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.
Problem:
Banks and other financial companies are introducing new fees and raising interest rates.
Cause:
Banks say they're paying more to raise the funds they lend out, and they're worried about loan losses in the recession.
Example:
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.
Response:
New fees and charges mean new reasons to look at other big banks, alternative and online banks and credit unions.
Reminder:
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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