Conservative MP from the neighbouring riding of the Bay of Quinte, Ryan Williams has introduced a bill he calls the “Consumer Led Banking Act.”
It’s goal is to lower banking fees and mortgages for all Canadians through so-called open banking – which includes no monthly fees, no transaction fees, and no overdraft fees.
As it stands we pay $15 in monthly fees on average in Canada. Williams says a lack of competition here means we pay some of the highest banking fees in the world.