Wealthsimple Cardholder Agreement
This Cardholder agreement (the “Agreement”) applies to your Wealthsimple Cash Prepaid Mastercard®. By activating or using your Card or allowing anyone else to use your Card, you are agreeing to the terms and conditions in this Agreement.
Definitions
“Card”, “Wealthsimple Cash Prepaid Mastercard” or “Wealthsimple Cash Card” means a Wealthsimple Cash Prepaid Mastercard.
“Cardholder” means an individual who requests, activates, receives or uses a Card.
“KOHO”, “we”, “us” or “our” means KOHO Financial Inc.
“Wealthsimple Cash Account” or “Cash Account” means your Wealthsimple Cash Account offered and administered by Wealthsimple Payments Inc., a money services business registered with FINTRAC.
“Wealthsimple Cash App” means the Wealthsimple application downloaded from the App Store or Google Play Store, as well as any affiliated web interface(s) made available to sign-up for Wealthsimple products and services.
“You” and “your” means a Wealthsimple user, including a Cardholder.
Wealthsimple Customer Service 1-855-255-9038
1. SUMMARY OF IMPORTANT CARD DETAILS
Use of Card: You can use your Card anywhere that Mastercard is accepted to make purchases or ATM withdrawals. When you use your Card, your Card balance will decrease. You must ensure that there is a sufficient balance on the Card to cover the full amount of transactions made with the Card.
Card Information, Expiry and Balance: For up-to-date Card terms and conditions or to check your balance for free, contact Wealthsimple customer service. Your right to use the funds in your Cash Account accessible through the Card will not expire but your plastic card may. After the “good thru” date, simply contact Wealthsimple customer service for instructions on how to receive a replacement Card free of charge.
Fees and Limits: Certain Fees and limits will apply to the use of your Card – see the Fees and Limits section of this Wealthsimple Cardholder Agreement. By applying for and using your Card, you agree that you have been advised of the Fees and you agree to pay all Fees charged under this Agreement. The Fees are subject to change. You will be notified in advance of these changes so please keep your contact information associated with your Card up to date.
Card Restrictions: Cardholders must be of the age of majority in the province or territory where they reside and are restricted to one Card per person. You may not use your Card to commit or facilitate any illegal or prohibited activity. We may suspend or deactivate your Card and/or decline a transaction at any time if we suspect illegal activity or fraud. You do not have the right to stop the payment of any transaction you conduct with the Card. Your Card (or card number) cannot be used for “cashback” transactions where a merchant charges you an amount greater than the price of the goods and services purchased. Your Card may also not work at unattended terminals (such as parking or pay at the fuel pump stations). Use of your Card in certain countries may be restricted by applicable law.
Protection of Card and PIN; Lost or Stolen Cards: You must take all reasonable steps to protect your Card and PIN against loss, theft or unauthorized use. You should not maintain a written record of, or disclose the PIN to a third party, including family members and friends. Avoid PIN combinations that may be easily guessed by others. If you lose your Card and/or PIN or you become aware that your PIN may have become known to someone else, or if you have reason to believe that someone has made an unauthorized transaction with your Card, or may attempt to use your Card without your permission, you must IMMEDIATELY lock your Card in the Wealthsimple Cash App and notify customer service. If you do not notify customer service IMMEDIATELY then all transactions carried out on your Card before you notify customer service will be considered to have been made by you.
2. CARD USE
(a) Using Your Wealthsimple Cash Card: Subject to the Card limits and other terms of this Wealthsimple Cardholder Agreement, you can use your Card anywhere that Mastercard is accepted to make purchases or ATM withdrawals. When you use the Card, the amount of the purchase or withdrawal, plus any applicable fees and taxes, will be deducted from your Wealthsimple Cash Account balance. Your Card may not be used for any illegal or prohibited activity. If you authorize another person to use the Card you agree, to the extent permitted by law, that you will be liable for all transactions arising from that person’s use of the Card. You can also use your Card to pay some of your bills, or manage and move your funds, Pre-authorized Debit, where the Pre-authorized Debit Payee accepts payment in this way. To make a payment by PAD you must first obtain the Direct Transfer and Payment Details for your Card. These payment details are different from your Card number. You may use the Direct Transfer and Payment Details to provide payment instructions in a pre-authorized debit agreement you enter into with a Pre-authorized Debit Payee. If you do not obtain and provide accurate Direct Transfer and Payment Details to the Pre-authorized Debit Payee, the request for payment will not be received or processed. We are not responsible if you provide a payee with incorrect information or if payments to a payee do not reach the payee in time.
