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?
Latest News
Toronto stock index climbs on banks, industrials + MORE May 23rd
Canada's main stock index chalked up a moderate gain today as financial stocks got a boost ahead of Canadian bank earnings this week..... More »
CIBC, Royal Bank on the defensive at annual meetings over sales practices + MORE Apr 7th
Chief executives at two of Canada’s biggest banks highlighted their efforts to listen to client and employee feedback in the wake of news reports that alleged some employees at financial institutions broke the law in order to meet sales targets.
Royal Bank CEO Dave McKay says his bank surveys .... More »
Travelling to Greece? Bring cash and cards + MORE Jun 29th
Customers queue in front of the National Bank to use ATM to withdraw cash on June 28, 2015 in Athens, Greece. (Photo by Milos Bicanski/Getty Images)
—Updated on Monday, June 29 at 5:35 p.m.—
The government of Canada is advising visitors to Greece to bring enough cash to cover unexpected to trav.... More »
Oaken Financial Review: High Interest Savings With No Gimmicks Mar 10th
Recently, I wrote an article comparing the top high-interest savings accounts in Canada. It perhaps should come as no surprise that the vast majority of the accounts that made the cut were online bank offerings, from the likes of Tangerine, EQ, and Simplii. Free from the high overhead of traditional.... More »
Business Highlights Feb 9th
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Is your doctor’s office the most dangerous place for data?
INDIANAPOLIS (AP) — Everyone worries about stolen credit cards or hacked bank accounts, but just visiting the doctor may put you at greater risk for identity fraud.
Those medical forms you give the receptionist and send to your h.... More »
Visa reports 11 per cent rise in fiscal 1Q profit; Announces 4-for-1 stock split
– canadianbusiness.com
NEW YORK, N.Y. – Visa’s quarterly profit rose 11 per cent as consumer spending grew on the credit and debit card processor’s massive payment network.
Visa said Thursday it earned $1.57 billion, or $2.53 per share, in the October-December quarter. That compares with a profit of $1.41 billion, or $2.20 per share, in the same period a year ago.
Revenue was $3.38 billion, up from $3.16 billion.
Analysts surveyed by FactSet expected Visa to earn $2.49 per share on $3.34 billion in sales.
Visa, and its competitor MasterCard, do not issue credit and debit cards directly. Instead, the two companies operate payment networks that banks and merchants sign up to use, and in exchange Visa and MasterCard take a percentage of each sale as a fee.
However, since the companies are directly exposed to spending trends, the companies function as barometers for the health of the U.S. consumer.
Visa said it processed $1.2 trillion in payments on its network in the latest quarter, up 11 per cent compared to a year ago…
Visa said Thursday it earned $1.57 billion, or $2.53 per share, in the October-December quarter. That compares with a profit of $1.41 billion, or $2.20 per share, in the same period a year ago.
Revenue was $3.38 billion, up from $3.16 billion.
Analysts surveyed by FactSet expected Visa to earn $2.49 per share on $3.34 billion in sales.
Visa, and its competitor MasterCard, do not issue credit and debit cards directly. Instead, the two companies operate payment networks that banks and merchants sign up to use, and in exchange Visa and MasterCard take a percentage of each sale as a fee.
However, since the companies are directly exposed to spending trends, the companies function as barometers for the health of the U.S. consumer.
Visa said it processed $1.2 trillion in payments on its network in the latest quarter, up 11 per cent compared to a year ago…
Keep your credit card at a different bank
– moneysense.ca
(Blend Images – Peter Dressel/Getty Images)If you occasionally forget to pay your credit card bill on time, you may want to read the fine print on your agreement. It turns out that most banks can actually deduct money from your accounts to cover money you owe on your credit card—without asking first. Typically, this deduction will only cover the minimum payment, which might just be $10. But theoretically, if you’re carrying a large balance of $10,000, all of sudden you could see hundreds of dollars removed from your chequing account without warning. There’s an easy fix for this dilemma, though: Get a credit card through a different bank. If your card is with Scotiabank, they can’t access your savings account at TD. An even better way to avoid this problem is to always pay your bill in full and on time.
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