VANCOUVER, B.C., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Peoples Trust Company, part of Peoples Group, announced today that CDIC has approved general purpose reloadable prepaid card products, issued under its prepaid card programs, to be eligible for CDIC insurance. For the first time, Peoples Trust Company can offer their issuing clients the ability to provide CDIC protection for eligible general-purpose reloadable prepaid card programs, including Payroll cards. Cardholders participating in these programs may now be able to benefit by having their card balance protected by CDIC insurance, in a similar manner to how their funds may be insured in their savings or investment accounts.
“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 approved 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. This CDIC deposit insurance protection adds to the value proposition of these alternate service providers.
This approval from CDIC was granted earlier in 2020. Peoples Trust Company is now ready to work with program managers that want to integrate this protection into their current general-purpose reloadable card program features and become eligible for CDIC insurance coverage for their cardholders. Peoples Trust Company expects increased interest from the prepaid card industry because of this new product feature. Once implemented, cardholders can determine if their reloadable prepaid card is eligible for CDIC insurance by looking for the CDIC notification on the program’s website or mobile app.
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
About CDIC
The Canada Deposit Insurance Corporation (CDIC) has been protecting Canadians’ deposits for over 50 years. We are the federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. We now have a modern set of flexible resolution tools that ensures we are well equipped to protect Canadians’ hard-earned money and contribute to the stability of the Canadian financial system.