So far, in March 2009, I keep hearing this from different sources (the Bank of Canada, Stephen Harper and now the IMF). Canada will weather the Financial Apocalypse of the 21st century (at least the first one). It will come out of this whole recession/depression/meltdown quicker and stronger than many other countries.
Do I believe it? Sure, for now it’s good to have hope, and hope might be a good thing right now (to paraphrase Stephen King), but remember the skepticism is important as well (i.e. don’t blindly believe this and make silly decisions based on this optimism). Hope for the best but plan for the worst, is still an important credo to live by.
Bank Service Fee Ambiguity
For those who don't know, I am averse (if not allergic to) Bank Service Fees. I've come to an interesting question about how my accounts work.
This past week I had to order cheques for my chequing account. I am astounded by the number of cheques I still write, given I pay all my bills online. I was gouged charged the regular $30 for a set of cheques by TD. I grumbled about this. But then I remembered that the last time I ordered cheques for my Line of Credit, they came for free.
I then wondered if I ran my entire financial life through my Line of Credit. Would I be charged the regular $15 a month service fees? I don't pay these fees for using my chequing account and such. I realize doing this requires a very precarious bit of balancing. You must be very diligent to ensure you are really paying down your debt load. It is an interesting question.
Why is the same banking activity free if I use my Line of Credit? It costs $15 a month when done from my chequing account.
