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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Making sense of the markets this week: June 28 Jun 26th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Get More Money From Your Main Bank + MORE Aug 22nd
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What are Bank of Canada Rates? + MORE Apr 30th
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US appeals court hands defeat to retailers; upholds Fed’s cap on debit card ‘swipe’ fees
– canadianbusiness.com
WASHINGTON – A federal appeals court has handed a defeat to a coalition of retail groups that challenged as too high the Federal Reserve’s cap on how much banks can charge businesses for handling debit card transactions.
The ruling issued Friday by the U.S. Appeals Court for the District of Columbia overturned a lower court’s decision in July that favoured the merchants and was a setback for banks.
In the July ruling, a federal judge struck down the Fed’s cap on so-called “swipe fees,” saying the Fed didn’t have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.
The retail groups had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction. The appeals court ruling upholding the Fed’s cap was a blow to an industry already buffeted by public and congressional outrage over the massive data breach that hit Target Corp. during the holiday season and other data-security violations at big retailers…
The ruling issued Friday by the U.S. Appeals Court for the District of Columbia overturned a lower court’s decision in July that favoured the merchants and was a setback for banks.
In the July ruling, a federal judge struck down the Fed’s cap on so-called “swipe fees,” saying the Fed didn’t have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.
The retail groups had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction. The appeals court ruling upholding the Fed’s cap was a blow to an industry already buffeted by public and congressional outrage over the massive data breach that hit Target Corp. during the holiday season and other data-security violations at big retailers…
