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Banks and Credit Unions


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#101 Ismo07

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Posted 22 December 2023 - 09:39 AM

Harper even worked on open skies agreements. As we well know, Canadians are trapped in a world of low competition and high air fares, because of our protectionism. The consumers lose out big time in these instances. Same thing for our communications services. Low competition, very high prices.

 

Banking becoming more consolidated is -not- good for consumers.

 

Is this what you were talking about?

 

A Conservative war on business - Macleans.ca

 

A free market guy wouldn’t favour a cap on cellphone roaming fees, as hinted in the speech from the throne. A free market guy wouldn’t advocate government-legislated cellphone costs, knowing full well that carriers deprived of roaming fees will hike other charges to compensate. A free market guy would favour—call me crazy—an actual free market solution to the problem, such as increasing competition by allowing foreign carriers to enter the market on equal terms. But that’s not what Moore is trumpeting.

In case after case, the government insists on intervening, apparently oblivious to the fact that their intervention is part of the problem. The easiest way for the Conservatives to “end geographic price discrimination,” or the higher prices paid in Canada compared with the United States, would be to reduce import tariffs. Instead, reports suggest the government wants to use the Competition Bureau to investigate and compel companies to offer comparable prices on both sides of the border. With myriad factors affecting those prices on both sides of the border—from the value of the dollar to the price of gas—proving ill intent on the part of investigated companies will be all but impossible. Such a scheme would produce endless red tape, and zero benefits for consumers.



#102 Mike K.

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Posted 22 December 2023 - 11:12 AM

Oh are prices in grocery stores less expensive if you are there a month? Taxes are lower sure but prices are not.


You always complain about anecdotes. Your few days of a visit to one place in the US doesn’t paint an entire economic picture of a large country of 330 million, right?

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#103 Ismo07

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Posted 22 December 2023 - 11:25 AM

You always complain about anecdotes. Your few days of a visit to one place in the US doesn’t paint an entire economic picture of a large country of 330 million, right?

 

This isn't really anecdotal, but the grocery prices do not change.  Clothing doesn't change.  Restaurants don't changes.  Prices for services do not change.  It's not less expensive down there.  They keep more of the hard earned dollars is all.  It's true a few things are... 

 

We are getting off course a little here.  My point was really we sometimes want government intervention and we sometimes don't.  I'm not sure Pierre would actually stop this sale, he is just in antithesis mode as he should be.


Edited by Ismo07, 22 December 2023 - 11:41 AM.


#104 Mike K.

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Posted 22 December 2023 - 03:39 PM

I’m suspicious of you ever visiting the US.

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#105 Ismo07

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Posted 22 December 2023 - 03:49 PM

I’m suspicious of you ever visiting the US.

 

You mean you don't believe I've been in Washington, Arizona, Tennessee, New Mexico and Colorado this year?



#106 LJ

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Posted 22 December 2023 - 07:29 PM

You mean you don't believe I've been in Washington, Arizona, Tennessee, New Mexico and Colorado this year?

If you stayed at a hotel and bought restaurant food you might find it as expensive as Canada, if you have your own place and go grocery, clothes, electronics, golf goods shopping every week you will find it about half the cost of Canada. I won't mention alcohol, which about 25% of what British 
Columbian's pay.


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Life's a journey......so roll down the window and enjoy the breeze.

#107 Victoria Watcher

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Posted 06 February 2024 - 11:36 AM

n case you missed it, Josh Scott and Douglas Soltys dug into news this week that Toronto-based FinTech Koho has moved to phase two of securing a banking licence, including what CEO Daniel Eberhard plans to do with it: compete.

The message was well received by industry observers. Senator Colin Deacon, a noted proponent of open banking, said a banking license would allow Koho to broaden and “offer very cost-efficient services.” This would place a disruptor amongst incumbents like the Big Six banks.

“It’s a great example, if Koho is successful, for others maybe to follow suit,” Deacon told me. “When there’s a strong competitor offering a disruptive product, it forces everybody to up their game and that’s a good thing.”

Koho isn’t the only FinTech to run the regulatory gauntlet. Questrade filed for a licence just before the pandemic, which added delays to the filing process, but the company expects approval in roughly a year, per The Globe and Mail. Meanwhile, competitor and sometime-partner Wealthsimple said approval as a securities dealer and Payments Canada member, combined with its existing partnerships with banks, have enabled it to build its products without filing for the licence.

https://betakit.com/...-on-bay-street/

Edited by Victoria Watcher, 06 February 2024 - 11:37 AM.


#108 Ismo07

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Posted 06 February 2024 - 01:02 PM

If you stayed at a hotel and bought restaurant food you might find it as expensive as Canada, if you have your own place and go grocery, clothes, electronics, golf goods shopping every week you will find it about half the cost of Canada. I won't mention alcohol, which about 25% of what British 
Columbian's pay.

