Due to Canada’s high levels of household debt and housing prices, credit ratings agency Moody’s Investor Service recently downgraded the credit rating of Canada’s Big Six banks. Find out how this can affect consumers nationwide.
Some of the new RBC bank fees, which were slated to launch in June, will be reversed, the lender announced today. The bank changed its stance on fees due to intense consumer backlash regarding “pay to pay” charges. Here’s what consumers should know.
Did you know: Canadians identify their “main bank” as the one where they keep their chequing account. 91% of consumers have one at their primary lender, according to our recent study. But things get foggier when it comes to why they signed up with their bank in the first place – in a recent street poll, many stated they’d been with their banks since childhood. Seems like it’s high time we explored our options for greater value!
Outgoing Bank of Canada Governor Mark Carney made his final speech Tuesday, and outlined the challenges facing Canadian economic recovery.
In his recent speech, Mark Carney pointed to the challenges facing the recovering global economy – namely a growing distrust in banks. He states that banks should focus on winning back the trust of consumers, as the effects of the 2008 recession and bad banker behaviour leave their mark.
Six Canadian banks have received warning for possible Moody’s Ratings cuts. What is the purpose of this rating system, and how will a cut affect investors and the Canadian economy?
Looks like Canadians are starting to heed the warnings swirling around household debt: An ING Direct Survey finds Canadians are in better financial standing compared to 2011, with one third saving at least $1000 every year.
CIBC is the latest Big 5 lender to pull out of the mortgage broker business, announcing today that they are shutting down FirstLine Mortgages, once the largest mortgage brokerage in Canada. It’s a move that reflects tough times ahead for the broker channel sector.
After the financial meltdown of 2008, things were not 100 percent economically fantastic here in Canada, but it was nothing like in the U.S. Many of us felt pretty smug about it, really. Our unemployment levels weren’t so bad, our housing prices stayed firm and our banks were a model of efficiency and best practices. Or so we thought. Last week, the Canadian Centre for Policy Alternatives revealed that Canadian banks got as much as $114 billion dollars in secret government bailout money.
The U.S., for the first time since 1945, had zero jobs created in its economy in August. It has prompted President Barack Obama to make an emergency speech to Congress about his plan to create jobs and help the more than 14 million unemployed Americans get back to work. It’s called the “American Jobs Act,” and here is why it won’t work.