features-rates
[17] https://pressprogress.ca/near-monopoly-canadas-economy-is-dominated-by-a-small-handful-of-corporations-experts-warn/
[18] https://pressprogress.ca/near-monopoly-canadas-economy-is-dominated-by-a-small-handful-of-corporations-experts-warn/
[19] https://www.theglobeandmail.com/investing/markets/inside-the-market/article-these-four-canadian-market-sectors-deserve-credit-for-their/
[20] https://lobbycanada.gc.ca/app/secure/ocl/lrs/do/vwRg?cno=4903&regId=891762&blnk=1 
[21] https://www.ndp.ca/news/ndp-calls-government-stand-big-banks-canadians
[22] https://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575
[23] https://montreal.ctvnews.ca/montreal-real-estate-prices-climbing-much-faster-than-toronto-or-vancouver-study-1.5077506