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Business Week PAGE 26 â€" WATERLOO CHRONICLE time should be spent fixing the bank‘s mistake. So the branch sent here a stamped, selfâ€"addressed envelope, and the two cheques were mailed back. Along with the cheques she sent this letter: "It would be appreciated if you could please remit to me a cheque in the amount of $3, representing a fair charge for services performed herein to correct an error on your part. "It is assumed that your bank would certain}y have levied a service charge had I committed a mistake that required your time and effort to correct. "I look forward to receiving an early response." The woman told me she did this to make a point. Banks just impose unilateral charges, and life should be a twoâ€" way street. Well, guess what? The bank paid. Three bucks was put into her account to cover the service she performed. Don‘t amazing things start to happen when the issue of bank charges goes political? It seems our readers are getting positively feisty of late. Here‘s a letter from William Neely, of Etobicoke, who is also taking on a bank â€" this time, the Royal. Neely‘s mortgage cheque was returned by the bank marked NSF, but at the same time the funds were debited from his account. It took two visits by his wife, "who was given the brushâ€"off," two phone calls from Neely and then a visit by him Among the people I admire is Jacqueline Calzavara. The Toronto woman has a chequing account which (for a service charge) returns her cancelled cheques each month. The other day she opened the envelope and found two cheques that weren‘t hers. So she called the branch, and was asked, "very casually," to bring the cheques in. But Mrs. Calzavara is a working mom with two infants to care for, and she saw little reason why her Bank agrees to request to rectify error If you said "tourism" you are right on the mark. This week is "National Tourism Awareness Week" and Kitchenerâ€"Waterloo started celebrating Monday with a kickâ€"off breakfast with guest speaker Hugh O‘Neil, the provincial Minister of Tourism and Recreation. It‘s more than appropriate that O‘Neil began the week in Kitchenerâ€"Waterâ€" loo, given the large role of tourism to the health of the region, and the marketing of the area by groups such as Oktoberfest Inc. In fact, it has been estimated that tourism and hospitality provides approximately 20,000 local jobs and brings in over $100 million annually to the Chronicie Staff Quick! What sector of the economy is the fastest growing creator of new jobs? Is the leading employer of youth? Is the second largest earner of foreign exchange in Canada? \'z s n * ht KE ;') 5t & *""fl “'-\ a ® P s “ o “‘,4{(;%?\~ N e s c s hk io $ m *A ce o. I s iscc 6 m Fi F E £3 j & F Ca PP E. A ; «onl s + * J l 7k + i i Es Provincial Tourism and Recreation Minister Hugh O‘Neil bothsluandlmporunee,"hetoldloulbuumuan;l kicked off Tourismweek in Ontario Monday at Kitchener‘s flollfled leaders. Looking on were Oktoberfest Inc.‘s Valhaila Inn. ‘"The tourism industry in Kâ€"W is growing in ncle Hans and Catherine Valeriote. lan Kirkby photo A 1986 provincial tourism study of Kâ€"W "confirmed what we suspected all Tourism is a hot topic % % # YÂ¥ MAY 18 the bank has established a new subsidiary â€" Bank of Still with banks, let‘s flip over now to the Bank of Montreal, which has jumped headlong into the mutual fund business. Now, this has been a growing trend for the banks lately and goes handâ€"in glove with the way bankers are spending big bucks to buy up stock brokerage houses. Over the next few years you are going to have a rainbow of investment opportunities shoved up your nose as a result. Some of them will be wonderful, some will not. More than ever, investor caution will be allâ€"important. BeeMo has added four funds to its existing First Canadian Mortgage Fund, dramatically increasing the investment options that customers have at the branch level. In doing this, before the final outcome was known: Bank error. "Since I have better things to do with my time, I have invoiced the bank accordingly," he writes, "for my time, my wife‘s time and our gas and mileage." Not only that, but Neely intends on imposing a monthly interest charge on the unpaid account. Such gall! Imagine the customer having the same right to charge as the bank. Well, the invoiced amount came to $83.02, worked out at an average hourly time charge of $17.50 and adding in 21¢ for each kilometer travelled. Over to you, Royal. Garth Turner Canadian Business "You will agree that even small increases in these numbers will result in substantial economic benefit for the entire province." The province hopes to work with local businesses to train workers in the tourism industry. Over 5,000 Ontarians have been through the "Ontario Hospitality Training Program" said O‘Neil. along," said O‘Neil. "The tourism industry in Kitchenerâ€"Waterloo is growing in "But there is lots of room to grow," he said. The Ontario government is trying to encourage tourism through promotion abroad and with creative programs such as a joint venture with Quebec in marketing the two provinces abroad. Additionally, the province is trying to increase the number of domestic citizens staying in their own province for a vacation. "Our tourism industry has captured only about half of its home market," said O‘Neil. "Ontarians, in fact, are the world‘s eighth largest tourism spenders. We spent no less than $10 billion on domestic and foreign travel in 1986. "The best advertisement for Ontario is a satisfied visitor." 9 First Canadian Bond Fund: This invests in high quality, fixedâ€"income securities like bonds and debentures which have been issued by governments and corporations. As you know, governments here have a hell of a time living within their means. So the deficits they run are financed by bonds like these. Investing in them means you get to be the government‘s banker. Nice revenge, eh? Minimum investment, again, is five hundred bucks. 4Â¥ First Canadian Money Market Fund: My favorite. This invests in shortâ€"term, highâ€"quality corporate and government debt like Tâ€"bills, bankers‘ acceptances and commercial paper. It‘s right for the times. When the stock market is volatile, interest rates are rising and recession is breathing down the economy‘s neck, this is a good place for wealth to be. But the minimum investment is higher, at $2,500. If you have money sitting, rotting in a lowâ€"yield Bank of Montreal savings account, then you now have no excuse. Invest or perish. Montreal Investment Management Limited â€" which will take care of the "M Funds." The four: Â¥ First Canadian Equity Index Fund. This invests in the 300 stocks which make up the TSE 300 index. That means the fund will perform as the stock market does, rising and falling in value with the market‘s key index. To invest you need a minimum of $500, and there‘s no initial commission, but you give up 2% of your investment when you cash out. If you are afraid of the stock market, or another Black Monday, this fund is not for you.‘ Â¥ First Canadian Balanced Fund. Here you get a chance to hedge your bets. The fund puts its money into a blend of stuff â€" stocks, corporate and government debt securities, and also some mortgages. Again, you need $500 to start playing the