Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Coast Capital Savings Credit Union Review Nov 13th
Coast Capital Savings is a BC-based credit union with a long history dating back to the 1940s. As a federally chartered credit union, it has expanded its services to members across Canada, offering a wide range of personal banking products and services.
If you’re unfamiliar with Coast Capital,.... More »
As Trump unravels Dodd-Frank, Canadian banks bullish on U.S. + MORE Feb 4th
Trump administration also calls for a review of Department of Labour’s Obama-era fiduciary rule
.... More »
CMHC wants banks to pay deductible on mortgage insurance + MORE Mar 16th
Canada Mortgage and Housing Corporation is continuing to explore the possibility of forcing banks to shoulder more of the risk associated with home mortgage loans..... More »
Is It Worth Getting a U.S. Dollar Credit Card? Mar 14th
According to the most recent census, two out of three (66%) Canadians live within 100 kilometres of the U.S. border. So, naturally millions of citizens cross over to the 13 neighbouring states every month. Many snowbirds even choose to stay for part of the year. But, with the value of the loonie si.... More »
What would a central bank digital currency mean for Canada? We ask 5 experts Jul 11th
Canadians have long embraced digital transactions. We make purchases, pay bills and transfer money to people around the world with the tap of a card or the click of a button—every single day. We do all of this using regular, government-backed Canadian dollars.
Yet the Bank of Canada (BoC) is ac.... More »
Could ATM User Fees Be A Thing Of The Past?
– ratesupermarket.ca
For ATM users, the machines’ transaction fees are a necessary evil; a price to pay for convenience. The occasional swipe of your card at an automated machine won’t break the bank but it doesn’t take long for the fees — which can range from $1 to upwards of $3 or $4 — to add up.
The NDP is once again taking aim at the fees, urging the Conservative government to reel in the charges and impose a cap, limiting the fees per transaction to 50 cents.
NDP consumer affairs critic Glenn Thibeault says the proposed 50-cent cap is “entirely reasonable” and that with ATM transactions costing the bank 36 cents per transaction, the 50-cent cost would still help the banks “recoup their operating costs while maintaining a healthy profit margin.”
Banks Blasted For Pricey Fees
The motion applies only to ATMs owned by regulated banks, not the “no name” machines installed in many bars and convenience stores. According to the Canadian Bankers Association, there are more than 18,300 of these bank-owned machines across Canada and 26 per cent of Canadians report using them for the majority of their banking needs…
Could ATM User Fees Be A Thing Of The Past?
– ratesupermarket.ca
For ATM users, the machines’ transaction fees are a necessary evil; a price to pay for convenience. The occasional swipe of your card at an automated machine won’t break the bank but it doesn’t take long for the fees — which can range from $1 to upwards of $3 or $4 — to add up.
The NDP is once again taking aim at the fees, urging the Conservative government to reel in the charges and impose a cap, limiting the fees per transaction to 50 cents.
NDP consumer affairs critic Glenn Thibeault says the proposed 50-cent cap is “entirely reasonable” and that with ATM transactions costing the bank 36 cents per transaction, the 50-cent cost would still help the banks “recoup their operating costs while maintaining a healthy profit margin.”
Banks Blasted For Pricey Fees
The motion applies only to ATMs owned by regulated banks, not the “no name” machines installed in many bars and convenience stores. According to the Canadian Bankers Association, there are more than 18,300 of these bank-owned machines across Canada and 26 per cent of Canadians report using them for the majority of their banking needs…
Federal government says banks may do business with legal marijuana sellers
– canadianbusiness.com
WASHINGTON – The Obama administration on Friday gave banks a road map for conducting transactions with legal marijuana sellers so these new businesses can stash away savings, make payroll and pay taxes like any other enterprise. It’s not clear banks will get on board.
Guidance issued by the Justice and Treasury departments is the latest step by the federal government toward enabling a legalized marijuana industry to operate in states that approve it. The intent is to make banks feel more comfortable working with marijuana businesses that are licensed and regulated.
Others have a keen interest, too, in a regulated financial pipeline for an industry that is just emerging from the underground. Marijuana businesses that can’t use banks may have too much cash they can’t safely put away, leaving them vulnerable to criminals. And governments that allow marijuana sales want a channel to receive taxes.
But a leading financial services trade group immediately expressed misgivings and others, too, said the guidelines don’t go far enough in protecting banks…
Guidance issued by the Justice and Treasury departments is the latest step by the federal government toward enabling a legalized marijuana industry to operate in states that approve it. The intent is to make banks feel more comfortable working with marijuana businesses that are licensed and regulated.
Others have a keen interest, too, in a regulated financial pipeline for an industry that is just emerging from the underground. Marijuana businesses that can’t use banks may have too much cash they can’t safely put away, leaving them vulnerable to criminals. And governments that allow marijuana sales want a channel to receive taxes.
But a leading financial services trade group immediately expressed misgivings and others, too, said the guidelines don’t go far enough in protecting banks…
California farmers critical of Obama’s drought relief efforts
– canadianbusiness.com
FRESNO, Calif. – Farmers in California’s drought-stricken Central Valley said the financial assistance President Barack Obama delivered on his visit Friday does not get to the heart of California’s long-term water problems.
Amid one of the driest years in the state’s recorded history, Obama came to the Fresno area to announce $100 million in livestock-disaster aid, $60 million to support food banks and another $13 million toward things such as conservation and helping rural communities that could soon run out of drinking water.
Obama told reporters in the rural town of Firebaugh, where he met with community leaders, that he wasn’t about to wade into California water politics. Yet the president gently warned California’s leaders to find common ground rather than thinking of water as a “zero-sum game.”
“We’re going to have to figure out how to play a different game,” Obama said. “If the politics are structured in such a way where everybody is fighting each other and trying to get as much as they can, my suspicion is that we’re not going to make much progress…
Amid one of the driest years in the state’s recorded history, Obama came to the Fresno area to announce $100 million in livestock-disaster aid, $60 million to support food banks and another $13 million toward things such as conservation and helping rural communities that could soon run out of drinking water.
Obama told reporters in the rural town of Firebaugh, where he met with community leaders, that he wasn’t about to wade into California water politics. Yet the president gently warned California’s leaders to find common ground rather than thinking of water as a “zero-sum game.”
“We’re going to have to figure out how to play a different game,” Obama said. “If the politics are structured in such a way where everybody is fighting each other and trying to get as much as they can, my suspicion is that we’re not going to make much progress…
The Obama administration gave banks a roadmap for doing business with legal marijuana sellers without getting into trouble, another step by the federal government toward enabling a legalized marijuana industry to operate in states that approve it.
