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Bank of Canada cuts the Prime Rate and TD Canada Trust follows suit

By
Real Estate Sales Representative with Royal LePage Northshore

The "Q" Report

Rapidly deteriorating credit conditions in Canada and around the globe, has motivated the Bank of Canada to join the U.S. Federal Reserve, European Central Bank and three other central banks Wednesday in cutting interest rates by 50 basis points.

As a result, the Bank of Canada's benchmark lending rate stands at 2.5%. I expect that the Canadian central bank is not finished with rate reductions, with more reductions to come.

TD Canada Trust today announced that it has lowered its prime lending rate by 25 basis points to 4.50 per cent, effective October 9, 2008.  It is likely that the other Canadian banks will follow suit.

Comments (1)

Anonymous
Paul Fraser

 

Att: RBC Bank President Gordon Nixon - Salary - 11.73 Million!!


$100,000 - MISTAKE (FISHERMEN'S LOAN)


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC account.

Website http://www.corporatebully.ca
YouTube http://www.youtube.com/CORPORATEBULLY

There is no monthly interest payment date on the contract.
Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan contracts signed by other fishermen around the same time showed a monthly interest payment date on their contract,(agreement).
The lending policy did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

 

Phone or e-mail

:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mailto:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mailto:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mailto:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mailto:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mailto:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mailto:ombudsman@obsi.ca

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Oct 08, 2008 12:12 PM
#1