The Frontier Times Canada's Payments Journal is the all Canadian independent publication dedicated to serving electronic transactions and payments businesses in Canada. The FT is the principal source of Canadian information on the credit card, debit card, merchant account, merchant acquiring, ISOs, EFT, ACH, loyalty card, gift card, ATM/ABM, e-wallet and related businesses.
Wednesday, April 29, 2009
Tsunami Instant Debit – Canadian Banks Promote Electronic Donations - Issue 7 - March 31, 2005
Tsunami Instant Debit – Canadian Banks Promote Electronic Donations
According to the Canadian Red Cross, approximately CDN$181 million in aid has been donated so far to the “Canadian Red Cross – Asia Earthquake and Tsunamis Relief” to date. This includes all sources of funding from bottle drives, coin boxes, regional charity events, toll-free lines and banks, etc. More than $43 million of all funding can be attributed to online donations, and electronic banking. In the initial days of collecting donations, just after the Tsunami disaster, fully half of all funds were collected online.
Susan Charest, Communications Officer, Canadian Red Cross, said that the Red Cross has seen a steady increase in donations over the last few appeals. And especially now, with the Canadian Red Cross – Asia Earthquake and Tsunamis Relief, there has been a remarkably huge shift in fundraising results, with a great increase in the number of donations on-line. The result has been a response “never seen before”. Like the Tsunami itself, this was something no one anticipated. “One day, we were so completely overwhelmed, the site crashed due to the sheer number of donations on-line.” They quickly recovered from the crash, but this clearly signalled that the on-line presence was a strong one.
The Red Cross uses PayPaq Payment Solutions Gateway, a product provided through the Strategic Profits Inc., a Canadian e-business and e-philanthropy solutions provider. HelpforCharities.com is a foundation that is committed to helping not-for-profits and charities utilize the costs savings and fundraising opportunities offered by using the Internet. Founded in 1999, under the name Strategic Nonprofits International Foundation, Help for Charities has been bringing charities innovative ways to increase online fundraising revenues while at the same time decreasing the costs of processing donations and operating online. The incredible growth in online giving over the past few years has made fundraising tools an essential component of any online fundraising initiative.
Charest believes perhaps the best method of donation is on-line, where the cost to administration is low, and the process is easy for donors, who can benefit from additional options such as “printing a tax receipt right away” within 24 hours of making a donation. Once on site, donors can choose which campaign they wish to assist. Donations exceeding the required amount are redirected to the Disaster Relief Fund. Asked if the Tsunami Appeal benefited other Red Cross online fundraising campaigns residually, Charest stated that it was, “too soon to tell.” The Red Cross arranged for the participation of Canadian Banks through a regular partnership with the Canadian Bankers Association. In addition to donations provided by individual banks, banks in Canada accept donations to the “Canadian Red Cross – Asia Earthquake and Tsunamis Relief.”
According to the Red Cross web site, donations to the Canadian Red Cross may be made at any branch of the following participating banks: • BMO Bank of Montreal • Bank of Nova Scotia • Canadian Western Bank • CIBC • HSBC Bank Canada • Laurentian Bank of Canada • National Bank of Canada • RBC Royal Bank and TD Bank Financial Group. Donations can also be made on-line: https://www.paypaq.com/redcross/en/
Beyond direct donations, the Canadian Red Cross, with BMO Bank of Montreal, now offers a new Affinity program: the Canadian Red Cross Mosaik MasterCard.
The Canadian Red Cross Mosaik MasterCard offers a full range of features, flexibility and value. It is an easy way to support the valuable work of the Canadian Red Cross. Cardholders will benefit from many built-in features – such as extended warranty insurance and purchase protection. Cardholders can also customize their cards further with the reward programs, features and rate plans that fit their needs. Every time a Canadian Red Cross Mosaik MasterCard cardholder uses this card to make a purchase, the Canadian Red Cross receives a financial contribution in support of its national programs.
Asked about the overwhelming response that the Red Cross has experienced and whether this has affected how the Bank of Montreal and Mastercard views Affinity cards, Rene VanGent, Senior Manager, Partnerships for BMO Mastercard, explains that Mosaik “has seen a boost in Affinity card holder volume, but this has not motivated any changes in the Affinity (charity) cards.”
As a consumer, the amount given to a non-profit organization, such as the Red Cross, through this kind of affinity program is based on a revenue sharing formula that applies on usage of the credit card.
