Banks, credit card firms agree to cut fees charged to retailers + MORE Oct 31st

OTTAWA – Canada’s major banks and credit card companies have reached a deal with the federal government to cut the fees charged to merchants for credit transactions, sources familiar with the negotiations say.
The voluntary agreement could mean cost savings for up to 700,000 large, medium-sized and small businesses across the country.
However, it remains to be seen whether the cuts will translate into savings for consumers.
The deal will result in lower interchange fees charged to retailers and service providers for using credit cards to complete direct transactions, said sources speaking on condition of anonymity because they weren’t authorized to discuss the matter publicly.
The fees would then be capped for an unspecified period of time.
The agreement comes after years of back-and-forth among retailers, the federal government, banks, credit card companies and the Competition Tribunal.
Interchange fees currently range between $1.50 and $3 or more for every $100 worth of transactions, depending on the credit card…

Happy Halloween! The ghoulish holiday has arrived, and with it the parties, getups and treats. In fact, a recent study finds Canadians will shell out more this year than before. Is your wallet screaming yet?

And that brings us to another terrifying financial undertaking – choosing your mortgage. The results are in from our Online Mortgage Survey on what YOU need to make the best choice. Read on for the full story.
In Mortgages: The Right Pro is as Important as Price
Home buyers may be turning to online resources to learn more about their mortgage options – but our recent study finds mortgage brokers remain an integral part of the process. In fact, 73 per cent of respondents say connecting with a pro is an absolute must when searching for that perfect mortgage rate. Read on for our findings, and to learn more about how a broker can help you save on your mortgage.
Read Penelope’s Blog | The Right Pro is as Important as Price
In Credit Cards: Could This Be The End of Credit Card Interchange Fees?
Did you know – you pay for credit card swipe fees in-store, even when you pay with cash or debit? Interchange fees have been a point of contention with retailers for years – and now the Conservative government wants credit card providers to lower them – or face a ruling if compromise cannot be reached…

Canada’s major banks and credit card companies have reached a deal with the federal government to cut the fees charged to merchants for credit transactions, sources familiar with the negotiations say.

(Kali Nine LLC/Getty Images)
OTTAWA – Canada’s major banks and credit card companies have reached a deal with the federal government to cut the fees charged to merchants for credit transactions, sources familiar with the negotiations say.
The voluntary agreement could mean cost savings for up to 700,000 large, medium-sized and small businesses across the country.
However, it remains to be seen whether the cuts will translate into savings for consumers.
The deal will result in lower interchange fees charged to retailers and service providers for using credit cards to complete direct transactions, said sources speaking on condition of anonymity because they weren’t authorized to discuss the matter publicly.
The fees would then be capped for an unspecified period of time.
The agreement comes after years of back-and-forth among retailers, the federal government, banks, credit card companies and the Competition Tribunal.
Interchange fees currently range between $1.50 and $3 or more for every $100 worth of transactions, depending on the credit card…