You must ensure that there is a sufficient balance on your Card to cover the full amount of each transaction made with the Card including applicable fees and taxes – and including any direct debits that you have set up – or else your transaction may be declined. If the balance on your Card is not sufficient to cover a full point of sale transaction amount, you may ask the merchant if they will accept a split tender transaction in order to cover the difference with another form of payment (e.g. cash, cheque, credit or debit). If you fail to inform the merchant that you would like to complete a split tender transaction prior to using your Card, your Card may be declined. Merchants do not have to and may not agree to accept split tender transactions. For some transactions, we or the merchant (for example, gas stations, restaurants, hotels or car rental companies) may pre-authorize up to 20% (or more) above the purchase amount to ensure there are sufficient funds available on your Card to cover any tips or incidental expenses. In such cases, your transaction will be declined if your balance will not cover the transaction amount plus the additional amount. A pre-authorization places a ‘hold’ on an amount of your available Card funds until we release it, which in some cases we will not do until the merchant sends us the final payment amount of your purchase. The hold is typically removed between 5-15 business days for most transactions. During the hold period, you will not have access to the pre-authorized amount.
(b) Loading and Allocating Funds on Your Card: Your Wealthsimple Cash Card offers you access to your Cash Account. For full details on how to add and transfer funds from your Cash Account to your Card please visit my.wealthsimple.com. The time before funds become available may vary between load methods, but generally funds loaded to your Card will be available immediately after the load is confirmed by us. Funds loaded onto your Wealthsimple Cash Card are not a deposit, and they do not establish a separate individual deposit account. You will not receive interest on your Card balance.
(c) Transactions Made in Foreign Currencies: If you make a purchase using your Card in a currency other than in Canadian dollars, the amount deducted from the available funds on your Card will be converted by Mastercard into Canadian dollars. The applicable exchange rate will be determined by Mastercard from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate Mastercard itself receives. The exchange rate used for the conversion on the processing date may be different than the rate that was in effect on the date you performed the transaction and may include a margin, which is the difference between the exchange rate Mastercard is able to obtain for the foreign currency and the actual foreign exchange rate Mastercard uses for the conversion into Canadian dollars and may be an indirect cost to you. The Wealthsimple Cash Card does not carry any additional Foreign Exchange Transaction Fees on top of what Mastercard uses for currency conversion. If a foreign currency transaction is refunded to your Card, the exchange rate determined by Mastercard will be used to convert your refund to Canadian dollars and the rate in effect on the day that the refund is processed may differ from the rate in effect on the transaction date or posting date. This means that the amount that is credited to your Card for a refund of a foreign currency transaction will, in most cases, be different than the amount that was originally charged to your Card for that transaction.
(d) Protection Against Loss, Theft, or Unauthorized Use: If your Card is lost or stolen, you must lock your Card in the Wealthsimple Cash App and notify customer service immediately. If you lose the Card, someone might be able to use the balance on the Card. It can be used without a PIN to make purchases. The remaining balance will be available in the Wealthsimple Cash app and you can withdraw those funds into your bank account at any point in time. If the Mastercard Zero Liability Policy applies, we will refund all transactions for which you are covered under the Mastercard Zero Liability Policy. A replacement Card with any remaining balance (less any applicable fees as stated in the “Card Fees and Limits” section) will be issued to you after you report the Card lost or stolen and consent to a card re-issue. With the Mastercard Zero Liability Policy, you will not be liable for any unauthorized use of the Card on any transactions processed by Mastercard if you meet the policy conditions. The Mastercard Zero Liability Policy will not generally apply to commercial cards or to transactions that are not processed by Mastercard, and you must establish to our satisfaction that you are not responsible for the disputed transaction. Verification of a Zero Liability claim can take up to 120 calendar days once all the paperwork has been received and confirmed by us, and may require a police investigation.