For example, a retail percentage of 1% could go to the non-profit organization. This means that $25 could be earned by the non-profit on $10,000.00 of collected credit charges. Affinity card agreements do not cause the beneficiary organization any additional costs. Other organizations benefiting from the Mosaik card include the Cancer Research Foundation (which received $100,000 through the Affinity card program last year) and the uvenile Diabetes Research Foundation. Mosaik has just announced the new Concordia University Card (Montreal) which will be available soon. See the Red Cross Mosaik card and other variations of this theme at the new site: http://www.chargecards.ca/canadian_red_cross_mosaik.mastercard.php
The Mosaik affinity card is strictly for not-for-profit organizations which meet the Bank of Montreal criteria. BMO is the “only Canadian bank offering an Affinity card program in Canada”. http://www3.bmo.com/mosaik/redcross
By Angela R. Read, Managing Editor, read@frontiertimes.ca
Note from the Editor
The Tsunami has slipped from newspaper headlines. The FT has chosen to make Tsunami relief payments its cover story as a reminder of the continuing need for assistance for the people of South East Asia affected by the tragedy.
Back in Canada, we expect to see the emergence of longawaited competition in the Canadian merchant account business in 2005. A conversation with any Canadian ISO will reveal and in-house bank sales units simply can’t compete with the hungry, customer service oriented approach of Canadian third party independent sales organizations.
Complementing the indigenous Canadian ISOs, US resellers are increasingly making a Canadian deal part of their US agreements. Processors such as Global Payments and Paymentech are being asked, in the US, to include Canada in their US ISO deals. Despite copious amounts of writing on this topic in our pages at the FT, Canadian banks, (all of which are on our mailing list), have yet to notice the poaching of their Canadian merchant accounts by leaner, more entrepreneurial entities.
We would like to take this opportunity to invite all of our readers to visit the chat section of www.frontiertimes.ca and make their thoughts known to other readers. An interesting post this month revealed that MasterCard Canada has no Director of Marketing in Canada. Marketing calls are referred to the NY office of MasterCard. This is precisely the kind of topic on which we think readers, such as member banks of MasterCard, would have opinions.
Thank you for your continued and overwhelming support of The Frontier Times.
Adam N. Atlas
Editor in Chief
atlas@frontiertimes.ca
News
Canada's DirectCash Raises $50M in IPO Uses Proceeds to Fund Acquisition
Calgary, Dec 20 04 – DirectCash ATM now claims to be the 3rd largest ATM provider in Canada following CIBC and Royal Bank. When the DirectCash Income Fund grossed CDN$50 million after completing its initial public offering of trust units, which included the 5 million trust units at CDN$10, The Fund used the proceeds of the offering to acquire a 40.1 percent interest in DirectCash Limited Partnership. DirectCash then acquired an ATM, Interac debit terminal and prepaid cash-card business, operated previously by Teal Financial (2003) Corp. and Card Capital Inc. The current shareholders of Teal and Card Capital hold the remaining 59.9 percent interest in DirectCash Limited Partnership.
As a result, The Fund is now the largest branded non-financial institution ATM provider in Canada, with over 3,500 ATMs operating under the trade name DirectCash ATM. The Fund also is one of the lead providers of branded non-financial-institution debit terminals and prepaid cash cards in Canada.
Dakis and Fujitsu Create Mobile Computing for Retailers
Montreal, Jan 12 05 – Dakis Decision Systems Inc. (Dakis) has announced that it has successfully ported its software “The Dakis Humanized Expert” to Fujitsu’s iPAD and TeamPad mobile platforms, creating Fujitsu MobileReady solutions for wireless retailing.
Fujitsu’s versatile iPAD and TeamPad mobile computers are ideal platforms for the Dakis Humanized Expert,” said Philippe Hugron, CEO of Dakis Inc., based in Montreal, Canada. “This is a powerful combination that will enable store associates to help make shopping easier for customers.”
“Designed for wireless, networked applications, the Fujitsu iPAD and TeamPad are easy for mobile workers to learn because they support the familiar Windows CE environment and their versatility makes them easily adaptable to a wide variety of uses. Fujitsu mobile platforms combined with the Dakis Humanized Expert offers retailers an unbeatable, optimized mobile solution.”
