Financial Literacy

The Financial Consumer Agency of Canada offers a number of services and information for Canadian consumers. The information provided on their website includes financial literacy programs and some handy tools and calculators. One of our favourite tools is the Financial Goal Calculator . From the dashboard you can select a plan to get out of debt, or, set a savings goal. Both are easy to navigate and definitely worth your time.

Did you know that as of November 13, 2017, iAB Financial was transitioned into FirstMerchants Bank? The merger was initially announced in February 2017. As stated on the website, "Customers of iAB Financial Bank will now have access to over 100 First Merchants Bank locations." For more information visit the welcome announcement on the First Merchants Bank website .

President's Choice Financial, otherwise known as PC Financial, customers are now being serviced by Simplii Financial . An article posted to the MacLean's Magazine website in August 2017 stated, "Loblaw Co. is quitting the banking business in a deal that will see two million President's Choice Financial mortgage and banking accounts automatically move to a new, low-fee banking brand operated by CIBC, called Simplii Financial." For further details and information on how this impacts PC Financial customers, you can read this article from The Financial Post .

Do you have any idea how much information hits you every day? Or the effect constant interruptions really have on your productivity? Email, texts, news sites notifications, never in human history have we had to process as much information as we do now, and more comes every minute. How do we process it all? How do we see it all? Or rather, how do we see only what we need to see? Jonathan Spira is the CEO and Chief Analyst of Basex, a research firm focusing on issues companies face as they navigate the knowledge economy. In his book Overload! How Too Much Information Is Hazardous To Your Organization , published in 2011, Spira estimated that interruptions and information overload were eating up 28 billion wasted hours a year, at a loss of almost $1 trillion to the U.S. economy. I wonder what the estimate is at present, and what the projected growth on this loss is. Clearly, organizations and individuals need to get a handle on information inflows. When I began my career in finance o

The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness - everything from the mortgage on your home to your car loan or line of credit And, given today's ever-changing mortgage requirements and rising interest rate environment, your credit score has become even more important. Your first step towards credit awareness and well being is to know where you stand. Request a free copy of your credit report online from the two Canadian credit-reporting agencies - Equifax Canada and TransUnion Canada - at least once a year. This will also help verify that your personal information is up to date and ensure you haven’t been the victim of identity fraud. Newly established credit If you're new to credit, you may wonder why your credit score pales in comparison to your friends. Payment history is a key factor for both Equifax and TransUnion. As well, if you don't talk to you

Did you know that Kentucky Telco Credit Union is now Transcend Credit Union? We copied the text below from the Transcend Credit Union Our History page: "Transcend Credit Union (formerly Kentucky Telco Credit Union) has played an important role in the financial well-being of our members since 1934. Our first members were Southern Bell Telephone & Telegraph Company (later BellSouth, AT&T) employees, and we are proud of our heritage serving telecom employees, businesses, and individuals. However, the name, product, and service changes of the "Telephone Company" through the years required the Credit Union to diversify its membership in order to remain financially strong. The state charter conversion in December 2015 opened the door for the Credit Union to serve the Louisville, Lexington, and Owensboro communities. Membership is open to anyone who works, lives, worships, volunteers, or attends school in the following counties: Anderson, Bourbon, Boyle, Bulli

On September 11-14, FinovateFall returns to New York to showcase the best, new innovations in fintech. This year's selection process was the most competitive yet, and we have been chosen to present! As part of RateSeer Technology Inc's network, we wanted you to be the first to know and we hope you will join us! We will be showcasing our latest innovation, denoti , powerful technology technology that will change the way individuals and organizations source and consume market and financial data. Come see some of the most exciting names in fintech - including us!

This article was originally published on the Dominion Lending Centres blog . For many people, a home will be the largest purchase of their life. It stands to reason then, that when you are shopping around for your mortgage you will want to take certain steps to ensure you are getting the sharpest rate and best product. We have a few pointers to make you a savvy shopper when you are out looking at different mortgages – get ready to take a few notes. 1. Do not always rely on the bank for the sharpest rates Mortgage Brokers can often beat the bank rates by using different lenders. They can also often get you a SHARPER rate at your own bank simply because of the high volume that they do with them. Brokers have access to a number of different lenders giving you more options for not only the best rate, but also the best product for you. 2. Know your credit score Your credit score is a large factor in your mortgage application. You need to know where you stand with your credit BEFORE

This article was originally published on the Dominion Lending Centres blog . Some of you are going to ask what is an ARM and VRM? These two acronyms are mortgage speak for adjustable rate mortgage and variable rate mortgage. These two mortgage products are based both on the prime rate of interest, in most cases this is 2.70% at the bank. TD chose to be higher by .15% at 2.85% so it isn't controlled by the Bank of Canada. It is an individual financial institution policy. With the Bank of Canada hinting strongly at moving up the interest rate, most likely by .25%, we will see an increase in the prime rate most likely to 2.95%. If you have an adjustable rate mortgage then you will see your monthly payment increase to match this new rate. So an Adjustable Rate Mortgage moves up with prime and you continue to gain ground by making your payments. Variable rate mortgage is different. The VRM works likes this, your monthly payment will stay the same but you will not be paying less t

