OTTAWA – With the pending elimination of paper bill fees for telecommunication and broadcasting services, the Public Interest Advocacy Centre (PIAC) is calling on the banking industry to follow suit.
In a statement Friday, PIAC referenced its recent report that estimates Canadians pay between $495 and $734 million annually in fees for monthly bills and statements in paper.
While some Canadian banks have entered into a voluntary agreement to expand their low-cost and no-cost accounts to include free mailed monthly statements, PIAC noted that this fee waiver only applies to those deemed eligible for the low- or no-cost accounts.
“We contend consumers do not distinguish between a fee paid for a monthly paper bill and fee paid for a monthly paper statement,” said PIAC research analyst Jonathan Bishop, in the statement. “It’s time for the Canadian banks to completely stamp out the application of fees for mailed paper statements.”
