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Final Report 1 (Cover) 11/6/08 7:35 AM Page 1 Final Report – Final Report Final Report 1 (cover) 11/6/08 7:35 AM Page 1 Final Report – Law Commission of Ontario Fees for Computer Methods Building 4850 Keele Street, Suite 201 Toronto, Ontario, Canada Cashing M3J 1P3 Fees for CashingFees Government Cheques Government T: (416) 650-8406 F: (416) 650-8418 E: [email protected] Cheques www.lco-cdo.org FINAL REPORT November 2008 Available online at www.lco-cdo.org Disponible en français ISBN: 978-0-9809738-6-0 Fees for Cashing Government Cheques FINAL REPORT November 2008 Law Commission of Ontario Computer Methods Building Suite 201, 4850 Keele Street Toronto, Ontario, Canada M3J 1P3 Tel: (416) 650-8406 Fax: (416) 650-8418 General E-mail: [email protected] www.lco-cdo.org Fees for Cashing Government Cheques e are pleased to release this Final Report in our study on charging fees for cashing government cheques. Madam Justice Karen Weiler proposed this project. The Law WCommission of Ontario’s Board of Governors approved it for study on November 19, 2007 and approved this Final Report on October 6, 2008. A disproportionate number of low income recipients of government cheques cash their cheques at businesses in the alternate financial sector. The LCO’s recommendations in this project are intended to provide an environment in which those who pay fees to cash their government cheques do so as a matter of choice, rather than because of their inability to establish bank accounts, their geographic location or other factors outside their control. Accordingly, the recommendations are directed at government, as well as private actors in this area. This Report has been distributed to relevant government ministries and to community groups and other organizations with an interest in facilitating access to their funds by recipients of government cheques. The Law Commission of Ontario is a partnership among the Ministry of the Attorney General, Osgoode Hall Law School, the Law Deans of Ontario’s law schools, the Law Foundation of Ontario, and the Law Society of Upper Canada. The LCO is governed by a Board of Governors, which is comprised of representatives of the founding partners and members at large. The Board of Governors approves LCO policies, projects, discussion papers and reports. The Board’s approval reflects its members’ collective responsibility to manage and conduct the affairs of the LCO, and should not be considered an endorsement by individual members of the Board or by the organizations to which they belong. The mandate of the LCO is to recommend law reform measures to enhance the legal system’s relevance, effectiveness and accessibility; improve the administration of justice through the clarification and simplification of the law; consider the use of technology to enhance access to justice; stimulate critical legal debate; and study areas that are underserved by other research. The LCO has committed to engage in multi-disciplinary research and analysis and make holistic recommendations, as well as to collaborate with other bodies and consult with affected groups and the public more generally. Patrick Monahan Patricia Hughes Chair, Board of Governors Executive Director ii The following individuals contributed to this project: lco staff Lauren Bates (Head of Project) Julie Lassonde (Researcher) student researchers Allan Mohammed (LLB Student, Osgoode Hall) Sahra Panjwani (LLB Student, Osgoode Hall) Laila Said (JD Student, University of Maryland) Miriam Stein (LLB Student, University of Ottawa) members of the board of governors Patrick J. Monahan, Chair (Osgoode Hall Law School) Christopher D. Bredt (Law Society of Upper Canada) Neena Gupta (At-large) Marie Henein (At-large) Frank Iacobucci (Law Foundation of Ontario) Russell Juriansz (Judiciary, commencing July 1, 2008) Yves Le Bouthillier (Ontario Law Schools) James C. MacPherson (Judiciary, until June 30, 2008) Murray Segal (Ministry of the Attorney General) Patricia Hughes (ex officio and Executive Director of the LCO) members of the research advisory board Jeffrey B. Berryman (Faculty of Law, University of Windsor) Jamie Cameron (Osgoode Hall Law School, York University) Brenda Cossman (Faculty of Law, University of Toronto) Sébastien Grammond (University of Ottawa – Civil Law Section) Kai Hildebrandt (Department of Communication Studies, University of Windsor) Ben Hovius (Faculty of Law, University of Western Ontario) Erik S. Knutsen (Faculty of Law, Queen’s University) James F. Leal (Law Society of Upper Canada) Anne Marie Predko (Ministry of the Attorney General) J. Anthony VanDuzer (University of Ottawa – Common Law Section) Janice H. Vauthier (Ontario Bar Association) iii Fees for Cashing Government Cheques TABLE OF CONTENTS EXECUTIVE SUMMARY..........................................................................................................1 I. INTRODUCTION .................................................................................................................6 II. KEY THEMES AND ISSUES................................................................................................8 A. Poverty Reduction ......................................................................................................8 B. Regulation of Alternative Financial Services ...............................................................8 C. Low Income Communities and the Mainstream Financial Services Sector...................9 D. Diversity and Differential Impact ................................................................................9 E. Financial Services and New Technology ....................................................................10 F. Effective Allocation of Risks and Responsibilities ......................................................11 G. Informed Choice ........................................................................................................11 H. Summary ..................................................................................................................12 III. NATURE OF THE PROBLEM.............................................................................................13 A. Cost of Cashing Government Cheques in Ontario ......................................................14 1. Banks and Credit Unions.....................................................................................14 2. AFS Businesses ..................................................................................................14 3. Informal Cheque Cashing....................................................................................15 B. Impact of Cheque Cashing Fees: Users of Cheque Cashing Services and Recipients of Government Benefits ....................................................................15 1. Users of AFS Services..........................................................................................15 2. Impact on Recipients of Government Cheques ...................................................16 C. Financial Capability and Access to Information .........................................................19 D. The Mainstream Financial Services Industry .............................................................21 1. Background ........................................................................................................21 2. Use of Mainstream Financial Services: Patterns and Barriers.............................22 E. The Alternative Cheque Cashing Industry..................................................................32 1. Informal Cheque Cashing....................................................................................32 2. North West Company .........................................................................................33 3. The Formal Cheque Cashing Industry .................................................................34 4. “Convenience Based Financial Services” ...........................................................36 5. Relationship with the Payday Loans Industry.....................................................38 6. Economics of Cheque Cashing ...........................................................................40 F. The Need for Reform ..................................................................................................41 iv IV. AVENUES FOR REFORM .................................................................................................43 A. Considering Options for Reform................................................................................43 B. Consumer Education and Financial Literacy..............................................................44 1. Consumer Education as a Strategy .....................................................................44 2. Providing Effective Consumer Education and Financial Literacy Programs .........45 C. Encouraging the Use of Mainstream Financial Institutions........................................47 D. Direct Deposit and Benefit Cards..............................................................................49 1. Direct Deposit.....................................................................................................49 2. Benefit Cards .....................................................................................................52 E. Indemnity Agreements..............................................................................................53 1. Formal Indemnity Agreements: The Federal Initiative .........................................53 2. Informal Indemnity Agreements.........................................................................55
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