Business Matters: Federal budget 2024 brings changes to banking fees

I’m Kyle Benning with our top business headlines right now. The 2024 federal budget includes several measures affecting the banking sector cracking down on junk fees. In particular. The government plans to cap non sufficient fund fees at $10 per instance. Currently, NSF fees can be as high as $50.00. The government also aims to require banks to give customers a heads up if they’re approaching overdraft. Further banking measures the government outlined in the budget include the ability for renters to build credit with timely payments. And new tools for bank customers to manage, track and cancel monthly subscriptions. There had been hopes the budget would include a framework for open banking, but it only commits to moving forward with one without offering specifics. The federal budget made good on a 5 year old promise from the Trudeau government to return money collected through the carbon price’s fuel charge to small businesses. The plan commits to paying out more than $2.5 billion collected through the federal fuel charge in provinces where Ottawa’s carbon price applies over the last five years. An estimated 600,000 businesses with 499 or fewer employees will be eligible. Income inequality is widening in this country, now sitting at the highest rate since 2015, according to Statistics Canada. Economic conditions in 2023 took a toll on many households, with higher interest rates having a negative impact on income and net worth of the lowest income and least wealthy households. Meanwhile, households in the highest income category were able to take advantage of higher yields. Saving on investment accounts. Uniform is withdrawing its applications to represent workers at two Amazon facilities in Metro Vancouver. The union is accusing the e-commerce giant of providing A suspiciously high employee count, while an Amazon spokesperson says the company is confident it provided the board with accurate information, under BC law, employers are not required to provide an employee count during a union drive, meaning unions have to guess how many signed cards are needed before applying for certification. Uniform says it will redouble its efforts in the coming weeks. Those are the top business stories right now. For more, you can head to globalnews.ca. I’m Kyle Bennig.