(e) Ownership of the Wealthsimple Cash Card: The Card is issued, owned by and will remain the property of KOHO Financial Inc. This Agreement is between you and KOHO. Wealthsimple is a distributor of the WealthsimpleCash Card. We may refuse to issue a Card to you or allow you to use your Card to make a purchase at any time and for any reason. We will mail the physical Card to the address you provide. All Cardholders must be the age of majority in the Canadian province or territory where they live. You must return or destroy the Card upon our request. You will be solely and completely responsible for the possession, use and control of the Card. Wealthsimple may also offer and provide services to Cardholders and those Wealthsimple services are subject to separate terms and conditions, if any, between you and Wealthsimple. KOHO DOES NOT PROVIDE THOSE WEALTHSIMPLE SERVICES AND IS NOT RESPONSIBLE FOR THEM, OR ANY LOSS, HARM OR DAMAGE OF ANY KIND YOU MAY SUFFER AS A RESULT OF USING WEALTHSIMPLE SERVICES.
(f) Who Holds the Balance in your Cash Account: The Wealthsimple Cash product and the Cash Account is offered and administered by Wealthsimple Payments Inc., a money services business registered with FINTRAC. The Balance in your Cash Account is held by the institution named in the Wealthsimple Cash Account Agreement. KOHO does not hold the Balance in your Cash Account. The Card enables you to access the Balance in your Cash Account as long as you act in accordance with this Agreement.
3. ADDITIONAL CARD FEATURES AND OPTIONS
(a) Cashback: Cash back credits are earned on net purchases only and pay out will occur within 7 business days after the Qualified Spend transaction. You can find full details regarding cash back rewards on https://help.wealthsimple.com/hc/en-ca/articles/4411191818523.
4. COLLECTING AND USING YOUR PERSONAL INFORMATION
Personal Information Consent: By applying for or using a Card, you consent to the collection, use, disclosure and retention of your personal information, including your full legal name, date of birth, address, social insurance number, email address and phone number, by us and our service providers for purposes relating to your application for a Card and your use of a Card (if issued to you) and as otherwise described below. If you do not consent to the collection, use, disclosure and retention of your personal information, you may not apply for or use a Card. As explained below, you may withdraw your consent at any time by cancelling your Card and all related services from us by contacting customer service at 1-855-255-9038. What We Collect: We and Wealthsimple, acting as our service provider, will collect information about you (e.g. your name, address, telephone number, date of birth, and social insurance number) when you apply for a Card and, if a Card is issued to you, we, Wealthsimple and Wealthsimple’s providers of services related to your card, including Wealthsimple’s processor, will collect information about you and your use of the Card and related services, including information about your Card transactions (e.g. the date, amount and place of each transaction) (all collectively “Cardholder Information”). We and Wealthsimple will collect your Cardholder Information directly from you and from other sources, including third party providers of identity verification, demographic and fraud prevention services, publicly available sources, such as internet sites, government agencies, and registries.
