By 2 Cents on September 19th, 2011 | Category: Saving |  Starting today, there’s a new financial resource for Canadians out there. It’s called Finizi. Basically, Finizi is a free online service that allows financial institutions to compete for your business. At this time they are only offering GICs, but there are plans in the works to offer competitive bidding on rates for car loans and mortgages as well.
How It Works
Basically, you just need to go to finizi.com and:
1. Request a GIC rate
Select the type of GIC you want and specify the amount you’d like to invest.
2. Financial Institutions Bid for Your Money
Review your bids in a live auction environment. Financial institutions bidding for your business may include credit unions, trust companies or chartered banks. So far, they have about 5 institutions on board, but many have said that they would [...]
Read on and enjoy … Introducing Finizi: A New Financial Tool for Canadians
By 2 Cents on October 27th, 2010 | Category: Debt |  The only man who sticks closer to you in adversity than a friend is a creditor.
~Author Unknown
Update: This article was included in the Carnival of Personal Finance #281 posted at Consumerism Commentary. Thanks!
Last week Gail Vaz-Oxlade wrote a really interesting article about The New TD Collateral Mortgage. I was very surprised that I had not heard more about this given that it seems like a pretty big deal to me. As of October 18, 2010, TD will register all new mortgages as collateral mortgages rather than conventional mortgages.
If you’re asking yourself what in the world a collateral mortgage is, you’re not alone. I didn’t know either. Gail goes on to explain it very well in the article. The mortgages most of us have in Canada are conventional mortgages. We have a set amount of principal that we’re borrowing, [...]
Read on and enjoy … Mixed Messages from TD Bank
By 2 Cents on September 17th, 2010 | Category: Economics | Just because everything is different doesn’t mean anything has changed.
~Irene Peter
Last Sunday afternoon the Group of Governors and Heads of Supervision, which is the oversight body of the Basel Committee on Banking Supervision, announced the finalized version of Basel III. The committee, meeting in Basel, Switzerland, is composed of representatives of the top 27 global central banks. Basel III was supposed to require banks to raise capital ratios in the hopes of preventing another financial crisis. Will these increased capital requirements make the financial system safer? I guess, as always, it depends on who you ask.
Today I thought we might look at the Basel III regulatory changes through the eyes of a few key constituents. But before we do that, let’s take a quick, if oversimplified look at what’s in Basel III, quoting from a Wall Street Journal article that described the [...]
Read on and enjoy … What Does Basel III Mean to You?
By 2 Cents on September 15th, 2010 | Category: Investing | Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as though nothing had happened.
~ Winston Churchill
Update: This article was included in the Canadian Personal Finance and Investing Carnival #6 posted at Investing Thesis. Thanks Arjun!
We are swimming in deficits globally. Many governments, financial institutions and consumers have been spending more than they take in for decades. For a while, it even became fashionable. It’s not anymore. But for all of the ink and pixels spilled over the lack of money, it seems to me that we are facing a few deficits that are a little more ominous, a lot more disturbing, and stubbornly pernicious.
For all of our political correctness, civilization, and progress, we still seem to exhibit massive deficits in responsibility, accountability, and perhaps most elusively, integrity. Our entire financial system [...]
Read on and enjoy … Market Integrity Should Not Be an Oxymoron
By 2 Cents on May 3rd, 2010 | Category: 20 Cents | I can’t believe how quickly April passed! It’s already time for the next edition of 20 Cents. This is a collection of 10 articles from around the web that I thought you might find interesting. Obviously, I can’t highlight every great post, but I point out some good ones each day on Twitter. You can follow me @BalanceJunkie. Happy Monday!
1. Don Sutton at Canadian Business had a great article asking this very timely and poignant question: Will You Be Pulled Under If U.S. Banking Reform Fails?
2. Canadian Capitalist posted Book Review: The Big Short on Michael Lewis’ newest book. It details the events in the mortgage market that lead to the U.S. housing crisis and subsequent economic meltdown. Check out the 60 Minutes video he has embedded at the end of the review. I watched the same [...]
Read on and enjoy … 20 Cents from April 2010
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