Cathy Boss-Fessel, director of retail and channel marketing at Fujitsu, says, “The combination transforms wireless working from a ‘nice to do’ to a ‘must do’.” According to IDC, a global industry research firm, handheld devices retain strong momentum, even with a US economy that has slowed. It estimates that worldwide shipments will increase at a compound annual growth rate of 39 percent from 13.6 million in 2000 to 70.9 million by 2005.
Fujitsu’s handheld devices wirelessly empower mobile workers to better serve their customers while connecting and sharing data. These lightweight, rugged devices give workers real-time access to corporate systems, in-store retail or a host of other applications. Fujitsu still remains a relatively obscure brand in the Canadian payments space.
GE Buys First Data Portfolio
Toronto, Jan 17 05 – First Data Corp. (NYSE: FDC), Canada’s largest foreign independent sales organization in electronic commerce and payment services, and GE Consumer Finance- Canada, signed an agreement in which GE will acquire the small business MasterCard® portfolio in Canada of First Data Loan Company Canada, and First Data will provide card processing services for the accounts.
“This agreement will allow First Data to continue to focus on its core competency of providing leading third-party payment processing services to financial institutions around the world,” said Peter Harrington, president, First Data International, Latin America and Canada. “First Data and GE have been partners for many years and we are excited to expand and strengthen this relationship.” “We’re pleased with this acquisition and we’re committed to helping small business owners grow their businesses and run them more efficiently,” said Stephen Motta, president and chief executive officer of GE Consumer Finance-Canada.
“MasterCard Canada is very pleased to welcome GE to the growing ranks of MasterCard card issuers in the Canadian market,” said Kevin Stanton, president, MasterCard Canada. “GE will bring additional choice and innovative product options for customers.
Moving to “Chip” for Interac Services
Toronto, Feb 16 05 – Interac Association, the Canadian bankdominated debit network, announced approval by its Board of Directors to migrate to chip technology for the delivery of Interac Shared Services: Interac Direct Payment® (Canada’s national debit card service and Interac Shared Cash Dispensing Service for cash withdrawals at Automated Banking Machines). The Association plans to have the necessary infrastructure in place for its Members to begin offering the Shared services using chip cards by the end of 2006. Plans call for the first chip transaction to take place in early 2007.
The specific timetable for the introduction of chip by individual Association members will vary from member to member. The Association’s mandate is to ensure that the infrastructure is in place to begin processing transactions using chip technology by an agreed date, and to set out the long term migration strategy that includes requirements for new point-of-sale (POS) terminals and Automated Banking Machines (ABMs) entering the marketplace to be chip compatible within a fixed timetable.
MasterCard’s Chip Solution in Canada: Ready When You Are
Toronto, Feb 25 05 – MasterCard International confirmed that its market-leading chip solutions are ready for implementation in Canada. MasterCard created OneSMART MasterCard®, a program to provide financial institutions with technological and marketing support to launch smart cards. As part of the program, MasterCard offers pre-configured smart card packages that enable customers to get to market faster.
“MasterCard’s chip capability and smart card platforms, including the OneSMART MasterCard™ program, have been in place for some time and are ready for immediate implementation in Canada,” said Kevin Stanton, President, MasterCard Canada.
MasterCard’s response arrives alongside the Interac approval by its Board of Directors to migrate to chip for Interac Shared Services. Of course, many other industry elements must align to create a fluid process for chip use in Canada. Visa Canada has been moving slowly to chip migration, on an estimated seven year momentum, arriving roughly in the same period of evolution to chip use as the expected 2007 Interac transition date.
“As a customer-driven organization, we do not mandate terms, conditions and timelines for chip migration to our customers,” said Stanton. “Instead, we work with our customer financial institutions and merchants to enact customized plans for chip migration according to their business needs and to the unique context of their individual markets. In other words, we’re ready now for when our Canadian customers are ready to go to chip.”
MasterCard® continues to view chip as a “fit for purpose” technology that works best in situations where there are mutual benefits for card issuers, acquirers, merchants and cardholders. As a result, MasterCard® has not issued a global mandate to achieve market migration to chip by a set date. Instead, MasterCard’s regional operations work with their local customers on chip migration according to when and where it makes sense for their local requirements. For instance, MasterCard Canada has long been an active participant in the Canadian Chip Migration Project, which helps ensure shared specifications and ease of interoperability of across the nation’s various chip programs.
