09-07-2022, 04:23 PM
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#241
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Franchise Player
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Quote:
Originally Posted by kevman
I want to know when the banks are going to give us our .2% back on their lending rates.
In 2014 or so when the BOC rate was 1% and the banks had 3% prime rates the spread was 2%. When the BOC cut their rates .25% in consecutive sessions the banks only provided .15% cuts enlarging the spread to 2.2%. This summer when the BOC rate was 2.5%, the banks had a 4.7% prime rate. With the BOC jump to 3.25% are the banks going to 5.45% or are they finally going back to the historical spread of 2% over BOC rate?
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I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.
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09-07-2022, 04:25 PM
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#242
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#1 Goaltender
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Quote:
Originally Posted by CroFlames
I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.
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Try paying corporate taxes! Biggest scam out there for fees.
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09-07-2022, 10:04 PM
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#243
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Franchise Player
Join Date: Nov 2009
Location: Calgary
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I just bought a condo in the NE and took possession Aug 1, and I took variable because I'm somewhat of an idiot.
My thinking was that since I put a significant amount down such that the mortgage is only $100k, even a massive rate hike isn't all that much to stomach on a monthly basis.
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09-07-2022, 11:18 PM
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#244
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by CroFlames
I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.
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But imagine storing and insuring your stuff in a storage locker for free but you only need to pay $9 when you want to access it…
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09-08-2022, 12:32 AM
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#245
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Franchise Player
Join Date: Nov 2009
Location: Calgary
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What is the actual scenario where it costs $9 to access your own money? Access how? I know a bank draft at my bank is $8 but I don't ever pay anything for regular day to day banking.
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09-08-2022, 06:04 AM
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#246
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First Line Centre
Join Date: Feb 2014
Location: Uzbekistan
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Quote:
Originally Posted by CroFlames
I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.
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What does that mean?
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09-08-2022, 08:49 AM
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#247
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First Line Centre
Join Date: Nov 2010
Location: Sunnyvale
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Quote:
Originally Posted by topfiverecords
But imagine storing and insuring your stuff in a storage locker for free but you only need to pay $9 when you want to access it…
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And the storage company renting our your stuff and pocketing the profits, only to **** you up the *** when you want to go retrieve your own stuff.
__________________
The only thing better then a glass of beer is tea with Ms McGill
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09-08-2022, 08:50 AM
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#248
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Scoring Winger
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Quote:
Originally Posted by Johnny199r
What does that mean?
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He paid his monthly banking fee
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09-08-2022, 09:23 AM
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#249
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Franchise Player
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Quote:
Originally Posted by CroFlames
I went to the bank yesterday and they charged me $9 just to access my own money.
Banks are wonderful.
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I live in the US now. If you have multiple accounts, there's no easy way to transfer from one bank to the other. It's crazy. I either have to swallow a sizable transfer fee (on both ends!) which usually would cost me like $25-40 total or I physically have to write myself a cheque and walk to one of the branches or the other and deposit it. Then wait 1-3 days to be able to access it.
Meanwhile, in Canada I can just send myself an Interac e-transfer and the funds are immediately available.
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09-08-2022, 09:34 AM
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#250
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Franchise Player
Join Date: Mar 2005
Location: Van City - Main St.
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Quote:
Originally Posted by Sidney Crosby's Hat
I live in the US now. If you have multiple accounts, there's no easy way to transfer from one bank to the other. It's crazy. I either have to swallow a sizable transfer fee (on both ends!) which usually would cost me like $25-40 total or I physically have to write myself a cheque and walk to one of the branches or the other and deposit it. Then wait 1-3 days to be able to access it.
Meanwhile, in Canada I can just send myself an Interac e-transfer and the funds are immediately available.
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What about Venmo?
I have no idea how it works, but all the Americans I know use it
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09-08-2022, 11:10 AM
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#251
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Franchise Player
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Finally my insistence on taking a fixed rate mortgage is paying off. People who bought when the market was hot and took a variable rate mortgage are in for a lot of trouble...
