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
How to Give Without Spending a Dime + MORE Dec 29th
The holidays are a time of giving, but with all the spending on gifts and parties and entertaining, it can be challenging to find a few extra dollars in your budget for charitable donations. We should remember, however, that giving to those less fortunate should be a priority all-year-round. Thankf.... More »
Meridian Gets Competitive; Posts Lowest Two-Year Fixed Mortgage Rate on the Market + MORE Mar 15th
Meridian is making news as of late, as it recently posted the lowest two-year fixed-interest rate in recent Canadian history, compared to the “Big Five” banks and other lenders on the market. As Ontario’s largest credit union, Meridian is offering a two-year fixed mortgage at 1.98 percent.
T.... More »
Home Capital Group says new mortgage rules have clients migrating from big banks Feb 16th
TORONTO _ Home Capital Group Inc. believes early results from this year suggest that mortgage business may be migrating to the alternative lender after the federal banking regulator introduced tougher rules for uninsured mortgages at the beginning of the year _ even though it too is required to abid.... More »
Credit union employees say high-pressure sales targets turn 'members' into 'marks' + MORE May 15th
Credit union employees say they're under the same pressure to upsell customers as their counterparts who work for Canada's big banks..... More »
'All Eyes on TD,' US Probes as Canadian Bank Earnings Begin - Yahoo Finance + MORE May 22nd
'All Eyes on TD,' US Probes as Canadian Bank Earnings Begin Yahoo FinanceCanada’s Big 6 banks expected to report softer Q2 earnings Toronto StarTD Bank U.S. money laundering probes are focal point of bank earnings Financial PostBank Q2 results coming amid credit co.... More »
Fed’s Yellen says open to raising threshold for systemic banks
– theglobeandmail.com
The tacit nod of approval from the Fed chief is a good sign for Wall Street
Big banks pass on part of BoC rate cut
– moneysense.ca
OTTAWA – Less than 24 hours after the Bank of Canada cuts its key interest rate, Canada’s big banks have partially followed suit.
The central bank cut its rate by a quarter percentage point on Wednesday to 0.5 per cent. The banks, in turn, cut their prime interest rate by 0.15 percentage points to 2.7 per cent.
It’s the second time the central bank cut its key rate this year. When it chopped the rate in January by a quarter point, the big banks passed on only a portion of the rate cut to their customers then, too.
Moves in the prime rate directly affect the amount charged on loans such as variable rate mortgages and floating rate lines of credit.
The Bank of Canada also downgraded its outlook for the Canadian economy.
How the Bank of Canada influences mortgage rates »
The central bank cut its rate by a quarter percentage point on Wednesday to 0.5 per cent. The banks, in turn, cut their prime interest rate by 0.15 percentage points to 2.7 per cent.
It’s the second time the central bank cut its key rate this year. When it chopped the rate in January by a quarter point, the big banks passed on only a portion of the rate cut to their customers then, too.
Moves in the prime rate directly affect the amount charged on loans such as variable rate mortgages and floating rate lines of credit.
The Bank of Canada also downgraded its outlook for the Canadian economy.
How the Bank of Canada influences mortgage rates »
The post Big banks pass on part of BoC rate cut appeared first on MoneySense.
Business Highlights
– canadianbusiness.com
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Amazon turns 20, bookseller became a global e-commerce powerhouse
NEW YORK (AP) — Amazon has come a long way from selling books out of a Seattle garage.
The company had an inauspicious start in July 1995 at the dawn of the Web as an online bookseller. It narrowly escaped the dot-com bust of 2000 to reinvent online retailing. And eventually, it morphed into the global e-commerce powerhouse it is today with $89 billion in annual revenue.
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Greek banks to reopen after cash pledge from lenders
ATHENS, Greece (AP) — Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.
Hours after parliament approved the tough new cuts, the government promised to reopen banks on Monday and gradually restore services — helped by higher cash support from the European Central Bank.
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EBay, PayPal outline plans for after split
NASHVILLE, Tenn…
Amazon turns 20, bookseller became a global e-commerce powerhouse
NEW YORK (AP) — Amazon has come a long way from selling books out of a Seattle garage.
The company had an inauspicious start in July 1995 at the dawn of the Web as an online bookseller. It narrowly escaped the dot-com bust of 2000 to reinvent online retailing. And eventually, it morphed into the global e-commerce powerhouse it is today with $89 billion in annual revenue.
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Greek banks to reopen after cash pledge from lenders
ATHENS, Greece (AP) — Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.
Hours after parliament approved the tough new cuts, the government promised to reopen banks on Monday and gradually restore services — helped by higher cash support from the European Central Bank.
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EBay, PayPal outline plans for after split
NASHVILLE, Tenn…
Deviating from Bank of Canada may be a good thing for banks
– theglobeandmail.com
With the banks now taking Bank of Canada rate cuts as more of a guideline than a directive, their margins may be about to improve
Canadians looking for a break on their mortgage or credit loans may be disappointed that none of Canada’s major banks are passing along the full savings. Still, this may be a good thing for Canada’s overheated housing market, some say.
