President's Choice Financial Mastercard legal stuff

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  • Disclosure summary for cardholders

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    Additional information for cardholders

    All rates and fees are subject to change.

    Cash equivalent transaction fee is charged per wire transfer, money order, traveller’s cheque, permitted betting and purchase of lottery tickets and casino gaming chips.

    Dishonoured convenience cheque charge is charged for each convenience cheque drawn on your Account that is returned due to insufficient credit or because your Account is not in good standing.

    Dishonoured payment charge is charged for each cheque or other payment item received by PC Bank which is dishonoured for any reason.

    Foreign currency conversion markup percentage will be included in the transaction amount on your statement.

  • Other important disclosures

    Balance Transfers for new accounts: You must apply by December 31, 2018 in order to be eligible for the current promotional balance transfer offer of a 0.97% interest rate for 6 months. Offer is available to eligible new customers only, within 90 days of your President's Choice Financial Mastercard account ("Account") approval. This offer may be changed, extended or cancelled without notice. Promotional interest rate is annual and applies, unless your Account is in default, only to the transferred amount for 6 months after the transaction date, after which the cash advance interest rate applicable to your Account applies to any remaining balance until the balance is paid in full, unless your Account is in default. Balance transfers are treated like cash advances and interest is charged from the date the transfer occurs, which may be up to 30 business days from your activation of the Account. Continue making your minimum payments on accounts from which you are transferring until the balance transfer amounts are credited to those accounts in order to avoid late charges and penalties. If the total amount to be transferred is more than your available credit limit, President's Choice Bank ("PC Bank") may send your creditors either full or partial payment up to the amount of your available credit limit. PC Bank reserves the right to limit the number and amount of balance transfers and to decline them for any reason. Balances from other President's Choice Financial accounts are not eligible to be transferred. Stop payments are not allowed. PC Optimum points are not earned on balance transfers unless otherwise specified. Please refer to your Cardholder Agreement and Card Carrier disclosures for further information.

    Convenience cheques: President’s Choice Financial Mastercard convenience cheques will be posted to your account as a cash advance at your Cash Advance interest rate and, interest will be charged from the day the convenience cheque is posted to your account until the balance is paid in full. If your Account is in default as described in your cardholder agreement, the Default Interest Rate will be applied to the unpaid balance of your convenience cheques until such time as the applicable interest rate is changed with notice to you. If a convenience cheque exceeds the available credit limit on your President’s Choice Financial Mastercard account on the date that we process your convenience cheque, the convenience cheque may be returned unpaid. You can call 1-866-246-7262 at any time to check your available credit limit. Convenience cheques will not be processed if your President’s Choice Financial Mastercard account is not in good standing. If your convenience cheque is not processed because you have exceeded your credit limit or your account is not in good standing, you may be assessed a dishonoured convenience cheque fee. Convenience cheques may only be denominated in Canadian dollars. Stop payments are not allowed on convenience cheques. Convenience cheques may be used wherever personal cheques are accepted. PC Optimum points are not earned with the use of convenience cheques unless otherwise stated. Convenience cheques may not be used to pay your President’s Choice Financial Mastercard account or any other President’s Choice Financial accounts. Please refer to your cardholder agreement and card carrier disclosures for further information regarding rates, fees and how payments are applied.

  • President's Choice Financial® Mastercard® Cardholder Agreement
  • Other legal stuff

    Purchase assurance and extended warranty legal
    For purchases made on or before July 31st, 2017 Certificate of Insurance for Purchase Assurance & Extended Warranty.
    For purchases made on or after August 1st, 2017 Certificate of Insurance for Purchase Assurance & Extended Warranty.

    Benefits exclusive to PC Financial World Mastercard accounts
    Concierge Services are provided by Assurant Services Canada Inc. (ASCI). Details of what is included as part of this service is outlined in the Terms and Conditions sent with your card.

