Forget the Myth Oligopoly Myth

The author details the true reasons for Canadian bank profitability and high fees - it's the inconvenience of switching banks. But he repeats the usual assertion that there is an oligopoly. I disagree. There are 6 major banks and and dozens of smaller ones. You'd be hard pressed to think of another major area of your spending where Canadians have more or the same easily available choice. (Grocery?, no, cell phones? no, gas stations?, no, automobile brands?, no Airlines? certainly not, clothing?). On top of that some areas of the market are regulated as to price (natural gas and electricity delivery).

So despite the reputation, I don't see how banks are an oligopoly. And having 6 major banks and dozens of others, even if you call that an oligopoly in no way explains high profits. In Airlines it only seems to take 2 to 3 competitors to get low prices. Why? super ease of switching.