On The Way: More Stringent Mortgage Qualifications

OSFI, Canada’s banking regulator, is leaning on banks and other federally regulated lenders to clamp down on underwriting practices. It released these draft recommendations yesterday. After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern. That’s not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy. […]

Goodbye to three irritating bank practices

Three annoying things that banks do to customers are about to become history. Following up on commitments made in the past two budgets, the federal government has announced measures that will stop banks from mailing unsolicited credit card convenience cheques to customers, and that will reduce the holding period on newly deposited cheques. The banks […]

Banks need to improve service to keep customers: Ernst & Young

  Although 75 per cent of Canadians surveyed say their trust in banks has stayed the same or has increased in the past 12 months, almost 64 per cent say they plan to switch banks or have already done so because of service quality issues, says an Ernst & Young report released Monday. “Our survey […]

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