 

Absolutely..  I've mention both experiences, shopping and restaurants (including fast food)...  Most is the same price or in some cases more in US dollars...  I'm not living there so understand I'm not finding what's on sale etc as I'm buying what I want.  Just saying not everything is cheaper in the States, especially with exchange.



#109 AllseeingEye

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Posted 14 June 2024 - 01:45 PM

I'm a little surprised how this one slipped relatively relatively quietly under the radar; when I worked as a senior manager in the credit union system (Coast Capital FCU) from 2002-08 we always considered the financial sector and especially the CU's to be virtually bomb-proof insofar as layoffs were concerned. They were generally very well managed by really smart and innovative execs who always seemed to be one or two steps ahead of the competition i.e. the major banks in particular. Progressive management policies, salaries, bonuses and perks were plentiful and everyone enjoyed the ride.

 

It was a great time to be in the industry: the principal goal of the major CU's including Coast and VanCity starting in the early 00's never wavered - it was to convince the feds to amend the Bank Act allowing credit unions to operate beyond their provincial boundaries, to acquire a federal footprint, and eventually go head to head with the banking majors. The competition between the two biggest BC CU's to innovate technologically, for increasing their customer numbers, not to mention deposits on hand - even an informal competition to decrease operating costs to x cents spent for every dollar made - was relentless and ongoing through my tenure in the system. 

 

Even though they were intense competitors VC and CCU nevertheless worked closely together and with other select major CU's in the country to that end and expansion federally finally happened after 2012 when the Act was amended by Ottawa.

 

Obviously as outlined in the article below among other things the imbalance between earlier loans at lower rates combined with lower demand for loans in 2024 and the much higher repayment rates today, affected VC to the point they clearly felt they needed to take this step of laying off seven percent of the staff. I would wonder too at possible effects of additional costs associated with physical expansion - more bricks and mortar branches, more staff, more technology and technology vendor/partners etc. It will be interesting to see if other CU's are compelled to follow suit at some point - 

 

https://www.cbc.ca/n...ayoff-1.7234793


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#110 Nparker

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Posted 14 June 2024 - 01:59 PM

Van City has also gone very woke in its drive to expand its customer base. Perhaps this has had the effect of stifling some of the growth they previously enjoyed. VC may just have miscalculated the volume of omnigendered, racialized, non-colonizers out there.



#111 vortoozo

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Posted 14 June 2024 - 02:00 PM

Really, I think that what's holding Vancity back is that there's no compelling reason for someone to choose Vancity vs the other credit unions.

Coast Capital - free account, other than eTransfers.

Island Savings - free account, including eTransfers.

Vancity - $9.75/month, unless you park $1500 and forego the ability to earn interest and invest that money.

 

Where's the value proposition? What is someone getting for paying over $100 a year in fees with Vancity that they don't get with the others?

Once someone's in a particular ecosystem, they're unlikely to look at other credit unions for credit cards/loans/etc.


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#112 AllseeingEye

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Posted 14 June 2024 - 06:54 PM

Van City has also gone very woke in its drive to expand its customer base. Perhaps this has had the effect of stifling some of the growth they previously enjoyed. VC may just have miscalculated the volume of omnigendered, racialized, non-colonizers out there.

 

Do recall though VC has always emphasized the "community" in VanCity Community Credit Union, they were always extremely active at multiple levels in high profile charitable endeavors - in essence they shaded toward being the "NDP" of regional CU's. "Values-driven" in my experience and recollection was always heavily emphasized by that org above and beyond trite descriptors such "for profit" etc. Internally at CCU for much of my time the unofficial mantra was "operational excellence"......

 

The amalgamated version of CCU - and remember it was a merger of Richmond City Savings, Surrey Metro Savings and Pac Coast Savings here on the island - while it justifiably took a lot of pride in its own activities in the same 'values arena', for years and years we were a huge supporter of Cops for Cancer to name but one of many, the org was also philosophically patterned to a subtle degree on the financial/business darling of the broader financial community at that time, namely WAMU (Washington Mutual), the parent of Washington Mutual Bank. The latter of course flamed out spectacularly as part of the 2008 financial meltdown.....


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#113 Nparker

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Posted 14 June 2024 - 08:09 PM

...The amalgamated version of CCU...was also philosophically patterned to a subtle degree on the financial/business darling of the broader financial community at that time, namely WAMU...

Which is what I expect from a financial institution. I don't need my "bank" to be a social service agency. There are more than enough of those around for which I have no choice but to support through my taxes.



#114 max.bravo

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Posted 14 June 2024 - 08:33 PM

I’m just happy as long as my bank doesn’t change the logo on my app to a pride flag every year.
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