MONEY®

Whose Best Interests Are the Banks Really Looking After?

Some people love the banks and some people hate the banks. You have probably heard the expression "Banks always want to lend you money when you don't need it". Then when you do need a loan, they want security and collateral and your first born.

There is no question that Canadian banks play a vital role; locally, provincially, nationally and inter-nationally. Without the banks, our economy could simply not function efficiently or effectively. But are the banks getting too big and going too far to gain market share and profits at the expense of their own customers?

I have had several heated discussions with my friend who is a Bank Manager for one of the Big 5 banks. I told him that in my personal opinion, banks are similar to drug pushers at the local high school or university. Of course he was deeply offended by such an analogy. So I explained myself. As my son entered first year university, most of the banks were on campus offering students a credit card with a $500 limit … no parent co-signature needed, no job needed, and no income needed. By year 2, this limit was automatically increased to $1,500. By year 3, it was increased to $2,500 and by the end of year 4, it was increased to $5,000. The bank's objective? Get these kids hooked on (or addicted to) debt at a young age! That guarantees future bank revenues for another generation.

Let's take a look at a few scenarios that affect everyday Canadians.

New SPRING 2013 Issue

Available Now at

YOU and YOUR MONEY®

YOU and YOUR MONEY® is a canadian financial blog that boasts some of Canada's best read financial writers. With our eyes set firmly on YOU the financial products and services consumer, we aim to provide our readers with a unique look at issues that are impacting the financial lives of Canadians.

Recent YOU and YOUR MONEY® Posts

House-hunting tips for couples!

05/22/13 11:30 pm

A lot of couples admit they are an example of opposites attracting. So when these couples decide to buy a home together, their differences can certainly pose a challenge. Buying a home is exciting but the process can also be stressful. It is the biggest purchase most people will ever make and there will almost [...]

Follow the Trend

05/21/13 10:50 am

If there’s one thing I’ve learned throughout my decades of investing, it’s that the markets can, and usually will, throw you curveballs. You’ll also probably have to deal with fastballs, sliders, splitters, changeups, and knuckleballs. If you want to hit any of those pitches out of the park, you have to learn to turn the [...]

What is with these Stock Markets?

05/21/13 8:51 am

Writer, Desmond Jordan, Executive Director, FLLC.ca Or should I say, the U.S. stock markets? New records have recently been set for both the Dow Jones and the S&P 500 indices! All time highs… amazing! O.K., now that I got that out of the way, is this the beginning, or the end? We are told that [...]

Can Triple Your Money in Two Years Make Me A Bad Guy?

05/20/13 6:35 am

You would like to say “NO!” but you know better. Daniel Kahneman is a psychologist who won the 2002 Nobel Prize in economics. An interesting combination. How could that happen? Perhaps the stock market is psychotic. It is more likely that the people who invest there are not completely rational. We can and should learn [...]

The True Business of Humility

05/17/13 5:06 am

Humility doesn’t make for flamboyant headlines, but business leaders who combine intelligence, integrity and a generous dose of humility, build organizations that are more constantly successful and enduring. I always keep in mind the story of the Canadian firm where a young woman sales executive made an error that cost the company a $1 million [...]

ME and MY MONEY®

ME and MY MONEY® is the personal blog of Candian Financial Blogger James Dean, otherwise known as the President of MONEY® Canada Limited. In the blog James shares some of his personal insights and opinions on Canadian personal finance matters.

Recent ME and MY MONEY® Posts

How do you eat an elephant? Book Review

04/25/13 10:29 am

How do you eat an elephant? it sounds like a joke, originally an idiom and also a bible reference it has found a home made famous by Frank Wiginton. Any way you think of it "HOW TO EAT AN ELEPHANT" is now the definitive in Canadian personal finance. A step-by-step guide that tells a series of stories that anyone can relate to and reveals the punch line "One bite at a time" to teach the lesson and learning outcome of wealth and success. Ian Whiting Senior Editor of Money Magazine carefully reads and reviews "HOW TO EAT AN ELEPHANT" by Frank Wiginton published by Wiley and Sons. Learn more about this important Canadian personal finance book, read the review and see the author video interview, get the information and buy this book!

Should You Contribute to Your RRSP?

03/14/13 1:16 pm

There are two advantages to RRSP investing. The first is tax deferred growth, which allows the effects of compounding to grow your assets far in excess of non-sheltered assets. The second is the assumed reduction in your personal tax rate at older ages when the assets will be withdrawn. Both of these benefits may not [...]

Take Ownership

03/07/13 9:48 am

Take Ownership OWNERSHIP. Use this as your “mantra” for 2013 and you can experience a new way of living. I am not talking about purchasing a new vehicle or a new home; I am talking about taking ownership of your personal finances. What are your limiting beliefs or roadblocks preventing you from honestly embracing your [...]

The Future of Life Expectancy and Government Benefits

03/07/13 12:17 am

The average life expectancy in Canada has been increasing steadily for over a century. This is due largely to improvements in living conditions and the remarkable advancements in medicine during that time. According to Statistics Canada, the average life span at birth in 1920 was approximately 60 years, and it has now risen to over [...]

Financial Planning Doesn’t End at Retirement

03/06/13 6:00 am

They say that you can’t take your money with you when you go, but that doesn’t mean you don’t need your money after you pass on. Many people save their entire working lives in order to have a financial stable retirement, but what about afterwards? Unfortunately, not many people plan for their final estate expenses [...]

MONEY® News

MONEY® News is an online financial news resource brought to you by MONEY® Canada Limited. We have assembled the finest news and press releases from across Canada into one definitive source for Canadian financial news. Our media suppliers include CNW, Marketwired, Nasdaq - Globenewswire, PRWeb, PRNewswire, and Businesswire. Use our search engine to power through hundreds of the latest news and press releases at MONEY® News.