Bonjour! $45,000,000 of Montreal Credit Card Fraud Busted
Montreal, Feb 03 05 – Let’s face it, lovely Montreal is known internationally as the dubious processing capital of North America. Members of the Centre of Operations Linked to Telemarketing Fraud (COLT) have dismantled a Montreal-based criminal organization involved in transnational fraudulent telemarketing. Twenty-eight persons have been arrested as part of this police operation conducted in an office building located on Décarie Blvd. in Montreal. No one in the payments industry in North America was surprised at this turn of events.
The criminal organization dismantled by the COLT investigators specialized in fraudulent misrepresentation with respect to preapproved bank loans. The investigation has shown that 100,000 victims have been defrauded of $45,000,000 by this organization over a period of 18 months.
This operation, named Project CORAL, required the joint participation of the Royal Canadian Mounted Police, Sûreté du Québec, Service de police de la Ville de Montréal, Competition Bureau of Canada, Immigration and Customs Enforcement of US Homeland Security, Federal Bureau of Investigation (FBI), United States Postal Inspector Service (US Postal) and North Carolina Attorney General’s Office.
Close cooperation between Canadian and US authorities facilitates joint investigations conducted on both sides of the border, and made it possible to lay charges before Canadian and American courts against the leaders of these criminal rings as well as against their associates.
As part of Fraud Awareness Month (February), the Canadian and American partners in Project COLT stress that they will pool their resources to fight this type of criminal activity which is regarded as a violent crime against the victims, most of whom are senior citizens.
The Body Shop Selects Triversity
Toronto, Feb 15 05 – Canada’s Triversity Inc®., an international provider of customer-centric retail solutions, today announced that The Body Shop International plc. has selected Triversity’s Transactionware GM as the company’s global point-of-sale (POS) pc based solution. The Body Shop will begin a pilot project later this year where the international retailer will implement Transactionware GM at more than 1,900 stores.
Montreal’s Optimal Payments to Buy US Merchant Card Acceptance
Montreal, Jan 03 05 – Optimal Payments Inc®., a wholly-owned subsidiary of Optimal Group Inc. (NASDAQ:OPMR), has acquired the operating assets from Merchant Card Acceptance Corp. and its affiliated companies, Precision Management Consulting Inc. and Merchant Card Interactive Corp. (collectively, “MCA”) for approximately US$4.6 million.
MCA is an independent sales organization providing Canadianbased merchants with credit card and Interac PIN-based debit card acceptance. Optimal Payments will acquire the operating assets of MCA, which consist primarily of agreements with merchants, employees and suppliers. MCA is based in Toronto, Ontario and has approximately 40 employees across Canada, most of whom are in the Sales Division.
After years of service in the US high risk market, Optimal is finally looking to its own home market for business. Optimal is truly distinguishing itself from its former incarnation, SurFire Commerce.
Diners Club Cards to Be Reissued and Co-branded with MasterCard
MasterCard, Diners Club North America and Diners Club International have entered into an agreement to broaden the acceptance of Diners Club cards throughout North America. Diners Club International will be reissuing all cards issued within Canada and the United States with a 16-digit Master-Card account number beginning with “5”. The card will bear the MasterCard brand on the front of the card and be co-branded as a Diners Club card. Upon re-issuance, these cards will function as MasterCard cards at merchant locations. These Credit: Diners’ Club cards will be re-issued through June 2005.
If you currently accept Diners Club cards, you will see a shift in transaction activity from Diners Club to MasterCard as Canadian and US cards are replaced with a MasterCard over the next year. Diners Club cards that begin with 30XXXX and 38XXXX will be reissued with a 5XXXXX prefix MasterCard in 2004 and 2005. Until the Diners Club cards with prefix “30” and “38” are reissued, the cards will be processed, as they are today – a Diners Club transaction with your established Diners Club pricing.
Starting in the 3rd Quarter of 2005, Diners Club cards issued outside Canada and the US will be reissued with the MasterCard logo on the back of the card. These cards will retain their existing 14-digit account number beginning with “36”. These new cards will be eligible for acceptance at all MasterCard locations. However, some Point of Sale terminal applications may require a new terminal download for software to recognize these cards.
