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When a bank decides to close a branch, the closure can be very hard on a community. Due to recent amendments to the Bank Act, consumers now have a process to discuss the closure with the bank before it happens.
The meeting provides an opportunity to members of the community to voice their concerns about the impact of the branch closing. At a public meeting, there may be discussions on:
FCAC is the federal government agency that monitors and regulates federal financial institutions. For more information about branch closures, or to request a free brochure called What you should know if your branch closes, call FCAC toll-free at: 1-866-461-3222, or visit FCAC's Web site. Some communities have been left without a bank branch Perhaps it’s not all that bad? Most banks have Internet or telephone banking services on offer. With present day technologies, you could rearrange your banking needs without having to go to the bank branch. Your local utilities, property taxes, even your phone bill can be paid on-line. Your income could be deposited directly into your account. Dividends, investment income or annuity payments can also be direct-deposited. With some forethought traveler’s cheques can be pre-ordered. Currency is on obvious detraction. If you’ve used you local bank for GIC and RRSP investments all is not lost. Fiscal Agents offer you personal shopping-at-home service. All you need to do is remember this phone number 1-800-663-5463 or local 905-844-7700 and gain access to the best GIC, RRSP or RIF interest rates, from the major national and regional financial institutions – Fiscal Agents are no-fee independent deposit brokers. Established in 1977, with agency agreements with such names as TDCanada Trust, Bank of Nova Scotia, BofM and highly competitive trust companies as Maple Trust, Equitable Trust. Enabling your fixed term investments to get the best deal. Better than the local bank branch’s retail rate. No negotiations with the bank teller – We’ve already negotiated to best rate for you. Fiscal Agents as deposit brokers, have the advantage of buying in bulk – meaning from within the wholesale market. For instance the GIC would be issued in your name, Guaranteed by the Bank and insured by CDIC to its limits. The BIG difference is the rate of return. Recently the major banks retail rates for a 5 year GIC (the date of this article) where at 3% whereas utilizing Fiscal Agents no-fee GIC deposit placement services, clients could be earning 4%. That’s over 33% percent more on the same dollar, at the same bank. Translating that into real money, let’s say you’re investing $50,000 for 5 years. Investing $50,000.00 for a period of 5 years at a 4% interest rate the Annual interest paid to you will be $2,000.00. That's $500.00 per payment higher than retail rate or a total of $2,500.00 over the term If the investment was an RRSP compounding over the same time and interest rate period, you would have accrued $7,963.70 and shown a difference of $2,868.94 higher. That could be worth over$12,000.00 difference over 20 odd years. Put us to the test. A few days prior to you upcoming investment, call your local bank for a rate, then call Fiscal Agents deposit placement desk 905-844-7700 for a quote – the real surprise will be the extra money you’ve be earning! Lean more:
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, Fiscal Agents Money Management Newsletter
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