    Additional benefits exclusive to PC Financial World Elite Mastercard accounts
    Car Rental Collision/Loss Damage Waiver Insurance is underwritten by American Bankers Insurance Company of Florida (ABIC), and Travel Emergency Medical Insurance is underwritten by American Bankers Life Assurance Company of Florida (ABLAC). Concierge Services and Identity Theft Services are provided by Assurant Services Canada Inc. (ASCI). Details of your insurance and service, including definitions, benefits, limitations, and exclusions, are outlined in the Certificate of Insurance sent with your card. Keep your Certificate of Insurance in a safe place with your other valuable documents, and take it with you when you travel. ABIC, ABLAC, ASCI and their subsidiaries and affiliates carry on business in Canada under the name Assurant®. ®Assurant is a registered trademark of Assurant, Inc.

    Account Balance Protection Insurance – Spousal legal
    If you enroll in the optional Account Balance Protection Spousal insurance program ("ABPS") and pay the required premiums, ABPS will make: a monthly payment corresponding to 5% of the balance on your President's Choice Financial Mastercard account ("Account") as at the date of your or your spouse’s disability or job loss for up to 20 consecutive months in the case of disability, up to age 65 (the person must be disabled from performing any work for which they are qualified) or involuntary job loss, up to age 65 (the person must have worked at least 30 hours per week for at least 3 consecutive months with the same employer prior to their termination date); one monthly payment on the Account of 5% of your balance on the first day of hospitalization up to $500 in the event of your or your spouse’s hospitalization for more than 2 consecutive days, up to age 75; and the outstanding balance on your Account (one payment up to $15,000 maximum) upon your or your spouse’s death, accidental dismemberment or first diagnosis of a critical illness (cancer, heart attack, or stroke), up to age 75. Benefits will be paid for either the primary cardholder or the spouse, not both. In this coverage, “spouse” means the person who is legally married to the primary cardholder of the Account or, otherwise, the person who has been living in a conjugal relationship with the primary cardholder for a continuous period of at least one (1) year and who resides in the same household as the primary cardholder. A primary cardholder may only have one spouse at a time.

    The cost for ABPS is $1.19 per $100 of the current month's statement balance, plus applicable taxes. For example, if the balance on your monthly statement was $300, the cost would be $3.57 plus applicable tax. You or your spouse must be gainfully employed and not self-employed to be eligible for the involuntary unemployment benefit and disability benefit; ABPS will pay benefits on an eligible claim starting on the 31st day of your or your spouse’s disability or involuntary loss of employment. Some conditions and restrictions apply. Full details of your coverage will be mailed to you in a Certificate of Insurance and an enrolment letter, which will also advise you of the effective date of insurance. Exclusions, which vary by coverage, include pregnancy, voluntary or mandatory retirement, pre-existing conditions, unemployment anticipated at the time of application or due to seasonal work, self-employment, contract work, strike or lock-out, any occurrence within 90 days of the effective date for cancer and 30 days for heart attack and stroke. All exclusions and limitations are contained in the Certificate of Insurance, which you should read carefully and keep for your own records. This insurance can be cancelled at any time.

    Try it risk-free: should you choose to cancel this coverage within the first 30 days of your coverage becoming effective, President's Choice Bank will refund any premiums collected and coverage will be deemed never to have been in force. Additional Account Balance Protection Insurance plan options may be available. For complete information regarding Account Balance Protection options or to cancel this insurance at any time, please call 1-866-246-7262 to speak with a representative. ABPS is underwritten by The Canada Life Assurance Company (Canada Life) who can be reached at 1-877-789-4182. President's Choice Bank receives an administration fee from Canada Life to distribute ABPS.

    Account Balance Protection Insurance - Standard legal
    This optional insurance plan covers you in three different ways:

    1. If you were to become disabled or lose your job involuntarily before age 65 while enrolled in the plan, it pays 3% of your President’s Choice Financial Mastercard balance at the date of disability or job loss each month for up to 2 years starting after 30 days of disability or unemployment.
    2. If you were to be hospitalized for more than 7 consecutive days before age 70 while enrolled, it would make a one-time payment of 3% of the outstanding balance of your President’s Choice Financial Mastercard as of the date of hospitalization, up to $500.
    3. It would pay up to $15,000 to cover the outstanding balance on your President’s Choice Financial Mastercard as of the date of death or injury in the event of your loss of life or accidental dismemberment. This death and dismemberment benefit covers you and any authorized user who is your spouse.

