Quote:
Originally Posted by robaur
If the Bank of Canada had increased their rate by 0.25% -- TD would have been the first to announce that they have increased the prime rate to follow the Bank of Canada.
But since the Bank of Canada has decreased the rate, the prime will stay right where it is allowing the banks to profit that extra 0.25% until the consumers get angry or the Bank of Canada forces them to cut the prime. Not a single major bank will "step out of line: and drop their prime rate....these banks are like a band of brothers.
Greedy scum. Banks will never change.
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Quote:
Originally Posted by robaur
You know what TD said in its press release is complete and utter dog piss combined with a heavy pile of horse ####.
What other factors are going on that are preventing them from dropping the prime rate? If they were so important then why was there not an additional explanation or press release detailing these incredibly important factors.
It's just lip service from the banking industry and a chance to protect their bottom line earnings.
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Why is protecting their bottom line a bad thing? Canadians hate business I think
It's a free market. If banks could make more money by lowering the rate and selling more loams, they would. If it doesn't, should they do it out of kindness? I'm confused how that makes them evil. There's lots of other reasons, but this one seems fine to me