NCR and Canada's AJB Software Design
Atlanta and Toronto, Jan 15 05 – NCR Corporation (NYSE: NCR) and AJB Software Design Inc. (Toronto) have extended their reseller agreement, enabling NCR to offer its retail industry customers the newest versions of AJB’s integrated payment solutions. The companies also announced that AJB has completed an interface to the new NCR RealPOS Advanced Payment Terminal. Leveraging NCR’s patented signature-capture technology, the NCR RealPOS Advanced Payment Terminal is an intuitive payment device that helps shoppers complete their credit, debit or smart-card transactions quickly and easily. Designed with the future in mind, the NCR terminal will enable interfaces with technologies such as fingerprint recognition or forms of payment based on radio-frequency identification (RFID).
Additionally, NCR has developed an integration of a RFID Hybrid Scanner with POS Software, which is now available for retailer trials to assess the impact of RFID integration on checkout and other store processes. The hybrid scanner reads radio-frequency identification (RFID) labels as well as bar codes, in combination with the NCR Advanced Store point-of-sale (POS) application. The solution is being offered for lab testing to retailers who want to evaluate the potential impact of item-level RFID tagging on POS operations and other store processes. Contact NCR: http://www.ncr.com
Global Payments Renews Canadian Credit Facility
Atlanta, Nov 23 04 – Global Payments Inc. (NYSE: GPN), a world leader in electronic transaction processing solutions, announced today the renewal of its $175 million Canadian revolving credit facility agreement, which equates to approximately $146 million in U.S. dollars based on current exchange rates. This agreement is with a syndicate of financial institutions, including CIBC and certain members of Global Payments’ existing U.S. bank group. Global Payments intends to continue the use this credit facility in connection with its Canadian merchant settlement process. Global is the Canadian processor that perhaps best understands the future of the Canadian merchant processing market, and is likely to benefit accordingly.
EZEE Acquired
Toronto, Feb 14 05 – Ezee ATM, Canada’s largest merchant-loaded ATM ISO, announced its financial partner, Newport Private Yield LP, has acquired the remaining 50 percent of EZEE to bring its holdings in the firm to 100 percent. Chris Chandler becomes EZEE’s president and chief executive officer, while Gordon Metcalfe, the company’s founder, will become senior operations advisor. Scott Keeler remains as vice president and chief operating officer.
Chandler brings more than 17 years experience building and operating businesses, along with significant knowledge of payments-based businesses including ATM, debit, credit and smart cards. Ezee currently has more than 2,300 ATMs under management.
“With our successful integration experience and the strong financial backing of Newport Partners, Ezee is well positioned to continue to lead the consolidation of the Canadian independent ATM industry with an accelerated acquisition strategy,” Chandler said. Newport Private Yield is a private equity fund managed by Newport Partners, a Toronto-based personal and corporate asset management firm.
Les chèques canadiens se font une nouvelle image
Ottawa, le 10 janvier 2005 – L’Association canadienne des paiements (ACP) a publié de nouvelles spécifications pour les chèques canadiens, comme élément clé d’un plan de modernisation du système de compensation des chèques. Les nouvelles spécifications obligeront à modifier tous les chèques qu’utilisent les clients des institutions financières opérant au Canada.
Dans le processus de compensation actuel, environ cinq millions de chèques doivent être transportés entre les institutions financières chaque jour ouvrable. L’ACP pilote une initiative panindustrielle pour accroître l’efficience de ce processus par la saisie d’images qui permettront la compensation électronique des chèques. La date cible pour commencer la mise en oeuvre de ce nouveau processus de compensation est la fin de 2006.
Scotiabank Expands Epost Relationship
Toronto, Jan 19 05 – Scotiabank customers are now encouraged to electronically receive and pay even more bills online through the implementation of epost – the service that delivers bills, statements and other documents online for Canada Post. Scotiabank customers can now receive and pay more than 200 distinct documents from 100 different Canadian organizations. “Scotiabank is very pleased to offer customers access to the new, expanded epost service,” said Sharon Hodder, Vice-President, Internet Services, Scotiabank. “Our adoption of the system means greater flexibility for our customers to receive and pay their bills on line, securely and from the comfort of their computers.”
To access the service, Scotiabank customers can register through their Scotia OnLine® account to begin receiving and paying bills online via epost. The service claims to take only minutes to set-up and is free to all customers.
Having acquired the BCE Emergis webdoxsTM service in July 2004, the combined epost and webdoxs service provides consumers with tools to efficiently receive, view, pay, print and store more of their critical mail online – such as bills, statements, tax and payroll documents. In order to receive bills and other documents, Scotiabank customers subscribe to a list of epost billers including – telephone, cable, and major utility providers.
