Canadian Banking Profits Soar
In the first quarter of 2007 the Royal Bank of Canada claimed a profit of $1.17 billion. Yes, that is PROFIT and BILLION. The Canadian Imperial Bank of Canada claimed a profit of $770 Million in that same time. Holy Fuck. I can’t even conceive how much money that is.
I have no idea how they get away with claiming such HUGE profits and still have the gall to bone you at both ends with a $1.50 convenience fee if you use an ATM from another bank. Convenient for whom? Certainly not me. Interest rates are virtually non-existent. Every year either fees go up or services go down. This situation is out of control. Something needs to be done.
Unfortunately, I’m pretty much stuck with the RBC for another few years until my mortgage is due. I started looking at some other options, like PC Financial. After a quick look over what PC Financial has to offer it looks pretty good. Maybe I’m just jaded by the RBC charging the hell out of me for every little thing, but there’s gotta be something in the fine print. I’m gonna have to stop in and see what the poop is with “fee-free” banking and higher interest rates. Other then the obvious of course.
Stay tuned.