Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Bank of Canada says it won’t use blockchain for interbank payment system + MORE May 25th
Central banks says the technology isn’t compatible with their system
.... More »
The close: TSX ends higher, boosted by Bombardier, banks May 29th
Trading quiet as U.S., Britain and China markets closed for holidays
.... More »
Where to find yield in 2015 + MORE Jan 5th
(Photograph by Raina + Wilson)
Short-term GICs and savings accounts
Approx. yield risk
1% – 2%
If you want safety without locking in for the long term and you’re willing to put up with minimal yields, go for variable or short-term investments with negligible credit risk. Two common options a.... More »
How to Keep Your Data Secure When You (and Hackers) Live on Social Media Jan 26th
Much like how you wouldn’t share your toothbrush with someone else, the same sentiment should be applied to sensitive information like online passwords, personal identification numbers (PIN), or credit card details. And as there are reportedly more than 2.5 billion active users worldwide on socia.... More »
Myanmar awards first licenses to foreign banks in a half-century + MORE Oct 1st
YANGON, Myanmar – Myanmar awarded licenses Wednesday to the first foreign banks allowed to operate in the country in a half-century.
Lenders from Japan, China and Australia were among the nine banks to receive licenses in a reform implemented after Myanmar emerged from dictatorship.
Those to r.... More »
How Financially Literate Are You?
– ratesupermarket.ca
Canadians need to brush up on their money smarts – at least, according to the Federal Government. Last week, the very first Financial Literacy Leader was appointed, tasked with creating a national strategy aimed at improving consumer knowledge. Canadians can expect better access to learning and help resources as a result – good news, especially for our debt-laden youth (and equally debt-laden seniors).
Read on for our exclusive interview and for the week’s top headlines.
A Credit Card Conspiracy: Class Action Suit Targets Swipe Fees
Did you know – every time you make a credit card purchase, the retailer picks up the tab for the transaction fee? These charges can total up to 4% of your purchase – and small business owners and retailers are fighting back with a B.C.-based class action lawsuit.
If successful, it could mean retailers could refuse to process premium credit cards, or add a surcharge for consumers who use them.
Read Rubina’s Blog | A Credit Card Conspiracy?
Self Employed? B-21 May Make It Harder To Get a Mortgage
Last week, new mortgage changes were proposed that target the underwriting practices of mortgage insurers…
Federal regulators take over small bank in South Carolina; Makes 6th US bank failure of 2014
– canadianbusiness.com
WASHINGTON – Regulators have closed a small lender in South Carolina, marking the sixth U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken Allendale County Bank, based in Fairfax, S.C.
The lender, which operated five branches, had about $54.5 million in assets and $51 million in deposits as of Dec. 31.
Palmetto State Bank, based in Hampton, S.C., agreed to assume Allendale’s deposits and to buy essentially all of the failed lender’s assets.
Allendale County Bank’s failure is expected to cost the deposit insurance fund $17.1 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession…
The Federal Deposit Insurance Corp. said Friday that it has taken Allendale County Bank, based in Fairfax, S.C.
The lender, which operated five branches, had about $54.5 million in assets and $51 million in deposits as of Dec. 31.
Palmetto State Bank, based in Hampton, S.C., agreed to assume Allendale’s deposits and to buy essentially all of the failed lender’s assets.
Allendale County Bank’s failure is expected to cost the deposit insurance fund $17.1 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession…