RBC Refunds $9.2M in Overcharges
Royal Bank of Canada is refunding $9.2 million to more than 150,000 customers who were overcharged when they used telephone and Internet banking services, along with automated banking machines. The RBC Royal Bank announced that it will refund service fees to some customers who were charged a separate fee for a service that should have been included in their banking package fee.
The billing error occurred when some existing clients upgraded their stand-alone accounts to a banking package fee option. In some cases, the client profile was not updated to reflect the new banking option. The total amount refunded will be approximately $9.2 million including interest to 152,000 clients, with the majority receiving an average refund of $60.00 per account. Clients were to be notified by letter starting December 13, and will receive a credit to their account or a cheque if their account is no longer open. “We regret this situation and have been working diligently since the error was uncovered earlier this year to identify all affected accounts,” said Cathy Honor, head of RBC Payments and Transactions. “We immediately conducted an in-depth review of client accounts that might be impacted. While our employees have been correcting the situation on an individual basis, now that our review is complete, we have suspended the individual charges for these clients and have initiated a refund process.”
The majority of accounts were automatically refunded. In some situations where clients no longer deal with RBC or where some information cannot be retrieved automatically, the bank will initiate a manual review upon request.
TelPay: Canada’s e-Payment Pioneer and Remote Authorization
Winnipeg, Jan 12, 2005 – Holder of six technology patents, TelPay e-Payment Services® announces another industry leading innovation – the ability for a company’s signing officer(s) to authorize business payments back in Canada, while they are traveling anywhere on the globe.
Businesses generally require two authorization signatures on every cheque before a payment can be issued. This means if one signing officer is out of the office or out of the country, business payments can’t be issued. TelPay has solved that problem. TelPay’s BusinessConnect® is an e-payment tool that enables any business in Canada to not only pay any person, supplier, organization, or government department in Canada, but also offers them the flexibility to have those payments authorized remotely by the company’s signing officer(s), regardless of where the signing officer is located.
Remote authorization works by first emailing details of the payments that need to be made to the signing officer. This is sent along with a unique password to that payment session. By sending the authorization password back, the signing officer has provided the equivalent of their signature. Authorization can be completed via email, fax, or telephone from anywhere in the world.
TelPay: Amex & Aeroplan Co-Branded in Canada
Amex won the right to team up with Aeroplan after the court overseeing Air Canada’s restructuring opened up the airline’s card partnership contracts in April 2004. Under the terms of the agreements, American Express is providing Air Canada with an $80 million credit facility, repaid as Aeroplan Miles are purchased.
Amex Bank of Canada and Aeroplan unveiled on January 12, 2005, a suite of three co-branded charge cards designed to help consumers earn Aeroplan Miles, fast. The companies also announced details of how points from Amex’s Membership Rewards program can be converted to Aeroplan Miles.
The American Express AeroplanPlus cards give customers more choice and the ability to collect Aeroplan Miles at a fast rate. Card members can earn up to 1.5 Aeroplan Miles on virtually every dollar spent on purchases, depending on the card and annual spending levels.
Every new Cardmember is to receive a Welcome Bonus of 2,500 or 5,000 Aeroplan Miles, depending on the Card. Other standard features and benefits include Front Of The Line access to concerts and sports events, Travel Accident Insurance and Purchase Protection Plan. The Platinum and Gold Cards can also include Car Rental Theft and Damage, and Flight and Baggage Delay insurances. Consumer and corporate charge cardmembers enrolled in Amex’s existing Membership Rewards points program will be able to convert their points earned on charge cards into Aeroplan Miles, on a onefor-one basis, starting February 16th, according to press release.
News compiled by Angela R. Read, Managing Editor, read@frontiertimes.ca
Features
Canuks Take on Bank Fees
Surrey – Canadians may be paying on average as much as $258 a year ($21.50 a month) in banking fees on a main chequing account, according to the results of a new nationwide Ipsos-Reid survey. And several groups are not happy about it.
The poll was carried out by Ipsos-Reid on behalf of Coast Capital Savings and interviewed 800 Canadians, between the ages of 19 and 55, from coast to coast in November 2004. Its findings can be projected to this age group within a margin of error of plus or minus 3.5 per cent, nineteen times out of twenty.