    To enrol in ABP you must be 64 years of age or younger and presently employed full-time, which means you must be actively at work 30 hours per week and have been in the same job with the same employer for at least the last 3 consecutive months. You cannot enrol in the ABP insurance plan if you are self-employed. The monthly premium that will be charged to your President’s Choice Financial Mastercard is $0.99 (plus applicable taxes) per $100 of your current month’s statement balance. For example, if the balance on your monthly statement was $300 on the statement date, the cost would be $2.97 plus applicable tax. ABP is underwritten by The Canada Life Assurance Company (Canada Life), who can be contacted at 1 877 789 4182. Canada Life will send you the Certificate of Insurance for the ABP plan. In this material you will find your welcome letter which states the effective date of your coverage. Be advised that this coverage is not effective immediately. You can cancel your coverage at any time by calling the toll-free number listed in your Certificate of Insurance. Should you choose to cancel this coverage within the first 30 days of your coverage becoming effective, any premiums billed to your President’s Choice Financial Mastercard will be refunded. The coverage will automatically be terminated at 12:01 a.m. on the earliest of any of the following occurrences:

    • The next account statement date after you request cancellation;
    • The date your President’s Choice Financial Mastercard account is more than 90 days delinquent or you are more than 90 days late in making any required payments, including the monthly premium charge;
    • The date your President’s Choice Financial Mastercard account is terminated;
    • The date of termination or cancellation of the group master policy;
    • The date of your death;
    • The date of your 65th birthday for disability and involuntary unemployment benefits or the date of your 70th birthday for all other coverages.

    Like all insurance there are limitations and exclusions that apply. Notably, in respect of the involuntary unemployment and disability benefit, you must be gainfully employed on a full-time basis at least 30 hours per week with the same employer in the 3 consecutive months prior to any claim arising. IMPORTANT EXCLUSIONS include things like suicide, criminal offences, seasonal unemployment, pre-existing conditions, self-employment, leaves of absence including maternity leave or paternal leave, unemployment within 30 days of the effective date of coverage and hospitalization or disability relating to pre-existing conditions resulting in a claim within 6 months of the coverage effective date, normal pregnancy or childbirth, or abuse of drugs or alcohol, among others. You should review the Certificate of Insurance for a full list of exclusions. President’s Choice Bank receives compensation in connection with the ABP insurance plan.

    Account Balance Protection – Involuntary Job Loss Insurance legal
    If you enrolled in the optional Account Balance Protection - Involuntary Job Loss insurance program, for $0.79 per $100 of the current month's statement balance, plus applicable taxes, Account Balance Protection - Involuntary Job Loss insurance can make a monthly payment corresponding to 5% of the balance on your President's Choice Financial Mastercard as at the date of occurrence for up to 20 consecutive months in the case of involuntary job loss up to age 65. For example, if the balance on your monthly statement was $300, the cost would only be $2.37 plus tax. You must remain unemployed for 31 days (91 days if self-employed) to be eligible for involuntary unemployment benefits, which will be retroactive to the date of occurrence. Some conditions and restrictions apply. Full details of your coverage will be mailed to you in a Certificate of Insurance and an enrolment letter, which will also advise you of the effective date of insurance. This insurance may be cancelled at any time by calling
    1-866-246-7262. Try it risk-free: should you choose to cancel this coverage within the first 30 days of your coverage becoming effective, President's Choice Bank will refund any premiums collected. Account Balance Protection - Involuntary Job Loss insurance is underwritten by The Canada Life Assurance Company (Canada Life) who can be reached at 1-877-789-4182. Exclusions include voluntary or mandatory retirement, unemployment anticipated at the time of application or due to seasonal work, strike or lock-out and termination of a contract by reason of its completion or fulfilment on its expected end date in accordance with its terms. You must have worked for 6 consecutive months with the same employer. As a full-time employee you must have worked 30 hours per week, or on a permanent part-time basis at a minimum of 20 hours per week. This insurance does not include coverage for life, disability, hospitalization or dismemberment. All exclusions and limitations are contained in the Certificate of Insurance, which you should read carefully and keep for your own records. President's Choice Bank receives an administration fee from Canada Life to distribute Account Balance Protection - Involuntary Job Loss insurance.

