For the last few quarters, the top Canadian banks made billions of dollars amid a great recession. This is a Canadian pride – we have such a stable banking sector that everyone in the world envies. We have not had a single bank that needed Government’s help. We have been on the road show to garner international praises! This has helped Canadians, the Canadian government in particular.

Truly, we Canadians should be thankful to three things around banks: the management of the banks, ourselves as simple consumers and the government’s banking regulations. I realize that this is a huge topic that requires more extensive research by, perhaps, top researchers from G8 or G20 nations. In this short article, however, I attempt to touch on how Canadian consumers have contributed to the banks’ success through the banks’ use of their powerful business machines – the benefits and costs of publishing posted interest rates.

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