Sentences with phrase «bank calculates the penalty»

Not exact matches

POSTED RATE METHOD (used by major banks and some credit unions) With this method, the Bank of Canada 5 year posted rate is used to calculate the penalty for Jane and John.

By March 5 2013 it will go a step further by requiring banks to provide: annual information to help consumers calculate their penalty, written penalty statements upon request with clear calculation explanations, and access to exact prepayment penalty quotes by phone.

The sad truth is banks can be very greedy when it comes to calculating the interest penalty on a mortgage you're trying to renew early.

By March of next year, the Financial Consumer Agency of Canada will have gone one step further, requiring banks to provide annual information to help consumers calculate their penalty, written penalty statements upon request and access to exact prepayment penalty quotes via telephone.

PS in your next article you might want to mention the Bank's posted rates are an arbitrary, fictitious number, that is only used in calculating the mortgage cancelation penalties.

i only wish more borrowers would take the time to understand why penalties charged by the banks is unethical... There are several other major lenders that DO N'T calculate penalties with the same inflated formula....

(as an aside, if this was 1998, your penalty would cost $ 8,340 because the Bank only used the Posted Rated when calculating the penalty.)

some Banks still had an IRD penalty clause in their standard charge terms but the formula for calculating this was very different from today.

This is in part because the interest rate differential (IRD) penalty with the major banks is calculated in such a way the penalty is more than double the true IRD.

Not all banks may calculate their penalties the same, so we estimate that six months will simply be half of the total for the year, or $ 63/2 = $ 31.50.

No longer was it necessary to call a bank, listen to a customer service representative fumble over how penalties are calculated, be interrogated about why you wanted a penalty quote and endure a sales pitch about staying with that lender.

This penalty is calculated using the interest method detailed in the Ally Bank Deposit Agreement (PDF).

Some banks still had an IRD penalty clause in their standard charge terms, but the formula for calculating this was very different from today.