The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Rate cut is good for variable-rate mortgage holders only + MORE Jan 22nd
(Getty Images / Sarah Jones)
I can sum up how yesterday’s Bank of Canada rate drop impacts your mortgage in two words: It doesn’t. At least not immediately. That’s because we don’t borrow from the Bank of Canada—the banks that loan us money borrow from the Bank of Canada. So, don’t e.... More »
Big banks, waited years for a rate hike, get pummeled Jun 3rd
NEW YORK, N.Y. – With oddsmakers all but pulling a summer rate hike off the table after a terrible U.S. jobs report and a wash of other disheartening economic data, the nation’s biggest banks took pummeling from investors Friday.
The financial sector has been waiting seven years for the .... More »
The Best Rewards Credit Cards of 2019 Nov 1st
Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save.
To determine which card will provide you with the most in savings, you must first evaluate your spending patterns to .... More »
Lawmakers say Russia is ignoring threats of more western sanctions, urge tougher US stance Apr 20th
WASHINGTON – Two members of the Senate Foreign Relations Committee called Sunday for beefing up western sanctions against Russia to include its petrochemical and banking industries and warned that Moscow thus far has ignored United States and European efforts to persuade it to back off its con.... More »
The best rewards credit cards in Canada for 2023 + MORE Nov 23rd
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The best rewards credit cards in Canada for 2023
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Just how much do Canadians owe?
– moneysense.ca
After dipping for two straight quarters, the national household debt to income ratio jumped to a record 163.4%, Statistics Canada said Friday. That means, for every $1 we’re earning, we owe more than $1.63. Not exactly financial independence. So where’s all this debt coming from? Our homes, mostly. Cumulatively, we owe $1.1 trillion in mortgage payments and $500 billion to various lenders, largely banks and credit card companies. It’s this consumer debt that’s really taking off that’s worrisome. Growth credit market debt accelerated from 0.5% to 1.6% during the quarter, StatsCan said. You can be sure much of that is not adding to household net worth (now standing at $205,900 per capita). Visit the Debt section of our newly redesigned website for tips on how to get back on track.
The post Just how much do Canadians owe? appeared first on MoneySense.
The post Just how much do Canadians owe? appeared first on MoneySense.
European banks remain in the danger zone
– theglobeandmail.com
Banks in the region only half paid attention to the lessons from the Lehman Bros. collapse
Regulators shutter banks in Texas and Connecticut; 22 US bank failures so far in 2013
– canadianbusiness.com
WASHINGTON – Regulators have closed banks in Texas and Connecticut, bringing the number of U.S. bank failures to 22 this year.
The Federal Deposit Insurance Corp. said Friday it has taken over First National Bank, based in Edinburg, Texas, and The Community’s Bank, based in Bridgeport, Conn.
The failure of the two lenders is expected to cost the deposit insurance fund $645.3 million combined.
First National, which operated 51 branches, had about $3.1 billion in assets and $2.3 billion in deposits as of June 30.
PlainsCapital Bank, based in Dallas, agreed to assume all the deposits and buy about $2.7 billion of First National’s assets.
It also entered into a loss-share agreement with the FDIC on $1.8 billion of the failed bank’s assets.
The Community’s Bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over banking operations for The Community’s Bank. As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that’s insured…
The Federal Deposit Insurance Corp. said Friday it has taken over First National Bank, based in Edinburg, Texas, and The Community’s Bank, based in Bridgeport, Conn.
The failure of the two lenders is expected to cost the deposit insurance fund $645.3 million combined.
First National, which operated 51 branches, had about $3.1 billion in assets and $2.3 billion in deposits as of June 30.
PlainsCapital Bank, based in Dallas, agreed to assume all the deposits and buy about $2.7 billion of First National’s assets.
It also entered into a loss-share agreement with the FDIC on $1.8 billion of the failed bank’s assets.
The Community’s Bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over banking operations for The Community’s Bank. As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that’s insured…
