By: Duff Conacher

  OTTAWA: After rejecting two proposed bank mergers last year, this week Finance Minister Paul Martin approved the takeover of Canada Trust by the Toronto-Dominion Bank. The bank may win, but consumers get no guarantees of good and fair service.
 

Martin approved the merger but failed to require TD Bank or Canada Trust to correct past customer service problems or to serve customers fairly and well in the future

  In approving the merger, Martin ignored evidence that both TD and Canada Trust discriminate against people with low incomes by maintaining unjustifiable barriers to opening accounts and cashing cheques. He ignored TD's poor record of lending to small and medium-sized businesses. And he ignored the fact that TD Bank is one of the worst banks in terms of number of complaints to the Canadian Banking Ombudsman. And Martin did not require TD Bank or Canada Trust to commit to correcting these problems, or to serve customers fairly and well in the future.
  There is still time to slow down and, in some cases, stop such takeovers in the future, and to ensure Canada's big banks serve the needs of individuals, developing businesses and community economic development.
  You can put in your two cents in support of the CCRC's push to close the gaps in Martin's proposals by sending a letter to Paul Martin at House of Commons, Ottawa, K1A OA6 (no postage needed) or by fax: (613) 995-5176 or by email: pmartin@fin.gc.ca. It is best to send hand-written letters, as emails are in many cases not even read by ministers or their staff.

Duff Conacher is Coordinator of Democracy Watch (613-241-5179, E-mail: dwatch@web.net, or check out our website at: www.dwatch.ca) and Chairperson of the Canadian Community Reinvestment Coalition (CCRC).

Get More/Do More
For more information about the CCRC's ongoing campaign (toll-free) 1-888-817-2272, by fax: (613) 241-4758, by e-mail: cancrc@web.net. View our Sample Letter to Paul Martin and other information at: www.cancrc.org