How We Use, Retain and Disclose Your Personal Information: We will disclose your Cardholder Information to our providers of services related to your Card, including Wealthsimple’s processor, to assist us to provide services to you and to provide related services to us. We and our providers of services related to your Card, including Wealthsimple’s processor, will use, disclose and retain your Cardholder Information to process your application for a Card (including to verify your identity) and, if a Card is issued to you, to provide you with services relating to your Card (including to administer your Card and to process your Card transactions), to protect our systems and services from fraud and for legal compliance purposes, to perform and enforce this Agreement, to protect and enforce our legal rights and for other purposes required or permitted by Applicable Law. We and our providers of services related to your Card, including Wealthsimple’s processor, may use and store your Cardholder Information at facilities in various countries (including Canada and the United States of America). As such, your Cardholder Information may be subject to foreign laws (which might be different from the laws of the jurisdiction in which you are located) and may be accessible to foreign courts, governments, law enforcement and regulatory agencies and security authorities without notice. We will use and rely on your Cardholder Information to issue and administer your Card and provide related services. We and our providers of services related to your Card, including Wealthsimple’s processor, will rely on you to ensure that your Cardholder Information is accurate, complete and up to date. You will promptly inform customer service at 1-855-255-9038 of any changes to your Cardholder Information or if you discover any errors in your Cardholder Information.
Safeguarding Your Personal Information: We protect personal information in our possession or control from loss, theft, alteration and misuse. The safeguards employed by us to protect your personal information depend on the sensitivity, amount, distribution, format and storage of the personal information. Although technologies can make it easier for fraud to occur, we employ around the clock monitoring systems and controls to detect and prevent fraudulent activity. We also build fraud prevention measures into our due diligence processes and regularly update our fraud detection/prevention methods. While we take precautions to protect your personal information from loss, theft, alteration, or misuse, no system or security measure is completely secure. Any transmission of your personal data is at your own risk and we expect that you will use appropriate measures to protect your personal information as well.
Communication with the Cardholder: We and our providers of services related to your Card, including Wealthsimple’s processor, may use your Cardholder Information (including your phone number and your email address) to contact you, including by regular and electronic mail, telephone call (including by pre-recorded or artificial voice messages and automatic telephone dialing systems) and instant messaging, regarding your Card and related matters, regardless of whether you incur any long distance or usage charges as a result. We and our providers of services related to your Card, including Wealthsimple’s processor, may monitor and record our communications and correspondence with you (including emails, online chats and telephone calls) for quality assurance, staff training and legal compliance purposes.
Use by Wealthsimple or other parties: If you consent to Wealthsimple or another third party collecting and using your personal information for their own purposes (not as our service provider), including to provide you products and services or to send marketing and promotional messages to you, then we will not have any control over, and will not be responsible or liable for, the collection, use, disclosure and retention of your personal information by Wealthsimple or third party, the marketing or promotional messages that they send to you, or any other wrongful act or omission by Wealthsimple or third party.
5. OTHER LEGAL REQUIREMENTS
(a) Disputes: If you believe a transaction on your Card is incorrect, you must notify us of your dispute within sixty (60) days of the transaction date. Following your notification, you will need to complete and email a dispute form to the customer service team within ninety (90) days of the transaction date. You can obtain a dispute form by calling customer service at 1-855-255-9038 or by emailing support@wealthsimple.com. Please note that this form must be received within ninety (90) days of the date of the disputed transaction, or you will have been deemed to have accepted such transaction. If you identify an error in any transaction record, you must address such error with the applicable merchant or ATM operator. If there is any dispute regarding purchases you make using the Card, you agree to settle such disputes with the merchant from whom the purchase was made. Please ask the merchant for any return policy that may apply to purchases made with the Card. We are not responsible for any problems you may have with any goods or services that you purchase with your Card, whether regarding quality, safety, legality, or any other aspect of your purchase. If you are entitled to a refund for any reason for goods or services obtained with the Card, you agree to accept credits to the Balance in your Cash Account in place of cash.
(b) Cancellation: You may cancel this Agreement at any time by contacting Wealthsimple customer service. We may cancel this Agreement at any time, with or without cause. Upon cancellation by you or us, you must immediately stop using your Wealthsimple Cash Card and destroy the Card. Once the Card is cancelled, you will not be able to access your Balance with the Card and may only access your Balance through your Cash Account. Despite any termination of this Agreement, you must fulfil your obligations under this Agreement.
6. CARD FEES AND LIMITS
(a) Fees: The following Fees will apply to the use of your Card.
