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Some good financial news for Toronto office space tenants – and all consumers

Tenants in our office space Toronto location here at Telsec are in for some good news. The federal government is moving forward August 1 with new measures to help Canadian consumers. Some of these new measures include:

• A shorter cheque-holding period
• A ban on unsolicited credit card cheques
• A new mortgage code of conduct

Every chance I get, I’m telling my friends and tenants at my Toronto office space that as of Wednesday, August 1, the maximum cheque-holding period will be FOUR business days for cheques not exceeding $1,500. Also, immediate access to the first $100 deposited by cheque in person at a branch, and on the next business day for cheques deposited by any other means such as ATM’s, must be available. The new rules will apply to cheques drawn on a financial institution located in Canada, deposited in Canada and issued in Canadian dollars.

Telsec’s office space Toronto clients and customers who occupy shared office space, or even those who commit to a shared office space or virtual office at One Yonge Street, have access to a CIBC ATM in the lobby. And being an ideal office for rent Toronto location, it’s only minutes away from the financial district and its major banks. There is also the Member One Credit Union (Operated by Luminus Financial) on the second floor of the Toronto Star Building. So this is great news for me and for all my colleagues renting Toronto office space at Telsec.

Did you know that credit card cheques are considered cash advances and include higher interest rates and fees and NO interest-free grace period? Well guess what? The new regulations will require the consent of borrowers before distribution of these “rip-off” credit card cheques.

A lot of the tenants here that rent Toronto office space are homeowners. Some of the new mortgage code regulations make it mandatory for federal financial institutions to outline carefully the differences between mortgage products, including ways to pay off a mortgage faster without incurring penalties. Banks will also be obliged to provide more information on how prepayment charges are calculated.

This reminds me a lot of the time I first started renting office space Toronto at Telsec over a decade ago. There were no hidden charges or fees and everything was made crystal clear from the beginning. So if an established, successful company that’s involved in office space Toronto leasing can do this, why can’t our banks and other major financial institutions? It’s about time.

More consumer-friendly changes also include:
• Cardholder consent for credit-limit increases.
• A minimum 21-day grace period on new purchases.
• A code of conduct for credit and debit cards to help small businesses (including the many who rent office space Toronto here at Telsec) deal with unfair practices and protect businesses from escalating costs.
• A ban on negative-option billing for financial products. (Negative-option billing occurs when goods or services are provided automatically, and the customer must either pay for the service or specifically decline it in advance of billing).
• Guidelines for making mortgage insurance more transparent, understandable and affordable through more comprehensive disclosures.
• Creating an independent Task Force on Financial Literacy to help consumers make the right financial choices.
• Establishing a Financial Literacy Leader in the Government.
• Legislation to protect users of prepaid cards.

I praise these initiatives by the federal government (even though I’m not a conservative. Lol). They offer easier and clearer choices for consumers – in the same way Telsec offers clearer, easy-to-understand Toronto office for rent options. In fact, this business centre here has 5 distinct Toronto serviced office options – from deluxe executive private offices starting at $495 per month to virtual office mail service for as low as $30 a month.

In other words, there is lots of choice and plenty of clarity. Hey banks, are you listening?

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