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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