Any market with high barriers to entry exhibits this. Banking is very heavily regulated in Canada it's almost impossible to start a new bank. Banks have a very

Any market with high barriers to entry exhibits this. Banking is very heavily regulated in Canada it's almost impossible to start a new bank. Banks have a very low churn and citizens are already banked. The ATM system is a cabal, owned by the banks, and they get massive fees from that. That's a form of almost direct collusion and anti-competitive practice to some extent, as nobody could feasibly compete with the installed base of ATM machines. This happens in other industries and they are smart enough to know now to reduce their prices because it will gain them nothing. Canada is also a different place in that there is a much greater focus on stability than innovation. Canada does not have economies fluctuations that are created internally - all booms/busts are driven primarily by external/US speculative activity. Canadian consumers are risk averse, much more trusting of institutions and brands. They like 'safe, clean, well lit places with products they know and understand'. It's a actually good for civility but a big hamper on new innovation.