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Currently, I’ve been spending my days trying to make heads or tails out of my father-in-law’s Clock Repair Business .. as he is no longer able to, since he was involved in a car accident early November. One of his customers came in today to pick up his antique mantel clock .. and in conversation, he mentioned that he couldn’t wait to get down south to Fargo, North Dakota for some last minute Christmas shopping, since the Canadian Dollar is so much higher than the U.S. dollar now ..

EH? EXCUSE ME? HAVEN’T YOU BEEN FOLLOWING THE NEWS?

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Three of Manitoba’s credit unions merged late last year .. Assiniboine Credit Union, Astra Credit Union and effect January 1, 2007 they are now operating under the Assiniboine Credit Union name. Their website claims that everything should be integrated by April 2, 2007 however (click the above graphic). More →

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EGADS … sometimes I get SICK of reading all the tips out there on websites .. in blogs .. reading their lists .. their top ten picks .. etc etc .. Most are purely written because some ‘bloggers’ suggest to others that people really want to read tips and lists (do we have a short attention span?) .. and it will increase traffic.

Y E T … I’ve been quite fascinated with this site: Sound Money Tips … so, I guess I will make my own list.. since .. It’s got tips on everything! More →

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Actually, that’s what the newsletter said ….

I must have sent the BDC another Bank or Mortgage Confirmation, because today I received their Summer 2006 Newsletter (aka Junk Mail) …. It’s nice when bankers think you can bring them more traffic .. Actually - you know what? I hope I can do that .. It’s always good to network with bankers when you are in business.

NEW BDC PUBLICATION:

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Trust me .. You don’t want to re-read the whole dang story about my adventures at Best Buy … but the ‘Readers’ Digest’ version of this story is as follows:

I was entitled to a $50.00 USD rebate on my computer purchase .. so I mailed it in.

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I posted a complete list of prime rates that I had been keeping on my local computer, since January 7, 1986 .. current up to December 7, 2005 .. at the URL .. HERE

I would like to thank Tony C. from Montréal, Qué. who sent me the following email March 21, 2006:

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HART’s mind works in mysterious ways ….

I have kept a record of every Prime Rate change since January 1, 1986. I guess I’m anal that way. There are many times working on year end financial statements that I have to accrue interest on loan balances. Quite contrary to common belief .. “term loan rates” are not that common for business. Mind you, I shouldn’t say that as if I am making a fact, but rather an observation. Usually with my experience, when there are company loans that involve general security arrangements, I have noted that these loans tend to be VARIABLE in nature - in this case .. “Prime plus”. These loans would include demand operating loans, general working capital loans, etc etc. The term loans that usually have specific terms of repayment and interest rates are those usually secured by a specific asset or group of assets that has a serial number - such as automobile financing, equipment loans, etc etc. These are not always the case, just “in General” and in my humble opinion.

Anyway, sometimes you need to accrue interest or estimate what portion of a blended interest and principal loan payment is. Knowing the rate of interest is usually helpful. For instance, if there is a demand loan that is being charged “Prime plus 2.5%” and the last payment was taken out on the 5th of the month, I might accrue interest from the 6th of the month to the end of the month in the financial statements - but I need to know what Prime rate is. That’s where my recap comes into good use.

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Banks and Financial Resources

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