Tag Archives: prime rate

Mortgage Rates & Recalls Information You Really Need

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Not nice of some of the big no-service banks to once again take advantage of us. Not nice – but expected. One of them is Scotiabank, who passed on 0.15% of the quarter point decrease last week. I just saw a number of line of credit statements…they’re not the only ones.

On a positive note, the Okanagan right now has some of the lowest mortgage rates in the country. Prospera Credit Union has a five year variable rate of 2.05%. If you want a fixed rate – and you should – it’s 2.65% posted rate, and profit sharing and rebate. Plus, you get to deal with a credit union and not the banks, and that’s the biggest bonus.

Over the past year there have to be about 50 million vehicle recalls of various sizes and degree of danger. That’s a staggering number, led by 30 million recalls for defective airbags, and tens of millions from General Motors.

The problem is that these recalls have to get to the vehicle owners and have to be fixed. Some are minor, but lots of others are safety issues that have caused a lot of fires and deaths. If you purchased a new vehicle, the manufacturer has your information and you’ll get a recall letter. That’s required by law. If you’ve moved, they do not have your address, so you’ll need to go to a dealer – any dealer – and get them to update your address.

If you purchased a used vehicle, they have no idea who you are, or how to reach you! You need to let your car’s manufacturer know that you own one of their vehicles. Whether it’s for a current recall or for one down the road! You can take your registration to a dealer and ask them to put it into the manufacturer’s system – NOT just into the dealer’s service department data base. And never give them your phone number or email address. You don’t want junk mail and solicitation – you want recall information. When you’re at the dealer they can also pull up any existing recalls right on the spot.

An alternate plan is to just do a google search for  your manufacturer in Canada. That’ll give you their website and a customer contact phone number that should be able to do the same thing.

However, the most urgent thing you need to do is to check your vehicle for recalls – now! Here is the link to Transport Canada, or you can just search: “Transport Canada safety recall” and you’ll get to the website. The site doesn’t need a serial number, just the year, make and model.

Link to Transport Canada to search recalls

 

 

Lots Of Financial News In Just a Week!

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Canadian banks are kind of ashamed they’re Canadian. Bank of Nova Scotia is now Scotiabank, Toronto Dominion is TD, Canadian Imperial Bank of Commerce has been CIBC for a long time, and the Bank of Montreal is BMO.

Last week, the Royal Bank went on a huge wave across the country to replace all their branch signs to read: RBC Royal Bank. The next wave will be to do away with the Royal Bank part altogether. Oh how I want to be in the sign business. In Canada it’s cool to be Canadian, but in the rest of the world, they don’t want to advertise that at all.

The RCMP in BC want to get the word out on a new phone/credit card scam. The crooks already have your stolen credit card number and give you a lot of information to put you at ease. All they’re after is the three digit security code and they can go crazy with online purchases. It’s the last and only thing they ask for, claiming they just need to “verify that you’re the cardholder.” Don’t ever talk to anyone about your credit card. Hang up the phone and dial only the number on the back of your card! Here’s the link from the RCMP:

Last week, CBC’s Marketplace did a short story on breakfast sandwiches. They’re loaded with fat, get you two-thirds of the daily sodium and a ton of calories. But here’s an alternative diet plan: Last week, New Hampshire just rolled out new scratch and win lottery tickets. They are now bacon flavoured. So grab your coffee and just sniff the lottery ticket. You’ll still lose, but you’ll win on the calories, fat, and sodium reduced breakfast!

Also last week, TD rolled out a ton more new ATM machines. These ones are optical readers. Just insert the cheque or cash you’re depositing. No more envelopes and you don’t even need to key in the amount of the cheque. Your receipt will print out a picture of the cheque you deposited. It was only last year we talked about taking a picture of a cheque with your smartphone and it’s deposited. Boy, how technology is advancing quickly.

The middle of last week, the Bank of Canada cut the bank rate by a quarter of a point. We’re a resource country and they’re seriously concerned with our economy with oil dropping by almost 50%. Within 24-hours, the banks cut most of their savings accounts interest rates by a quarter point. But they also announced that, no – they’re not cutting their lending or mortgage rates. So savers get ripped off and borrowers get hosed in order to make another few billion dollars. NOT nice and not right!