MONEY® News Providers

Recent MONEY® News Articles

Chembio Appoints Sharon Klugewicz as Chief Operating Officer

05/22/13 11:08 pm

MEDFORD, N.Y., May 22, 2013 (GLOBE NEWSWIRE) — Chembio Diagnostics, Inc. (Nasdaq:CEMI), a leader in point-of-care diagnostic tests, announced today the appointment of Sharon Klugewicz as its Chief Operating Officer, effective May 22, 2013. In this newly created position, Ms. Klugewicz is responsible for all the Company’s operational activities, working closely with each of the [...]

Financial Institutions, Inc. Announces Quarterly Dividend

05/22/13 11:08 pm

WARSAW, N.Y., May 22, 2013 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (Nasdaq:FISI) (the “Company”) announced today that its Board of Directors has approved a quarterly cash dividend of $0.18 per outstanding common share. The Company also announced dividends of $0.75 per share on Series A 3% preferred stock and $2.12 per share on series B-1 [...]

Apricus Biosciences Announces Proposed Public Offering of Common Stock and Warrants

05/22/13 11:08 pm

SAN DIEGO, May 22, 2013 (GLOBE NEWSWIRE) — Apricus Biosciences, Inc. (“Apricus Bio” or the “Company”) (Nasdaq:APRI) today announced that it intends to offer shares of common stock and warrants in an underwritten public offering. The Company also expects to grant the underwriters a 30-day option to purchase additional shares of common stock and warrants [...]

Wintrust Mortgage Recognized as the #1 IHDA Lender in Illinois for 2012

05/22/13 11:08 pm

ROSEMONT, Ill., May 22, 2013 (GLOBE NEWSWIRE) — The Illinois Housing Development Authority (“IHDA”) presented Wintrust Mortgage with an award as the #1 IHDA Lender in Illinois for 2012. During the past year, Wintrust Mortgage funded 400 IHDA loans ($32.5mm), which were originated by 61 different Loan Officers. Additionally, Jason Accola (NMLS #755894) of Wintrust [...]

Vera Bradley Announces Reporting Date for Fiscal Year 2014 First Quarter Results

05/22/13 11:08 pm

FORT WAYNE, Ind., May 22, 2013 (GLOBE NEWSWIRE) — Vera Bradley, Inc. (Nasdaq:VRA) announced today that it plans to report its fiscal year 2014 first quarter results on Wednesday, June 5, 2013, after the market closes. The Company also plans to hold a conference call to discuss its financial results the same day at 4:30 [...]

MONEY® Magazine

Money Magazine the one and the only dedicated to what matters to the personal finance of Canadians. MONEY is available at fine newsstands across Canada including Indigo and Chapters. There are many great reasons to join exclusive MONEY Membership online and or cheaper ways to get this great publication Money Magazine delivered to your doorstep or desktop.

The MONEY® Book

Our commitment to community is by helping Canadians become more financially literate and knowledgeable about personal finance. The MONEY Book as a stand-alone printed personal finance tutorial is an outstanding resource. When couple with online chapter by chapter exercise and workbook, you are guaranteed to achieve the knowledge and understanding you require to pursue a successful short and long term financial strategy.

The MONEY® Card

Interac Email Money Transfers are a simple, convenient, and secure way to send and receive money directly from one bank account to another. All you need is access to online banking through a participating financial institution, and you can send money to anyone with an email address and a bank account in Canada — without sharing any personal or financial information. It's a great alternative to cheques and cash.

About MONEY®

MONEY® Canada Limited is the owner of the MONEY® trademark in Canada. We are also the owners and publishers of Money.ca, MONEY® Magazine, and The MONEY® Newsletter, as well as many other MONEY® related sites and media.

MONEY®'s mission is to provide Canadians with a trusted and reliable source for financial news, stock prices, exchange rates, gold prices, oil prices, top 10 mutual funds, and so much more, including financial literacy programs for Canada's youth and those new to our country.

Please support us by subscribing to our newsletter or becoming a member.

MONEY.CA the site that best does what everyone else talks about; when it comes to online “Financial Literacy” for Canadians we share the wealth and wisdom online and in print, bringing a little bling and a lot of the real thing to all the right target markets for all the right reasons. New site: www.canadianfinancialliteracy.ca

Money Canada Limited all about Canadian money, money news and information by way of MONEY Magazine full 4 color process quarterly also known as Canadian Money Magazine and Money Magazine Canada online wows its growing number of subscribers with top quality written news, articles, editorials and video reporting. Money Newsletter is a monthly email newsletter complete with current news and affairs that relate to personal finance and the local economy. MONEY Ezine is Money Magazine online and a digital version of the complete MONEY print version. MONEY Membership is exclusive and not cheap at $29.99 per annum but it is for those who want, savings, preservation and moneymaking information and ideas that are realistic and achievable. Access to the make money online website is included for MONEY Members along with many other benefits.

Money Video also known as Market Update Video brings the most trusted name in online news to Canadians 4 times a day 5 days a week giving you in depth business and finance news as it happens receiving updates direct to your desktop or phone.

MONEY has a great vertical potential because it is a keyword and one of the most important as it affects all people and it affects them all in different ways. Even if you are not a Canadian capitalist you just have to understand something about it and how it works if you have it or not most will reluctantly abide by its principles in order to survive.

MONEY has many definitions and expressions to numerous to count, some of the most important things according to Canadians and their money will be a primary focus for MONEY to continually research, study and report all that is money and all that is worth knowing and sharing when it comes to personal finance and the local Canadian economy.