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Latest News
Scotiabank Scrambles to Fix Credit Card Statement Errors Nov 8th
On October 20, 2019, Scotiabank identified a technical error where legitimate charges on certain customers’ credit card statements were mislabeled as “BNS Scotia Life Insurance.” The mistaken charges all took place between October 18 and 20. Many customers were angry and took to.... More »
New mortgage rules will affect first-time buyers Oct 10th
OTTAWA – Canada’s first-time home buyers may have to shelve their dream house fantasies due to lending changes announced this week by the federal government, mortgage brokers say.
Ottawa moved this week to tighten mortgage lending rules that will limit the amount many Canadians can borrow to hel.... More »
How to save money on life insurance + MORE Jan 30th
There are a few things you can do to save money on life insurance..... More »
Intact restores insurance after cancellation: Roseman + MORE Jan 22nd
You may be better off paying for insurance up front each year, rather than opting for monthly debits from a bank account, as this story shows..... More »
How Small Businesses Can Stay Safe Against Cyberattacks + MORE Oct 19th
Today’s cyber thieves aren’t lone hackers working from their basements. Cybercrime increasingly has become full-fledged enterprises, complete with CFOs, HR teams and research and development budgets—and this “professionalization” of cybercrime presents a growing risk for small businesses, .... More »
Auto Insurance Rates Down 4.66% In Ontario
– ratesupermarket.ca
The first round of discounts as a result of the Ontario Government’s Cost and Rate Reduction Strategy are hitting car owner’s pockets. Average auto insurance rates have dropped 4.66 per cent so far this year, according to the Finance Services Commission of Ontario.
The Strategy is part of an agreed-upon deal between the NDP and Liberal provincial government. The NDP demanded the Liberals cut auto insurance premiums by 15 per cent, or risk losing their support for the proposed budget. As a result, Ontario drivers will enjoy an average discount of 15 per cent over the next few years, with a deadline of eight per cent this August, and the remaining discounts to occur next year.
It’s estimated that the 15 per cent discount will equal $225 in savings for drivers.
The FSCO has posted this chart, indicating which insurance companies are offering lower rates as part of the implementation:
What Does This Mean For Drivers?
It’s a great time to compare the market, as you could be in for a discount on your own rate…
Regulators shutter small bank in Illinois representing first bank failure of 2014
– canadianbusiness.com
WASHINGTON – Regulators have closed a small lender in Illinois, making it the first U.S. bank failure of 2014 following 24 closures last year.
The Federal Deposit Insurance Corp. said Friday it has taken over DuPage National Bank, based in West Chicago, Ill.
The lender, which operated three branches, had about $61.7 million in assets and $59.6 million in deposits as of Sept. 30.
Republic Bank of Chicago, based in Oak Brook, Ill., agreed to pay the FDIC a premium of 1.20 per cent to take on all of DuPage National Bank’s deposits.
Republic Bank also agreed to buy essentially all of the failed bank’s assets.
The failure of DuPage National Bank is expected to cost the deposit insurance fund $1.6 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
In 2007, only three banks went under. That number jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago…
The Federal Deposit Insurance Corp. said Friday it has taken over DuPage National Bank, based in West Chicago, Ill.
The lender, which operated three branches, had about $61.7 million in assets and $59.6 million in deposits as of Sept. 30.
Republic Bank of Chicago, based in Oak Brook, Ill., agreed to pay the FDIC a premium of 1.20 per cent to take on all of DuPage National Bank’s deposits.
Republic Bank also agreed to buy essentially all of the failed bank’s assets.
The failure of DuPage National Bank is expected to cost the deposit insurance fund $1.6 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
In 2007, only three banks went under. That number jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago…
Desjardins Group Acquires State Farm Canada
– ratesupermarket.ca
A major shakeup is underway in the Canadian insurance industry, as Desjardins Group announced it is acquiring some of State Farm Canada’s key lines of businesses. Under the deal, Desjardins will acquire State Farm’s property, casualty and life insurance clients. It will also acquire State Farm’s Canadian mutual fund, loan and living benefits companies. If you’re an existing client at State Farm, what exactly does this deal mean for your insurance coverage?
Desjardins Group To Become 2nd Largest P&C Insurance Provider
This is the latest large acquisition following a number of similar buys last year – Loblaws and Shoppers Drug Mart made retail history when they joined forces last year.
To put this deal into perspective, Desjardins will become the second largest provider of property and casualty insurance in Canada. Under the deal, Desjardins expects to increase annual gross premiums to a whopping $3.9 billion, up from its current $2 billion. Not only will Desjardins bolster its position in P&C insurance, it looks to become the fourth largest life and health insurer in Canada…
