Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
What to look for in a kids’ bank account Dec 9th
When your child is ready to graduate from piggy bank to real bank, you’ll want to look for an account that doesn’t eat into those initial deposits of loonies, toonies and birthday money with a bunch of bewildering fees. There are many options for your young saver that allow them to watch their m.... More »
Should You Pay Bills With Your Credit Card?: Plastiq and Rentmoola Apr 21st
Traditionally, paying bills such as rent required a series of post-dated cheques or setting up a direct deposit connection to your bank account. Paying with a credit card hasn’t always been an option – until now, as third-party payment processors grow in popularity.
One such service, Pl.... More »
Video: How the bank of Canada’s interest rate affects you Mar 8th
Think of the Bank of Canada (BoC) as the “influencer of all influencers” when it comes to interest rates. Banks and other financial institutions follow its lead. Learn more about how the BoC’s overnight interest rate impacts you in this short video, featuring MoneySense executive editor Lisa H.... More »
Canada’s banks should share some mortgage risk. It’s only fair + MORE Aug 16th
Risk-sharing would force the banks to stash away some funds to safeguard against more mortgages in bad times
.... More »
#5: Brane Inc. Feb 7th
In the unpredictable world of cryptocurrency, Brane has become a safe haven. The financial-technology company’s mission is to demystify the confusing and ever-changing landscape of digital assets—blockchain, crypto and non-fungible tokens included—for its largely conservative clientele.
Sin.... More »
Could This Be The End of Credit Card Interchange Fees?
– ratesupermarket.ca
Did you know – each time a credit card is used to make a purchase in-store, a fee is charged to the merchant? Ranging from 1.5 per cent to 4 per cent, these charges – known as interchange fees – have long been a point of contention among retailers. The issue has plagued the Conservative government for many years and, after announcing it would be addressed in the last Throne Speech (and with the federal election looming in 2015), the Tories are taking action. Or at least, they’re trying to.
What is Being Discussed
The federal government is asking for a voluntary reduction of credit card interchange fees by 10 per cent. With MasterCard and Visa owning over 90 per cent of the credit card market, the negotiations are ongoing.
MasterCard and Visa don’t benefit directly from interchange fees – it’s the big banks that are earning a tidy sum. MasterCard and Visa are vehemently opposed to regulation, saying there’s no proof that the savings will be passed along by retailers to consumers…
Could This Be The End of Credit Card Interchange Fees?
– ratesupermarket.ca
Did you know – each time a credit card is used to make a purchase in-store, a fee is charged to the merchant? Ranging from 1.5 per cent to 4 per cent, these charges – known as interchange fees – have long been a point of contention among retailers. The issue has plagued the Conservative government for many years and, after announcing it would be addressed in the last Throne Speech (and with the federal election looming in 2015), the Tories are taking action. Or at least, they’re trying to.
What is Being Discussed
The federal government is asking for a voluntary reduction of credit card interchange fees by 10 per cent. With MasterCard and Visa owning over 90 per cent of the credit card market, the negotiations are ongoing.
MasterCard and Visa don’t benefit directly from interchange fees – it’s the big banks that are earning a tidy sum. MasterCard and Visa are vehemently opposed to regulation, saying there’s no proof that the savings will be passed along by retailers to consumers…
