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Wednesday, March 29, 2017

Changes to the Banks

Posted by Tim Stobbs on November 28, 2006

The Federal government is hard at work avoid issues again around their review of the Bank Act . They have decided not to look at bank mergers or in bank sale of insurance, but they did address a few interesting points that could effect me.

1) Electronic cheque images to speed up the time it takes for a cheque to clear. I know I would love this one. I hate giving someone a cheque and then having it take a few weeks to clear out of my bank account.

2) Reducing the size of down payment required on a mortgage to avoid mortgage insurance. This one sounds good in principle, but I’m not too sure how much good it will do. I know that I put down 20% on my current house and is I could have saved the mortgage insurance it would have saved me $1500 overall. I suppose this becomes a more significant act as you get into higher priced homes

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