Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Big banks respond to fintech challenge by cutting fees and offering new options May 10th
OTTAWA – Technology firms have turned several industries on their head. The way people buy books, hail a ride home from the bar or find a room for the night while on vacation have all changed.
And now financial technology or fintech firms are turning their sights on the banking industry, but C.... More »
Think You Have Sufficient Travel Insurance? Think Again + MORE Jan 27th
Despite the weak Canadian dollar, winter-weary snowbirds and March breakers are still heading south for vacation. If you’re one of these people, you probably understand that you need to pack more than just sunscreen for protection. Even if your travel budget is tight, spending a bit extra on .... More »
So You Overspent During the Holidays… Now What? + MORE Jan 7th
From buying gifts to entertaining to taking advantage of Boxing Day sales, there are a lot of opportunities to spend more than you budgeted for over the holidays. That means that many people are starting off 2016 with a holiday hangover in the form of credit card debt.
Click here for the best low i.... More »
Fighting Back Against Fees + MORE Aug 7th
When it comes to hidden surcharges and fees, Canadians are seeing red – and it’s no wonder, as our nation’s big banks have amped costs and cut back on services, according to a recent study. But it’s not all bad news – an ATM network provided by Canada’s alternative lenders and c.... 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 »
Barclays takes net loss for 2014 of $267 million as it takes provisions for past troubles
– canadianbusiness.com
LONDON – Barclays reported a net loss of 174 million pounds ($267 million) for 2014, compared with net income of 540 million pounds the previous year, as it paid the price for past scandals.
The London-based bank set aside 2.8 billion pounds to cover the costs of conduct and litigation issues, 15 per cent more than the previous year. This includes 1.25 billion pounds for penalties related to allegations banks manipulated foreign exchange markets and 200 million pounds for the misselling payment protection insurance.
Underlying profit, which excludes such one-time items, rose 27 per cent to 2.78 billion pounds.
Chief Executive Antony Jenkins, who has made cleaning up the sins of the past his top priority, said Tuesday the bank was stronger than at any time since the financial crisis.
The post Barclays takes net loss for 2014 of $267 million as it takes provisions for past troubles appeared first on Canadian Business.
The London-based bank set aside 2.8 billion pounds to cover the costs of conduct and litigation issues, 15 per cent more than the previous year. This includes 1.25 billion pounds for penalties related to allegations banks manipulated foreign exchange markets and 200 million pounds for the misselling payment protection insurance.
Underlying profit, which excludes such one-time items, rose 27 per cent to 2.78 billion pounds.
Chief Executive Antony Jenkins, who has made cleaning up the sins of the past his top priority, said Tuesday the bank was stronger than at any time since the financial crisis.
The post Barclays takes net loss for 2014 of $267 million as it takes provisions for past troubles appeared first on Canadian Business.
How to improve your credit score
– moneysense.ca
A credit score of 700 gets you the best lending rate from the banks. But if you’ve missed some bill payments—or worse, filed for bankruptcy—you’ll have to work strategically to build your score back up. These tips will help you do it as quickly as possible.KNOW YOUR LIMITS Try to keep your credit-card balance well below the limit. If your cards are almost maxed out, it suggests you’re overextended and more likely to make late or missed payments. The higher your balance, the more impact it has on your credit score.
CHECK YOUR SCORES—BOTH OF THEM Anyone contemplating a bank loan should check their credit score six months to a year in advance to ensure there are no surprises or errors. Just keep in mind that Canada has two major credit-reporting agencies: Equifax and TransUnion. This can lead to significant differences in scores, as these firms only synchronize their scores every two months.
STEER CLEAR OF RETAIL CARDS The next time you’re tempted to sign up for a Brick or Sears card, remember that each separate credit card application inquiry results in a ‘hard check’ that lowers your credit score by seven points…
One of the U.S. biggest banks, Wells Fargo, has said it will cap the amount of money it lends as subprime auto loans, according to the New York Times.
Will the Bank of Canada cut interest rates again?
– moneysense.ca
TORONTO – Market attention moves to the Bank of Canada this week now that the quarterly earnings season has pretty much wrapped up.There are still a few companies to report, notably Bank of Nova Scotia (TSX:BNS), which hands in results on Tuesday.
A run of generally positive reports from the other big banks helped give some lift to the TSX last week, which finished up 0.04 per cent.
Traders are looking to the central bank’s rate announcement on Wednesday to see if it will again surprise markets with a cut as it did in January. At that time, the bank decided to take a pre-emptive move to support the economy to deal with the economic effects of the collapse in oil prices, cutting its key rate a quarter point to 0.75 per cent.
Since then, there has been heightened speculation that the bank would cut again, as early as Wednesday. But Bank of Canada governor Stephen Poloz indicated last week that the bank may not want to move right away.
He said the cut in January has given the Bank of Canada time to figure out how best to steer the country back toward stability…
6 Credit Card Scams to Watch Out For
– ratesupermarket.ca
Did you know: March is Fraud Prevention Month in Canada. Despite awareness efforts, banking and credit card fraud remain prevalent. The first step to avoid being a victim of fraud is to recognize when you’re being targeted. Here are six credit card scams to watch out for, provided by Barry Choi of Moneywehave.com.
By Barry Choi
Credit card scams have been around for some time but criminals are always coming up with new ways to obtain our information. It’s easy to fall victim if you’re not paying attention so here’s a list of common credit card scams to be aware of.
Skimming
Skimming is one of the oldest credit card scams and anyone can be a victim since it’s hard to detect. Thieves tamper with ATMs and collect your credit card data so they can clone it later. They also install a secret camera to capture your PIN as you enter it.
Without your PIN, cloning your credit card is useless so make sure you cover the keypad when entering your PIN.
Telemarketing scams
This scam has become quite popular in Canada in the last few years…
