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Latest News
GICs have a hidden commission Mar 31st
Shutterstock
Q. After buying two GICs, I received a statement showing $575 in commissions paid to my broker by a third party. I thought GICs were free of commissions. Any light you could shed on these fees would be greatly appreciated.
— Tom
A. There are few universal truths in investing, Tom, but.... More »
Battery bank or generator? How to choose the best backup power for your home during an outage Jul 14th
From portable battery banks and generators to whole-house systems, there are many backup power choices to consider as extreme weather ramps up and outages happen more often and last longer..... More »
What is a Secured Credit Card and How Does It Work? Jun 28th
A good credit history is important for everyone. It’s a gateway to more borrowing options and the basis of a positive financial future. But what if you have no credit, or some unfortunate marks on your record make it hard to get a new card?
That’s where a secured credit card may come in.... More »
The Best Online Banks in Canada for 2022 Oct 24th
According to the Canadian Bankers Association, 90% of Canadians reported using online banking in the past year, and almost 50% say that digital is their preferred banking channel. The trend towards online banking isn’t a new one, but it certainly was hastened by the isolation and mandatory quarant.... More »
Why banks are so slow to lower lending rates, but so quick to hike them + MORE Jul 15th
(iStock)
Canada’s biggest banks raised their prime interest rates one after another this week following the Bank of Canada increase of its policy rate to 0.75 per cent from 0.5 per cent. The base lending rate at the Big Six now is 2.95 per cent, compared with 2.7 per cent before the central bankâ.... More »
St. John’s, N.L., firm Verafin a growing force against fraud, money laundering
– canadianbusiness.com
ST. JOHN’S, N.L. – In 2003 Brendan Brothers was a 25-year-old graduate student designing robots at Memorial University of Newfoundland for dangerous mining jobs deep underground.
But he and two other researchers, Jamie King and Raymond Pretty, were hampered by a small market for such technology with few companies looking to use it.
“They likely weren’t going to buy software from three guys in a lab in the middle of nowhere in Newfoundland,” Brothers recalled in an interview.
The trio leaped at the chance to be part of a fledgling project at the university. Its aim was to develop a product that would help banks and credit unions catch fraud and money laundering.
“We thought the kinds of things that we were doing for these vehicles to make decisions for themselves would apply very directly to the problem of trying to find suspicious activity in transactions,” Brothers said.
Today, the three former students are co-founders of Verafin, a St. John’s-based company that’s already a global leader in financial security technology…
But he and two other researchers, Jamie King and Raymond Pretty, were hampered by a small market for such technology with few companies looking to use it.
“They likely weren’t going to buy software from three guys in a lab in the middle of nowhere in Newfoundland,” Brothers recalled in an interview.
The trio leaped at the chance to be part of a fledgling project at the university. Its aim was to develop a product that would help banks and credit unions catch fraud and money laundering.
“We thought the kinds of things that we were doing for these vehicles to make decisions for themselves would apply very directly to the problem of trying to find suspicious activity in transactions,” Brothers said.
Today, the three former students are co-founders of Verafin, a St. John’s-based company that’s already a global leader in financial security technology…
A Better Solution for Too-Big-to-Fail Banks
– online.wsj.com
Dodd-Frank’s flimsy ‘orderly liquidation authority’ won’t end bailouts. Bank debt that converts to equity could. A group of 75 financial experts gathered in Kitchener-Waterloo this week to think of way to get lower-income Canadians access to cheap, affordable banking options.
