During the bulk of the Trudeau government's time in office, Canada’s bankers have been making out like Canali-clad bandits on fees

You can save this article by registering for free here. Or sign-in if you have an account.

Everyone has a plan until they get punched in the face, said “Iron” Mike Tyson.

Ramesh Siromani, the executive vice president of cards, payments and transformation at RBC, probably had a plan when he appeared as a witness at the House of Commons Industry committee on Monday. It likely involved honeyed words about how RBC “helps clients thrive and communities prosper,” while offering “value, convenience and choice.”

Enjoy the latest local, national and international news.

Enjoy the latest local, national and international news.

Create an account or sign in to continue with your reading experience.

Create an account or sign in to continue with your reading experience.

Don't have an account? Create Account

But then he got punched in the face by Conservative MP Michelle Rempel Garner.

To be fair, being a bank executive at a parliamentary committee looking into credit card practices was never going to be much fun.

All the witnesses looked as if they’d rather be having dental surgery, as question followed question, each more loaded with the presumption of guilt than the one before.

But Rempel Garner’s line of inquiry was particularly brutal — and effective.

Siromani also sits on the board of Interac, the bank-owned payments-system provider that runs e-transfers that allow users to send, receive and request money electronically.

Financial institutions charge their clients a fee to send an e-transfer and, in turn, are charged a smaller fee by Interac to facilitate the e-transfer.

Rempel Garner asked if it is true that Interac charges banks between six and 14 cents for every transaction, with the amount based upon the volume of transactions.

That fee schedule is not available to the public.

Siromani said he is not sure how the pricing mechanism works, although he conceded that larger volumes generally mean a better unit cost in most lines of banking.

This newsletter tackles hot topics with boldness, verve and wit. (Subscriber-exclusive edition on Fridays)

By signing up........

© National Post