Banking | WhereDoesAllMyMoneyGo.com

Credit Card Balance Protection Insurance Costs You Even If You Pay Off Your Balance

Posted by Preet on May 2, 2010 | 5 comments

I was chatting with a friend recently who informed me that he once signed up for a balance protection offer from his credit card company. You’ve probably been offered this at some point. Someone calling on behalf of your credit card company will offer you a service that will pay your minimum payment owing every month if you lose your job, become disabled, or whatever. The cost is around $1/month per $100 owing. What They Don’t Make Clear About Credit Card Balance Protection Insurance I think most people would believe that, after hearing the pitch on the phone, that if they paid their balance off in full every month there would be no need for the insurance,...

New Firm Focusing On Reducing Currency Conversion Fees For Canadians

Posted by Preet on Feb 15, 2010 | 9 comments

Canadians can pay as much as 2.5% in currency conversion fees which are hidden in what is known as “the spread”. If you are a small business and you convert $5,000,000 per year between US dollars and the loonie, a 2.5% spread means your bank earned roughly $125,000 before costs (which I think we can all agree are not going to be close to $125,000). A firm based in Toronto has set up shop to compete with the banks in fulfilling the currency conversion needs of customers. Their goal is simply to reduce the spread, which translates into more money in the customers’ hands at the end of the day, and a slice of the pie for the firm. They would earn less than...

A Lap Of The Blogs

Posted by Preet on Feb 4, 2010 | 7 comments

If you are new to WhereDoesAllMyMoneyGo.com, every Friday I run a post called “A Lap Of The Blogs” which provides links to articles I found interesting and think that others may want to read for themselves. I also sometimes include some commentary on what’s going on in my personal life and a weekly “racing video” since my former life was in the auto-racing industry. The name “Lap of the Blogs” is in reference to “A Lap Of The Gods” which is an old video series which chronicled on-board footage of the world’s greatest F1 drivers lapping various racetracks from around the world. NOTE: you have to visit the actual website to see the embedded video – it...

You are going to Interview the CEO of ING Direct Canada

Posted by Preet on Sep 14, 2009 | 22 comments

WhereDoesAllMyMoneyGo.com Yes, you read that correctly. YOU are going to interview the President and CEO of ING Direct Canada, Peter Aceto. Well, let me explain further… I will actually be the one asking the questions, but the questions I will ask are going to come from the readers of this blog. I would ask for you to please leave your questions as a comment on the bottom of this post. If you are reading via email or Facebook, then please click here to go the blog’s website where you will find the comment form. Not all questions will be selected for the interview (like: “Peter, what’s your shoe size?”), but I encourage you to think of...