bank-accounts

Open banking could spur competition, but fintechs say Canada’s moving too slowly

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Federal efforts to bring “open banking” to Canada are being welcomed by players in the industry — but there’s also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions. Open banking lets consumers or business customers share personal and financial information between approved banks and other … Read more

Ottawa to force banks to use carbon rebate label for direct deposits

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Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault. Tuesday’s federal budget promised to amend the Financial Administration Act to ensure that government payments accepted for deposit at Canadian banks will carry … Read more

Bihar govt withholds salaries of VCs for not attending education dept’s meeting | Education

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In an unprecedented move, the Bihar government has ordered freezing of the bank accounts of all the state-run universities, barring one, and withheld salaries of their vice-chancellors for allegedly being absent in a review meeting convened by the education department two days ago. Bihar govt withholds salaries of VCs for not attending education dept’s meeting(AFP … Read more

‘Freedom Convoy’ organizer from Sask. suing federal government for using Emergencies Act to freeze accounts

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A main organizer of the “Freedom Convoy” is suing the federal government for using the Emergencies Act to freeze his bank accounts, arguing it breached his Charter rights to protest COVID-19 mandates. Chris Barber, who owns a trucking company in southwestern Saskatchewan, filed last week a statement of claim in Court of King’s Bench in … Read more

$350B in pandemic savings was supposed to give the economy a huge boost. It still hasn’t happened

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After the pandemic hit in 2020, some business owners and households were hard hit financially as a result of lockdown measures. But at the same time, many Canadians saw their bank accounts grow because of their reduced spending. Those savings ballooned to over $300 billion and became so large that economists expected there would be … Read more