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?
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There are several online banks owned by credit unions in Canada. Outlook Financial is one of them. A division of Winnipeg-based Assiniboine Credit Union, Outlook offers banking products and services to customers across Canada. In this Outlook Financial review, I’ll let you know what they have to o.... More »
Bomb rocks Lebanon's capital, one wounded - The Globe and Mail (subscription) + MORE Jun 12th
The Globe and Mail (subscription)Bomb rocks Lebanon's capital, one woundedThe Globe and Mail (subscription)A powerful bomb in Beirut destroyed several cars, severely damaged one of Lebanon's biggest banks and wounded one person on Sunday. The state-run National News Agency said the bomb wa.... More »
Tracking Receipts with the UGO Mobile Wallet + MORE Jul 19th
There’s been a lot of innovation in the banking space lately, an area that is typically resistant to change. Just recently, the big banks got on board and started offering Apple Pay. Now, innovators have introduced the UGO Mobile Wallet.
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The best low-interest credit cards in Canada for 2024 + MORE Sep 4th
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House approves bills to ease rules on home loans in effort to undercut Dodd-Frank Apr 14th
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Just how much do Canadians owe?
– moneysense.ca
After dipping for two straight quarters, the national household debt to income ratio jumped to a record 163.4%, Statistics Canada said Friday. That means, for every $1 we’re earning, we owe more than $1.63. Not exactly financial independence. So where’s all this debt coming from? Our homes, mostly. Cumulatively, we owe $1.1 trillion in mortgage payments and $500 billion to various lenders, largely banks and credit card companies. It’s this consumer debt that’s really taking off that’s worrisome. Growth credit market debt accelerated from 0.5% to 1.6% during the quarter, StatsCan said. You can be sure much of that is not adding to household net worth (now standing at $205,900 per capita). Visit the Debt section of our newly redesigned website for tips on how to get back on track.
The post Just how much do Canadians owe? appeared first on MoneySense.
The post Just how much do Canadians owe? appeared first on MoneySense.
European banks remain in the danger zone
– theglobeandmail.com
Banks in the region only half paid attention to the lessons from the Lehman Bros. collapse
Regulators shutter banks in Texas and Connecticut; 22 US bank failures so far in 2013
– canadianbusiness.com
WASHINGTON – Regulators have closed banks in Texas and Connecticut, bringing the number of U.S. bank failures to 22 this year.
The Federal Deposit Insurance Corp. said Friday it has taken over First National Bank, based in Edinburg, Texas, and The Community’s Bank, based in Bridgeport, Conn.
The failure of the two lenders is expected to cost the deposit insurance fund $645.3 million combined.
First National, which operated 51 branches, had about $3.1 billion in assets and $2.3 billion in deposits as of June 30.
PlainsCapital Bank, based in Dallas, agreed to assume all the deposits and buy about $2.7 billion of First National’s assets.
It also entered into a loss-share agreement with the FDIC on $1.8 billion of the failed bank’s assets.
The Community’s Bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over banking operations for The Community’s Bank. As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that’s insured…
The Federal Deposit Insurance Corp. said Friday it has taken over First National Bank, based in Edinburg, Texas, and The Community’s Bank, based in Bridgeport, Conn.
The failure of the two lenders is expected to cost the deposit insurance fund $645.3 million combined.
First National, which operated 51 branches, had about $3.1 billion in assets and $2.3 billion in deposits as of June 30.
PlainsCapital Bank, based in Dallas, agreed to assume all the deposits and buy about $2.7 billion of First National’s assets.
It also entered into a loss-share agreement with the FDIC on $1.8 billion of the failed bank’s assets.
The Community’s Bank had about $26.3 million in assets and $25.7 million in deposits as of June 30.
The FDIC was unable to find another financial institution to take over banking operations for The Community’s Bank. As a result, the FDIC says it will mail checks directly to depositors for the amount in their accounts that’s insured…
