Coast Capital Savings, Canada's second largest credit union, is giving consumers the chance to sign a eight feet by ten feet greeting card "thanking" banks for the $3 billion in fees they supposedly charge each year.
The $12.3 billion Vancouver, B.C.-based CU said it is running a tongue-in-cheek campaign spotlighting bank fees and getting Canadians to evaluate their monthly banking costs. According to a survey commissioned by Coast Capital, Canadians are paying $14.30 each month in service fees. Added up, that is an average of $171.60 per Canadian annually and a combined total of $3 billion each year, based on the CU's estimate of the number of Canadians with checking accounts.
Coast Capital's campaign also includes television ads and outdoor signage with satirical statements such as "Banking fees are like paying rent on my own money, I like that," and "Banking fees are exciting because you never see them coming."
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The CU's "I love fees" street team will be collecting signatures on the mock greeting card through March 11. The card was on display today at the Waterfront Station in Vancouver.
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