  • Electronic Delivery of Documents Terms & Conditions

    The following are the terms and conditions ("Consent") that apply to the electronic delivery of documents if you have consented to receive certain information about your President’s Choice Financial® Mastercard® account ("Account"), such as statement information, electronically.

    The legal disclosures that you will continue to receive electronically regarding your Account are the following ("Legal Information"):

    • your Statements;
    • any amendments to:
      • the Cardholder Agreement,
      • the Benefits Guide,
      • the card carrier,
      • the Disclosure Summary,
      • the terms and conditions of any promotional offer and of any optional product that you subscribed to,
      • the Privacy Policy,
      • this Consent; and
    • any notices regarding any of the above, including notification via e-mail (“E-mail Alerts").

    *We reserve the right to provide at any time certain Legal Information in paper form.

    1. Other Definitions

    "eStatement" is an electronic version of the Statement.

     "Statement" means your Account statement as described in the Cardholder Agreement.

    "Website" means the President’s Choice Financial Mastercard website.

    "We", "us" and "our" mean President’s Choice Bank, the issuer of the President’s Choice Financial Mastercard.

    "You" means the person in whose name the Account exists.

    2. Electronic Delivery Process

    1. To obtain certain Legal Information electronically, such as an eStatement, you have to sign into your Account on the Account Management Website.
    2. The electronic delivery of Legal Information will start on your next Statement date. You may receive one more Statement in paper form if a Statement is presently being processed.
    3. We will send you an E-mail Alert when your eStatement is ready. We will also send you an E-mail Alert advising you of any amendments to other Legal Information or to advise you when any amendments to any other Legal Information are being posted to the Website.
    4. E-mail Alerts will be sent to the e-mail address you provided when you enrolled to gain access to our online account management site.

    3. Your Agreement With Us

    You understand and agree that:

    1. you are responsible for:
      • accessing the Website at least once a month;
      • reviewing any Legal Information on receipt of E-mail Alerts;
      • making payments as required in the Cardholder Agreement even if you are not receiving any
        E-mail Alerts or are not able to access any Legal Information electronically for any reason, in which case you must contact us to obtain the information required to meet your payment obligations and keep your Account current;
      • providing a valid e-mail address and for advising us promptly of any changes to it, by calling
        1-866-246-7262 or by signing onto the Website and changing your Profile;
    2. e-mail communication is not secure and the non-receipt of an E-mail Alert does not change your obligation to access the Website to review your Legal Information at least monthly;
    3. Adobe Acrobat Reader or other document viewing software, as indicated, is required to view certain Legal Information. We are not responsible for any difficulties or consequences associated with such software. Use of such software is governed by the terms of the applicable license agreement, if any, for such software;
    4. we are not responsible to you in any way for any losses, damages, liabilities, costs or expenses of any kind, including legal expenses, if we are delayed or prevented from providing any Legal Information electronically to you for any reason, including due to an Internet failure, an inability to communicate with you electronically, or your E-Mail Alert being lost, delayed, intercepted or altered, or if for any reason you fail to access or view your Legal Information or you fail to pay any amounts (including any interest) owing on your Account.

    4. Availability of Legal Information Online. Legal Information on the Website will be available for 6 months from the posted date. To keep a copy, please print or save a copy while the Legal Information appears online. Paper copies are available on request, subject to any applicable fees.

    5. eStatement Review Period. You must review your eStatement for any errors and notify us within 30 days of your eStatement date by calling 1-866-246-7262 or signing onto the Website. If you do not notify us within 30 days, then the eStatement will be deemed complete and accurate, except for any improper credits to the Account or any transfers that are still being processed.  See the Cardholder Agreement for further details.