This article was originally published on the Dominion Lending Centres blog . Most working Canadians have an income range in the middle class. This income class includes teachers, firefighters, plumbers, engineers, nurses, construction managers and chefs – workers from across the economic spectrum. They provide and consume the bulk of services that keep society afloat, driving economic growth and investment with every purchase. The middle class also has great challenges. Wages have been stagnant and the cost of housing and everyday goods puts a squeeze on the average budget, leaving six out of 10 Canadians living paycheque-to-paycheque with most accumulating debt. In part, this has to do with everyday life and the growing demands on our set of unique challenges. However, we need to "control the controllables" and be smart and strategic to get ahead. Here are some tips to keep your economic future on the right path: 1. Spend within your means. Most people keep a balance

Simply put, a blockchain is a chain of blocks, where each block represents an electronic record that cannot be revised or tampered with once it is included in the chain. Each block has its own timestamp and a link to an earlier block in the chain, which enables all the parties to have easy access to information via a secure network. Wikipedia explains blockchain as, "A blockchain - originally block chain - is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block." Further, it is noted that blockchain is "typically managed by a peer-to-peer network", and "By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network." Interested in learning more? The Wharton School of the Uni

The difference between an interest rate and an annual percentage rate is that the interest rate is the cost you pay on a yearly basis to borrow money from your lender, or, the annual cost of borrowing the principal amount. The interest rate can be variable, or fixed, and does not include fees or any other charges you may have to pay for the loan. The annual percentage rate is the annual cost of a loan to a borrower including fees and other charges. To see today's rates on various lending and deposit products, visit rateseer .

A home-equity line of credit, also referred to as a Heloc, allows homeowners to access funds, when needed, over the term of the loan as long as the amounts stay below the loan limit. With a home equity loan, you receive the money you are borrowing in a lump sum payment and the interest rate is typically fixed. With a home equity line of credit (HELOC), you can borrow or draw money multiple times from an available maximum amount. Unlike a home equity loan, HELOCs usually have adjustable interest rates. A HELOC can be used to fund major expenses including home improvements or college tuition. The Line of Credit is secured by a mortgage, and typically has a 10-year term that requires interest only payments. Following the initial 10-year period, the Heloc will “reset” and the principal becomes due. At that point, homeowners can choose to pay off the balance, refinance it into another first or second mortgage or make monthly payments of principal and interest, typically for a 20-year

Daily Banking Series - Credit Union vs a Bank In our daily banking series we'll to explore the similarities, differences and pros and cons of a Credit Union (CU) versus a Bank. Are Banks and Credit Unions the same? Credit Unions are similar to Banks because they both offer a broad range of financial products including checking and savings accounts, CDs and loan products such as mortgages and credit cards. The main difference between a Credit Union and a Bank is how they are owned and operated. Credit Unions are cooperatives, owned and operated by their members as a not-for-profit institution. Banks are owned by investors and stockholders and are definitely for-profit corporations. Because Credit Unions are not-for-profit their earnings are paid back to their members in a number of ways including higher savings rates and lower loan rates. Banks earnings are paid to their stockholders (only) through dividends. Membership and Account Opening To join a Credit Union the poten

Think about how much information hits you every day. Email, text messages, social media news sites, notifications…never in human history have we had to process as much information as we do now. How do we process it all? Never mind processing. How do we see it all? Or rather, how do we see only what we need to see? RateSeer Technologies offers solutions for financial professionals and DIY Investors as well as North American consumers. We leverage technology to empower people to save time and money. Compare rates, features and lenders for thousands of products on rateseer.com .

Does local banking make sense for you? Community banks and credit unions are often locally controlled and operated, they work within established localities and typically reinvest depositors' money into local businesses, farms, and individuals. In this  Letter to the Editor  posted on MyrtleBeach online , the impact of local banking is explored.

Most mortgage professionals will tell you that when looking for a house, you should begin by speaking with a lender first to secure a mortgage pre-approval. Pre-approval from your bank or credit union is a powerful tool when house hunting, and,it is easier to shop for a property when you know how much you have to spend. A mortgage pre-approval is the process by which it is determined whether a borrower meets a particular lender’s guidelines for a home loan. For a review of the Mortgage Pre-Approval process, check out this  article from The Mortgage Reports .

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either HDHPs or standard health plans. Kiplinger describes the HSA as a "powerful financial tool to cover medical expenses and save for the future." Read the entire Kiplinger article here . Most Credit Unions and Banks in the US offer an HSA account. If you're interested in learning more, or, opening an HSA, visit the rateseer Savings Account page for a comparison of rates and features.