Thursday, January 29, 2009

A Primer for dealing with your bank

This one hits close to home because this happened to us here at Your Mortgage Matters this month. Just more reason to use an unbiased professional advisor - whether it is for your mortgage, investments or what-have-you.


Banks and other financial companies are introducing new fees and raising interest rates.


Banks say they're paying more to raise the funds they lend out, and they're worried about loan losses in the recession.


Toronto-Dominion Bank has introduced a $35 inactivity fee for people who don't use their unsecured lines of credit over a year.

Bank of Montreal drops their mortgage rates but raises unsecured line of credit rate by 1% on a customer who carries a balance (earning the bank profit) and pays on time for years.


New fees and charges mean new reasons to look at other big banks, alternative and online banks and credit unions.


You're not married to your bank. It's okay to play the field.
Use an independent advisor - don't just go running to your bank because they only have their own best interests in mind.

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