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Email this7:07 pm
September 21, 2009
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Are they there own bank, or do they just run of one of the big 5's backend? Like sobeys and bmo, superstore (pcf) and cibc?
2:02 pm
December 12, 2009
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As far as I am aware, Canadian Tire Bank operates the online and internal banking systems of its banking operations as well as its credit card and insurance operations ("Canadian Tire Financial Services"). They don't outsource to anyone.
This likely explains, from what I've heard, the fact they don't offer paperless self-to-self bank-to-bank transfer "linkages" (it's shorter so I've invented a new word!) and have somewhat limited feature set. 
Hope this helps,
Doug
3:57 pm
September 21, 2009
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Don't really want to spread fear or start some huge thread, but found this is why I was asking.
http://www.globalresearch.ca/t.....nt/5329263
Basically the 2013 budget saying that if any of the big 5 banks fail, then this gives them the (legal) right to pillage deposit accounts. Even if nothing ever comes of it, still pretty scary that they would include this.
6:22 am
August 4, 2010
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jacks said
Don't really want to spread fear or start some huge thread, but found this is why I was asking.
Yes, a rant from something called "The Economic Collapse Blog" is how most prudent investors evaluate the world...
6:03 pm
December 12, 2009
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Could it happen here? Absolutely. The government has the power to pass legislation and regulations.
Is it likely? Not at all, it's bad public policy (but then again, Minister Flaherty's been practicing bad public policy by whining to Canada's chartered banks to raise their mortgage rates, but I digress).
I'm not sure what part of the budget the blog/report refers to but it could mean expanded powers for the government (not just CDIC) to seize a failed financial institution and run its operations. They added expanded powers for CDIC to do this for failed CDIC members a few years ago, but could be looking at allowing the federal government to step in and seize any failed institution. I'm not too sure - we'd have to read those budget pages it references.
Cheers,
Doug
7:47 pm
August 4, 2010
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I think you'll find the "bail-in" provisions will be designed that as part of their capital ratios, the "too big to fail" banks may be forced to issue debt (bonds) with special provisions that enable them to be converted to equity if required. That way the bondholders provide emergency shock-absorber funds to be burned up in a crunch, rather than injections from the government. It is this sort of layer that is referred to, not insured deposits - I've seen references to similar plans in stories from elsewhere.
Note that if a bank actually fails, uninsured deposits may not be made whole if the banks assets can't eventually be wound down to cover liabilities - that's the whole point of the word "uninsured". It would be no great difference if a "too big to fail" bank became so insolvent that the "bail-in" equity and everything else wasn't enough, and the government in propping it up decided to make uninsured depositors take a haircut. Rants like the one linked to above are just misleading scaremongering.
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