Some key findings about Canadians in this age group:
A sizeable minority (40 per cent) of people who hold chequing accounts think their main chequing account service fees are unfair.
Men are significantly more likely than women to think that their chequing account service fees are unfair (47 per cent of men compared to 32 per cent of women).
Credit union members are significantly less likely than bank customers to feel that the service fees they pay on their main chequing account are unfair (29 per cent of credit union members compared to 43 per cent of bank customers).
Lawrie Ferguson, Coast Capital Savings Senior Vice President, Marketing the survey results send a message to financial institutions. “These findings indicate that while the whole issue of banking service fees may have disappeared from the headlines in recent years, it certainly hasn’t gone away for the average consumer,” Ferguson said. “It’s clear that many people still feel the financial services industry is charging them more than it should for the right to access their own money.”
It seems Coast Capital Savings has listened to consumers and put that money where their mouth is. Coast Capital Savings offers a feefree account service, The Free Chequing, Free Debit and More Account™. This, Capital claims, is the first truly free chequing account offered by a full-service financial institution in Canada. There’s absolutely no charge for the banking services used most. That means unlimited free debit transactions, free ATM use on the Coast Capital Savings (CCS) and Exchange ATM networks, free preauthorized payments, free bill payments with no monthly fee or minimum balance to keep.
Coast Capital Savings is Canada’s second largest credit union with $6.7 billion in assets and 44 branches across the Lower Mainland, FraserValley and Vancouver Island. Coast Capital Savings is one of Canada’s 50 Best Managed Companies.
Bank of Canada to Upgrade $10 Bank Note
Ottawa – As part of its ongoing efforts to improve the security of Canadian bank notes, the Bank of Canada will issue a $10 note with upgraded security features beginning 18 May 2005. In this issue of the FT the first ever Canadian $10 bill is reproduced on the front cover. The Bank of Canada’s new $10 note, together with descriptions of its features, is reproduced here.
The upgraded $10 note will have the same security features found on the $20, $50, and $100 Canadian Journey series notes issued in 2004. The improved features include a metallic holographic stripe, a watermark portrait, a windowed colour-shifting thread woven into the paper, a see-through number, and enhanced fluorescence under ultraviolet lighting. These features are reliable and quick and easy to use, and are designed to help Canadians protect themselves from accepting counterfeit notes. The illustrations on the front and back of the note will be the same as those on the $10 note issued in 2001.
The Bank continues to work with the retail and financial sectors as well as law enforcement agencies to inform cash-handlers about the anti-counterfeiting features found on Canadian notes. “To minimize opportunities for counterfeiters, it is important for cash-handlers and consumers alike to take the few seconds that are needed to check the new easy-to-use security features,” said David Dodge, Governor of the Bank of Canada.
The Bank of Canada will work with the financial industry to remove previous versions of the $10 note from circulation and expects that most of the older $10 notes will be withdrawn in approximately one year. All Canadian bank notes remain legal tender.
The Bank of Canada is also collaborating with its partners to ensure the smooth introduction of the upgraded $10 note into daily cash exchanges. The Bank is providing manufacturers of bank note handling equipment – such as automated banking machines (ABMs), change-makers, and automated ticket dispensers – with the necessary information to make the required adjustments to their equipment. “In order to ensure that bills are not rejected by bank note handling equipment, it is important for the owners and manufacturers of this equipment to be ready for the upgraded note on 18 May 2005,” said Roy Poppe, President of the Canadian Automatic Merchandising Association. “This simply makes good business sense.”
For more information on Canadian bank notes, their security features, and education and training materials, visit http://www.bankofcanada.ca/en/banknotes.
1 Holographic Stripe
Tilt the note, and brightly coloured numerals (10) and maple leaves will “move” within the shiny, metallic stripe. There is a colour-split within each maple leaf.
2 Watermark Portrait
Hold the note to the light and a small, ghost-like image of the portrait appears to the left of the large numeral (10).
3 Windowed Colour-Shifting Thread
Hold the note to the light, and a continuous, solid line appears. From the back of the note, the thread resembles a series of exposed metallic dashes (windows) that shift from gold to green when the note is tilted.
4 See-Through Number
Hold the note to the light and, just like two pieces of a jigsaw puzzle, the irregular marks on the front and back will form a complete and perfectly aligned numeral 10.
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