Financial analyst Dennis Chung says the increase in local bank fees is justified. Chung has come to the defence of financial institutions arguing that they have also been impacted by inflation.
He believes the negative response to the fee adjustments is unreasonable.
“I don’t think that they are any different in terms of prices. The cost has gone up overall - the price that banks put out there is really their own pricing and just like everything else is affected by inflation - I think that people are a little emotive about bank fees,” he said.
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