BMO to open ‘studio’ branches s more customers bank online

The Bank of Montreal will open tiny branches with a handful of employees giving “face-to-face” information on topics such as mortgages, with most customers now banking online.

BMO is opening what it calls a “studio” branch next week in a Montreal condo building and expects to open 10 to 15 of these micro branches at a time across Canada and in the U.S. Midwest, CEO William Downe said Monday.

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Most Canadians’ deposits not at risk if bank fails — but check CDIC protection: Roseman

Some Canadians rushed to their banks to check their deposit protection after hearing about the federal budget released last month.

The government said it intended to implement a comprehensive risk management framework — “a bail-in regime” — for Canada’s systemically important banks.

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Neil Macdonald: Canada’s ‘Cyprus solution’ for bank defaults

Buried deep in last month’s federal budget is an ambiguously worded section that has roiled parts of the financial world but has so far been largely ignored by the mainstream media.

It boils down to this: Ottawa is contemplating the possibility of a Canadian bank failure — and the same sort of pitiless prescription that was just imposed in Cyprus.

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RBC to close consumer savings accounts at recently acquired Ally Financial

TORONTO — Royal Bank of Canada is shutting down the consumer accounts of Ally Financial, and integrating its operations, after acquiring the Canadian auto finance and deposit business earlier this month.

The bank said Tuesday customers will no longer be able to open new accounts with Ally effective immediately. It also plans to close down the high-interest savings accounts operated by Ally on April 30.

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Canada’s banking giants stand to gain as global heavyweights face downsizing

It wasn’t too long ago that Canada’s largest banks pined for membership in the exclusive and powerful club of the world’s largest financial giants. Now that the 2008 financial meltdown is transforming megabanks from once-mighty emblems of national pride to international pariahs, they could well end up becoming fixtures among their global peers.

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