2.30% EQ Bank interest rate increased
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iT IS NOT TARGETED.
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May 4th, 2017 7:21 am
May 4th, 2017 7:39 am
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May 4th, 2017 7:46 am
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May 4th, 2017 7:56 am
This is RFD, nobody deposits less than $100k
May 4th, 2017 7:59 am
May 4th, 2017 8:00 am
May 4th, 2017 8:06 am
May 4th, 2017 8:06 am
Home Capital saw a flood of withdrawals from its savings accounts following the OSC news, which prompted the lender to get a $2 billion loan from a pension plan at an interest rate of between 16 and 22 per cent — high enough it's raising questions about the company's ability to stay in business.
Unlike bigger banks which raise money in a variety of ways, alternative lenders like Home Capital and Equitable primarily raise funds via savings accounts and GICs. They then take those funds and loan them out, making money in the process from the couple of percentage point gap between what they pay out in interest to savers, and what they charge borrowers.
May 4th, 2017 8:13 am
May 4th, 2017 8:17 am
Ya, I would like to know how fast it's going to take to get our insured money from CDIC if they go under.zentro wrote: ↑May 4th, 2017 8:06 amIsn't there a very tiny chance that EQ might fail, and despite 100K being insured and policies to pay it out fast other factors may cause the money to be locked in for a while if that happens?
http://www.cbc.ca/news/business/equitab ... -1.4097010
May 4th, 2017 8:23 am
Yes, Equitable Bank is listed under CDIC, 100k is insured. But if alternative banks/lenders begin to fall like dominoes, it would be uncertain how long it will take to get your money out, because CDIC may need to borrow funds to cover the losses or there might be legislation and stuff that will have to occur. Maybe someone more knowledgeable can enlighten us, I think if it's just EQ, the resolution will be fast but if the entire economy is involved than who know how long it will take?
http://www.cdic.ca/en/about-cdic/resolu ... story.aspxWe insure eligible deposits at each member institution up to a maximum of $100,000 (principal and interest combined) per depositor per insured category.
To be eligible for deposit insurance, deposits must be payable in Canada and in Canadian currency. We do not cover foreign currency deposits including US dollars.
Eligible deposits include:
Term deposits, (such as GICs) with original terms to maturity of five years or less
Debentures issued to evidence deposits by CDIC member institutions (other than banks)
Money orders and bank drafts issued by CDIC members
Cheques certified by CDIC members
May 4th, 2017 8:26 am
May 4th, 2017 8:29 am