You Tube

Skip Navigation LinksHome > Industry News
SHARE & BOOKMARK
FaceBook Twitter Delicious Digg LinkedIn

Canada Changes Rules On Prepaid Cards

(5/28/2014)

Looking to increase consumer protections, federal officials in Canada have introduced new regulations on prepaid debit cards that limit fees and require card issuers to provide clearer information to customers. The rules, which apply to all banking institutions, are being enforced by the Financial Consumer Agency of Canada (FCAC).

“As the federal agency responsible for overseeing these regulations, we have updated our consumer information on prepaid cards and will continue to work with financial institutions to ensure that the requirements set out in the regulations are effectively implemented,” said Lucie Tedesco, commissioner of FCAC.

Specifically, the rules prohibit expiration dates on cards, ban maintenance charges for at least one year after the card is activated, and require disclosure of all card fees in an information box visible on a card’s packaging. Although the changes officially took effect earlier this month, the regulations will apply to all prepaid cards currently in the market, no matter when the cards were purchased.

Prepaid debit cards, which include promotional gift cards, let consumers make purchases or withdraw money from a pre-set amount. As in the U.S. – which mandated similar consumer protection rules in 2009 – banks, retailers and credit card companies all offer prepaid cards in Canada.

“As part of Canada’s Economic Action Plan, our government has committed to protecting consumers and saving Canadians money,” said Joe Oliver, Canada’s minister of finance. “These new regulations show we are taking action to support that commitment, helping to create jobs, growth, and prosperity across Canada.”



Sponsored By:

Making You Money: What ASI is all about.

Promotional products, also known as ad specialties, make up a $20.5 billion dollar industry and are used by virtually every business in America. Why? Items like mugs, pens and t-shirts are memorable and provide a better cost per impression for advertisers than almost every major marketing effort like prime time TV, magazines and radio.

With so many businesses buying ad specialties there is a huge opportunity for professionals looking to make great money running a promotional products distributorship. It’s easy and inexpensive to get started and you can work from home.

© 2014, The Advertising Specialty Institute®. All Rights Reserved.

  • A business opportunity to reinvent your career in an exciting field
  • Work at home - for yourself - not by yourself
  • Make money selling ad specialties
  • Partner with a time-tested industry leader
  • Get started instantly with all the tools you need