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
Fitch Ratings joins Moody’s, Standard & Poor’s in passing judgment on Chicago’s finances + MORE May 16th
CHICAGO – Fitch Ratings is the latest agency to weigh in on Chicago’s credit worthiness, setting the city’s debt rating above the junk status given by Moody’s Investors Service.
By lowering the city’s rating to BBB+ from A-, Fitch Ratings indicated Friday that it believ.... More »
European Central Bank review shows hole in Greek banks’ finances smaller than first feared Oct 31st
FRANKFURT – The European Central Bank says Greece’s battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business.
The figure announced Saturday is the result of an ECB review of Greece’s four main banks following an agre.... More »
Where to donate your $25 Loblaws gift card: find your nearest food bank here + MORE Jan 9th
The bread aisle at a Loblaw in Toronto. (Carlos Osorio/Toronto Star via Getty Images)
Since Loblaw Companies Ltd. fessed up to fixing bread prices from 2001 to 2015 and made its offer of $25 gift cards to grocery shoppers, there’s been a social media push to encourage Canadians to donate th.... More »
Why Homeowners Should Care About Higher Fees for MBS + MORE Dec 18th
On December 1, 2014, the Canada Mortgage and Housing Corporation (CMHC) told the nation’s lenders that they would be raising the fees it charges for guaranteeing mortgage-backed securities (MBS). But you don’t own a bank, so why should you care? Well, it will likely mean higher borrowing costs .... More »
BMO financial planner loses Ont. couple $47,000 Mar 29th
Imagine hiring a financial planner you thought you could trust. Then imagine losing nearly $50,000 after listening to their advice.
This nightmare situation was a reality for a retired couple who, in 2014, sought advice from a BMO financial planner on how to transfer their retirement savings from an.... More »
Pro Post: My Bank Was Great – But I Still Switched
– ratesupermarket.ca
When pro poster Pracheer arrived in Canada, he found his banking options to be limited due to his lack of Canadian credit history. However, BMO took a chance on him – and made a loyal customer for life. However, while BMO offered great service, Pracheer took notice of better rates from other lenders… and wasn’t afraid to make the switch.
BMO Took a Chance on Me
Once upon a time, I was a BMO loyalist – and why not? When I immigrated to Canada five years ago, banks were reluctant to issue a credit card to me, even though I had $20,000 to deposit, simply because I had no credit history. At the time, BMO came to my rescue with a $500-limit credit card in exchange for a $5,000 security deposit. I made the monthly payments on time, and they were more than happy to release my security money before schedule.
Sticking Around For Great Service
When my wife joined me in Canada three years back, there was no question in my mind that we would choose BMO for her banking, too…
Pro Post: My Bank Was Great – But I Still Switched
– ratesupermarket.ca
When pro poster Pracheer arrived in Canada, he found his banking options to be limited due to his lack of Canadian credit history. However, BMO took a chance on him – and made a loyal customer for life. However, while BMO offered great service, Pracheer took notice of better rates from other lenders… and wasn’t afraid to make the switch.
BMO Took a Chance on Me
Once upon a time, I was a BMO loyalist – and why not? When I immigrated to Canada five years ago, banks were reluctant to issue a credit card to me, even though I had $20,000 to deposit, simply because I had no credit history. At the time, BMO came to my rescue with a $500-limit credit card in exchange for a $5,000 security deposit. I made the monthly payments on time, and they were more than happy to release my security money before schedule.
Sticking Around For Great Service
When my wife joined me in Canada three years back, there was no question in my mind that we would choose BMO for her banking, too…
HSBC bank’s first-half profits drop 5.4 per cent amid geopolitical tensions, growth concerns
– canadianbusiness.com
LONDON – HSBC, one of the world’s largest banks, warned Monday that fragile growth in the global economy and rising geopolitical tensions will keep it from taking on greater investment risks.
In its earnings update, HSBC said its net income fell 5.4 per cent to $9.46 billion in the first half of the year. The bank, which earns nearly two-thirds of its profit in Asia and is closely watched as a barometer of growth in the region, saw its pre-tax profit fall there by 15 per cent.
Earnings from the investment banking business declined globally by 12 per cent to just over $5 billion.
Chairman Douglas Flint said that with world economies still recovering from the 2008 economic crisis, it was not the time to take chances.
“At a time of residual concerns over the sustainability of economic growth in many major markets and with heightened geopolitical tensions apparent, the board supported management’s view that this was not the time to expand risk appetite to offset the effect of lower revenues…
In its earnings update, HSBC said its net income fell 5.4 per cent to $9.46 billion in the first half of the year. The bank, which earns nearly two-thirds of its profit in Asia and is closely watched as a barometer of growth in the region, saw its pre-tax profit fall there by 15 per cent.
Earnings from the investment banking business declined globally by 12 per cent to just over $5 billion.
Chairman Douglas Flint said that with world economies still recovering from the 2008 economic crisis, it was not the time to take chances.
“At a time of residual concerns over the sustainability of economic growth in many major markets and with heightened geopolitical tensions apparent, the board supported management’s view that this was not the time to expand risk appetite to offset the effect of lower revenues…
