RBC is beginning an initiative with Shoppers Drug Marts to have a wonderful, everything available, debit card – for a fee.

Beware. Today, the debit card is a miracle of efficiency. Because there is little settlement risk, transactions can be done literally for a few cents. The banks have long been trying to fix this – either to shift us to credit cards, or to increase fees for debit cards.

Now for the dumb question. Do you suppose these two institutions are doing this because it is a poorer deal for them?

Even dumber: is this the beginning, the precedent?