    6. To Unsubscribe. You can resume receiving all Legal Information in paper form at any time by calling 
    1-866-246-7262 or by signing onto the Website and changing your option under "Manage Options". The change will take effect on your next Statement date.

    7. Other Agreements: This Consent applies in addition to your Cardholder Agreement, which governs your use of the Account, and the Online Agreement, which governs your use of the Website.

    8. Amendments: This Consent may be amended on occasion with notice to you. Your use of the Website after we have amended this Consent means that you agree to and accept this Consent as amended.

    If you do not agree with the above, please call us at 1-866-246-7262 to resume receiving all Legal Information, which includes your Statements, in paper form.

    Please print a copy for your records. Click the “print? button above for a printer friendly version.

    *President's Choice Bank

  • Pre-Authorized Debit Forms
  • How to resolve your concerns with President's Choice Financial

    PC Bank is committed to resolving customer complaints fairly and in a timely manner. We value customer feedback and encourage you to contact us with your complaints to give us an opportunity to resolve your concerns. Please follow these steps if you have a complaint.

    Step One:
    Please contact our call centre at 1 866 246 7262 and one of our Customer Service Representatives will assist you with your concerns.

    Step Two:
    If your concern is not resolved to your satisfaction, then you may escalate to President's Choice Bank Executive Customer Care. There are two methods which may be used to contact Executive Customer Care:

    Phone: 1 866 822 8775
    Email:  customercare@pcbank.ca

    Step Three:
    If you feel that President's Choice Bank Executive Customer Care has not addressed your concern to your satisfaction, you may then contact the President's Choice Bank Ombudsman directly by email at ombudsman@pcbank.ca, or by mail at President's Choice Bank Ombudsman, 25 York Street, P.O. Box 201, 7th floor, Toronto, ON, M5J 2V5.

    Please note that the Ombudsman will only be able to accept your request for an independent review if you have completed steps 1 and 2 and your case has already been addressed by President's Choice Bank Executive Customer Care and you are not satisfied with the outcome. Otherwise, your case will be referred back to President's Choice Bank Executive Customer Care for appropriate review prior to the Ombudsman's involvement.

    If you cannot accept the decision of the President's Choice Bank Ombudsman, you can contact the Ombudsman for Banking Services and Investments (OBSI), who is independent from President's Choice Bank and whose purpose is to review your complaint. You can contact OBSI by phone at 1 888 451 4519, by fax at 1 888 422 2865, by email at ombudsman@obsi.ca, or by mail at Ombudsman for Banking Services and Investments, 401 Bay Street, Suite 1505, P.O. Box 5, Toronto, ON  M5H 2Y4 or visit OBSI's website at: www.obsi.ca.

    The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial institutions, such as President's Choice Bank. If you have a complaint regarding a potential violation of federal consumer protection laws, you can contact the FCAC in writing at: Financial Consumer Agency of Canada, 427, Laurier Avenue West, 6th Floor, Ottawa ON K1R 1B9 or through the website at
    www.fcac-acfc.gc.ca. The FCAC will determine whether the financial institution is in compliance. It will not, however, resolve individual consumer complaints.

  • Ombudsman's Annual Report 2016

    PC Bank's Annual Ombudsman's report can be found here .

  • Information on powers of attorney

    What is a Power of Attorney (POA)?

    A POA is a legal document that provides someone with authority to manage your affairs, such as your finances. General information about powers of attorney can be found here.

    How do I set up a POA for my President’s Choice Financial Mastercard?

    We ask that you mail us an original or notarized copy of the POA. You can use a power of attorney form prepared by you, your lawyer or other third party. Once we receive the document, we may require additional information about your POA or attorney and will contact you if this is the case.

    What if there are issues with a POA?

    Except where we are prohibited by law, if there are issues with your POA or attorney, we will inform you. When we contact you, we will tell you how long our review or investigation is expected to take. If we are not able to act on your POA or your attorney’s instruction, you can escalate your concerns by following the process set out in the section “How to resolve your concerns with President’s Choice Financial ” on this legal stuff page.

  • President’s Choice Financial Mobile Wallet Terms of Use

    Click icon for a printable PDF