CDIC confirmed certain card products issued by Peoples Trust as being eligible for CDIC insurance.
VANCOUVER – Jan 19, 2021:
Peoples Trust Company (PTC), part of Peoples Group, announced today that CDIC has assessed certain general purpose reloadable prepaid card products to be eligible for CDIC insurance. For the first time, PTC can offer their issuing clients the ability for funds loaded to eligible GPR prepaid card programs, including Payroll cards, to benefit from CDIC protection. Funds loaded to these particular prepaid card programs are held at PTC, a CDIC member institution, and are eligible for CDIC deposit protection. These eligible deposits are combined with the depositor’s other eligible deposits held at PTC, for up to $100,000 of deposit protection, per category, per depositor.
For information about CDIC coverage and who is a CDIC member, Visit cdic.ca/yourcoverage/protecting-your-deposit
“Peoples Trust Company continues to lead with innovative solutions in the area of prepaid cards. This CDIC insurance eligibility will provide additional peace of mind for cardholders, knowing their funds can be insured, which in turn increases their confidence in using our clients’ programs”, said Howard Klein, President of Peoples Payments and Cards, part of Peoples Group. “We worked closely with CDIC to get this eligibility confirmed and appreciate their efforts and collaboration.”
The traditional financial services landscape is shifting in Canada. More consumers are accepting the services of FinTechs and there is an increasing number of banking challengers entering the market. The CDIC deposit insurance protection described above adds to the value proposition of these alternate service providers.
PTC is now ready to work with program managers that want to integrate this protection into their general-purpose reloadable card program features that qualify for CDIC insurance coverage. PTC expects increased interest from the prepaid card industry because of this new product feature.
About Peoples Group
Peoples Group has been providing tailored financial services to the Canadian marketplace for more than 35 years. Since 1985 our focus has been on exceptional customer service, solidly rooted in extensive product knowledge and experience. In the world of Canadian payments, Peoples Trust Company, part of Peoples Group, is a leading issuer of prepaid payment cards and an innovative merchant acquirer. We are an entrepreneurial organization that excels at customizing solutions to fit the needs of our clients. As a result, we have been recognized as a pioneer and innovator of prepaid cards in Canada, and an early adopter of payment solutions. We have partnered with many of Canada’s FinTechs, giving them the tools and guidance to help realize their success. For more information, please visit peoplesgroup.com.
Peoples Trust Company is a member of CDIC.
Media Relations Team