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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My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
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US banks close accounts, Mexican banks reject dollars in anti-money laundering drive
– canadianbusiness.com
SAN DIEGO – The clamour to crack down on laundering drug money was loud in 2010 when Wachovia National Bank was found to have let $110 million from Mexico be sent through its accounts. It grew two years later when HSBC Holdings PLC agreed to pay $1.9 billion to settle violations that included letting hundreds of millions of dollars from drug cartels flow through one of the world’s largest banks.
Now there is growing sentiment along the U.S.-Mexico border that vigilance has gone overboard and is hurting law-abiding businesses. American banks, wary of the potential for massive penalties, have closed Mexican accounts or saddled customers with new restrictions.
The challenge is particularly acute for Mexican companies whose customers pay dollars. In Mexico, banks refuse to take their greenbacks even after the government lifted 4-year-old caps on cash deposits of the U.S. currency in September.
Roberto Castro, chief executive of one of the largest Mexican pharmacy chains on the U…
Now there is growing sentiment along the U.S.-Mexico border that vigilance has gone overboard and is hurting law-abiding businesses. American banks, wary of the potential for massive penalties, have closed Mexican accounts or saddled customers with new restrictions.
The challenge is particularly acute for Mexican companies whose customers pay dollars. In Mexico, banks refuse to take their greenbacks even after the government lifted 4-year-old caps on cash deposits of the U.S. currency in September.
Roberto Castro, chief executive of one of the largest Mexican pharmacy chains on the U…
