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New Regulations of Canadian Pre-Paid Debit Cards Announced

pre-paid ddebit cardsJoe Oliver, Minister of Finance, will be announcing new regulations of Canadian pre-paid debit cards today.

The new regulations, which come into effect today, Wednesday April 30, will require all fees for prepaid card to be disclosed on an information box on the cards packaging.

In addition, issuers of pre-paid cards will no longer be allowed to attach an expiry date to pre-paid cards and will not be permitted to charge a maintenance fee for at least one year after activation.

Many Canadian consumers are apparently unaware of the monthly maintenance, card activation and ATM fees associated with the pre-paid cards. The regulations are an attempt to make those fees more transparent and easier for consumers to see.

More to come…

 

One comment

  1. Scotiabank customers, as of June 18th, can no longer make payments to BMO PRPD TRAVEL MASTERCARD. They unilaterally have pulled it as a biller/payee. Scotiabank customers can no longer make payments to BMO Prepaid Travel / Mosaic cards after year, since they were introduced. A representative from BMO stated that Scotiabank gave as a reason for deleting this Payee that there were too many related fraudulent transactions regarding these and financial losses. Seems odd Scotiabank citing losses of a competing bank’s card. A very big reason for Scotia Bank customers to switch to BMO I guess. Or is this Bank of Nova Scotia’s way of knocking out the competition? Since I’ll need to sign up for a different prepaid/travel card in order to load it up from the Scotiabank account. What a pain! I hope this helps someone.
    If you’d like to call and complain call Scotia Bank bill payment services at 1-888-726-8429.

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