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Canada’s banking boom has a downside: “shenanigans” from the big banks

Canada’s biggest banks are basking in good news lately: profits are up, as are payouts to shareholders, and (unlike their European and American counterparts) the largest lenders are expanding their workforces. However, those boom times aren’t trickling down to the common folk, according to the Globe and Mail’s Rob Carrick. Late last week, he decried the uptick in “bank shenanigans” since the tough times of the 2008 recession:

Interest rates on lines of credit have gone up, discounts on variable-rate mortgages have almost disappeared, bank account service fees have been increased and there are more surprises than ever in the fine print on bank products.

By the end of the piece, the personal finance writer practically implores consumers to check out the services offered by the Big Six’s competition—smaller players like President’s Choice Financial, Ally and Canadian Tire’s online bank. We take Carrick’s point—there’s no need to get complacent, even if Canada’s banking sector is often heralded as the soundest in the world. Read the entire story [Globe and Mail] »