VANCOUVER, B.C., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Our recent press release has garnered attention and we would like to supply additional information. Peoples Trust Company (PTC), part of Peoples Group, announced in January, that CDIC has assessed certain general-purpose reloadable prepaid card programs, including payroll cards, to be eligible for CDIC insurance. Funds loaded to these specific 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.
Details on coverage can be found here: https://www.cdic.ca/your-coverage/protecting-your-deposit/
Program managers wanting to integrate this protection into their current general-purpose reloadable card programs can approach PTC to have their card program assessed for inclusion.
Once implemented, cardholders from approved programs, can determine if their reloadable prepaid card is eligible for CDIC insurance by looking for information about CDIC eligibility 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
Peoples Trust Company is a member of CDIC
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