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The Following User Says Thank You to shermanator For This Useful Post:
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09-08-2022, 11:37 AM
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#252
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First Line Centre
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Quote:
Originally Posted by Sidney Crosby's Hat
I live in the US now. If you have multiple accounts, there's no easy way to transfer from one bank to the other. It's crazy. I either have to swallow a sizable transfer fee (on both ends!) which usually would cost me like $25-40 total or I physically have to write myself a cheque and walk to one of the branches or the other and deposit it. Then wait 1-3 days to be able to access it.
Meanwhile, in Canada I can just send myself an Interac e-transfer and the funds are immediately available.
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I have multiple accounts and I have no problems (or fees) transferring between accounts. Most banks in the US have free bank transfers between your own accounts. What banks are you using?
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The Following User Says Thank You to FlamesPuck12 For This Useful Post:
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09-08-2022, 12:10 PM
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#253
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Franchise Player
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Quote:
Originally Posted by FlamesPuck12
I have multiple accounts and I have no problems (or fees) transferring between accounts. Most banks in the US have free bank transfers between your own accounts. What banks are you using?
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Trying to transfer from M&T Bank to RBC Bank (USA) or vice versa.
EDIT: I just found it! "Bank to Bank transfer" -- thank you, you really helped simplify my life! haha
Last edited by Sidney Crosby's Hat; 09-08-2022 at 12:24 PM.
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09-08-2022, 12:11 PM
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#254
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Franchise Player
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Quote:
Originally Posted by Winsor_Pilates
What about Venmo?
I have no idea how it works, but all the Americans I know use it
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Venmo, you could do it if you had two Venmo accounts (but I think you'd need two phone numbers). Then you could "pay" yourself before transferring to the other account, but that still takes from 1-3 days.
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09-08-2022, 01:03 PM
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#255
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Franchise Player
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Quote:
Originally Posted by shermanator
Finally my insistence on taking a fixed rate mortgage is paying off. People who bought when the market was hot and took a variable rate mortgage are in for a lot of trouble...
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Yup, for the last few years there has been WAAAAY more room for rates to go up than any further down. We bought 2 years ago and I seriously considered going 7 years (2.64%) instead of 5 (2.29%)...ultimately I think I calculated that renewal rate would need to be a fair bit higher at the 5 year renewal to end up ahead with 'cheaper' years 6&7, and that we'd save at least $5k after 5 years to use against the principal, which would offset a steeper renewal.
Variable could work well if you diligently use the short-term 'savings' against the principal as frequently as possible, but I doubt many people do that. It's especially tough to find excess cash during the first term since there are a lot of other settling in costs at the start, too, but I may consider it at renewal.
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09-19-2022, 03:59 PM
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#256
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Our Jessica Fletcher
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Couple important days this week
Tues, 20th - Canada CPI release @ 8:30am. They're forecasting 7.3%. Last release was Aug 16th, 7.6%.
Weds, 21st - US Federal Reserve meeting, and expectation is a 75bps interest rate increase will be announced
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The Following User Says Thank You to The Fonz For This Useful Post:
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09-19-2022, 07:35 PM
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#257
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by The Fonz
Couple important days this week
Tues, 20th - Canada CPI release @ 8:30am. They're forecasting 7.3%. Last release was Aug 16th, 7.6%.
Weds, 21st - US Federal Reserve meeting, and expectation is a 75bps interest rate increase will be announced
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Well, that 75bps might be 100bps. I wouldn’t say that 75 is the expectation…there are a lot of 100bps expectations at this point.
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09-19-2022, 07:46 PM
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#258
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Franchise Player
Join Date: Aug 2012
Location: Seattle, WA
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Quote:
Originally Posted by Slava
Well, that 75bps might be 100bps. I wouldn’t say that 75 is the expectation…there are a lot of 100bps expectations at this point.
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100 bps hike would be the Fed policy mistake everyone is worried about.
__________________
It's only game. Why you heff to be mad?
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09-19-2022, 07:58 PM
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#259
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by DoubleK
100 bps hike would be the Fed policy mistake everyone is worried about.
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Well it’s interesting because most of the mistakes they make (historically) are on the way down. That said, rate hikes take a while to work through the system. Raising too much might seem ok today and in ~12 months the impacts are really felt.
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The Following User Says Thank You to Slava For This Useful Post:
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09-19-2022, 08:24 PM
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#260
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Franchise Player
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Is cheap money even driving inflation at this point?
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