Well now I'm annoyed!

[Eeyore]

Yes, we are with RBC. I will be talking to them.

[Rupietoot]

I am an RBC client too (a happy one - LOL) and have both a regular line of credit with a higher interest rate and a secured line of credit with the interest at prime +.5 I believe. For the secured line the interest will always stay at prime plus .5 but the other can fluctuate; we use the secured one ...

Susan

[Dumbo]

Yes, we are with RBC. I will be talking to them.

You should make an appointment to sit down and talk with the credit union. Look what they have to offer and don't commit to anything. I think diff prov's have diff things, but I changed to them long ago. I haven't found better rates. And if I did they were competitive, or giving something else to balance out type thing.

Don't limit yourself just because of a 30-yr history with RBC, there is no such thing as loyalty these days. Arm yourself with other info and go for what's best for you, even if they do knock off .5

[Eeyore]

Have an appointment set up with a credit officer on Saturday. Meanwhile I'll be looking around at other options.

[Ron Evers]

Stay with a bank, don't matter which one, as we have stock in four of them. Banks are paying on average about 5% to stock holders.

However, our non invested funds are in a credit union, that is where my pension is deposited. It used to be the CU was a far better place to have your funds or get loans but not so much anymore. They are getting like the banks.

[Eeyore]

I'm sure I have about 4 banks in my portfolios too Ron and while I realize they have to satisfy the stockholders I just get a bit annoyed everytime I think we are finally getting our feet under us to have the rug tugged enough to throw us off.
I really don't think I'll get any satisfaction regarding the interest rates but it'll be nice to vent anyway.

[Heidi S]

FYI Credit Unions have and are doing the same thing on LOC loan accounts. They have the same issues with profitability as the big banks! Credit Unions must make enough money to keep them selves running, and meet government spread requirements.

Spread is the terminology for the amount of money on deposit vs. the amount being lent to customers. There are very stringent requirements of these ratios, and LOC loans are considered at full potential draw vs. the actual balances, because you as the customer can go to $0 to fully drawn to max in one transaction. So from the regulators' perspective, it is a fully drawn loan all the time on the institutions' books.

Yes, your credit score is critical in the calculation for your personal % above the 'prime' which is no longer the bank's prime, it is a new rate (as you have just discovered!)

[Eeyore]

You'd think the US would learn from the 2008 meltdown and the Euro Crisis but nooooo, there is talk that the Republicans want to loosen the strings on financial regulations again....

[LeeInEdmonton]

Being old & when it comes to money very, very conservative. We use credit cards to eliminate carrying too much cash BUT always pay the statement in full each month so do not really care what the interest rate is on the card. I hate Banks. Why the hell do I have to talk to their financial officer... I already know what I want when shopping for a GIC. I have been a long time client of BMO but that didn't stop them from jacking up the rate on a safe deposit box.They now have only our chequing & savings accounts in amounts within the limit of CDIC. Hence,...also a long time client of Canadian Western Bank so switched the box to them. Also a long time client of CIBC, ditto for RBC but the latter are too ridgid in their policies & I dumped them to switch to the Bank of Nova Scotia who seem eager for our business. The problem with the five major banks is that they have been going off shore & purchasing financial entities & it really is a guessing game as to just how much liability they are carrying so I do not exceed coverage by CDIC when dealing with them.

[bluewillow]

Somewhat off topic but could be of interest to some.

http://www.cdic.ca/e/calculator.html?ut ... n=97210893

bw