Purchases in foreign currencies[1] other than CAD: 0%
This is our fee. You may be charged a fee by any retailers or financial institutions involved in your transaction. This includes any purchases made at a POS terminal or online, including Apple Pay, Samsung Galaxy Pay, Google Pay™, and tap.
ATM withdrawals within Canada[2]: $0
This is our fee. You may be charged a Fee by the ATM provider.
ATM withdrawals outside of Canada[2]: $0
[1] More information about this fee is included in the Transaction Made in Foreign Currencies section of this Agreement. [2] Additional fees for ATM withdrawals may be charged by the ATM operator, over which we have no control.
Card Information and Balance: For up-to-date Card terms and conditions, to obtain the expiry date of your Card, or to check your available Balance in your Cash Account, you will need to download Wealthsimple Cash App which is available on the App Store, Samsung Galaxy Store or Google Play™, or call customer service’s toll-free number at 1-855-255-9038.
(b) Card Limits: Your Card is subject to the following limits*.
Spending
Point of Sale (POS), includes online transactions:
Daily: $5,000
ATM Withdrawal:
One-time: $3,000
Daily: $3,000
Weekly: $10,000
Maximum of 10 withdrawals a day
Transfers
Direct Transfer (as identified by merchant codes):
Daily: $100,000
30 days: $200,000
Usage
Point of Sale (POS), includes online transactions:
Daily: 20 transactions
30-days: N/A
ATM Withdrawal:
Daily: 10 transactions
30-days: N/A
Direct Transfer, as identified by merchant codes:
Daily: 10 transactions
30 days: 100 transactions
*These limits are determined based upon KOHO’s risk management and financial crime compliance policies and may change from time to time. We use a 30-day rolling window to enforce these limits. This information is representative and reflects the limits at the time of publication of this Agreement. Current limits and a full copy of this Agreement are always available at https://www.wealthsimple.com/en-ca/legal/cardholder-agreement .You should regularly check these limits to ensure you have current information and monitor your Wealthsimple Cash App for notifications and changes.
General Terms
1. Transaction Detail: All Card transactions, any advance that is extended on your Wealthsimple Cash Account, and the details of your repayments, will be reflected in the Wealthsimple Cash App. If you notice an item in error and wish to dispute it, please refer to section 5(a) above for instruction.
2. Communications and Notifications: Wealthsimple may communicate with you by way of regular and electronic mail, telephone call (including by pre-recorded or artificial voice messages and automatic telephone dialing systems), instant messaging, regarding your Card and related matters, regardless of whether you incur any long distance or usage charges as a result. We and our providers of services related to your Card, including Wealthsimple’s processor, may monitor and record our communications and correspondence with you (including emails, online chats and telephone calls) for quality assurance, staff training and legal compliance purposes.
3. Amendments: We reserve the right, in our sole discretion, to modify, alter or otherwise update these terms and conditions at any time, including the eligibility criteria or any of the other terms and conditions. Wealthsimple will give you advance notice of any changes where required by law and this Agreement will always reflect the most current terms and conditions. Changes will take effect on the date specified in any notice, or else on the date that an updated Agreement is posted on the Wealthsimple website. You are responsible for informing Wealthsimple of any change in your mailing or email address, by contacting Wealthsimple customer service and for checking my.wealthsimple.com for such notifications or updates to this Agreement. If you use your Wealthsimple Cash Card after we have made a change to this Agreement and Wealthsimple has given any required notice, you will be considered to have agreed to the change.
4. Termination and Suspension: You may terminate this Agreement by contacting Wealthsimple customer service. We may terminate all or part of this Agreement at any time. If this Agreement is terminated by you or by us, you must immediately follow the Card cancellation procedures set out above. We may also suspend or limit usage on your Card if we believe you are acting outside of the intended usage.
5. Limitation of Liability: This section is not applicable to Quebec consumers. To the fullest extent permitted by applicable laws, KOHO Financial Inc. and its service providers, including Wealthsimple, will not under any circumstances be liable to you or any other person in any way in contract, tort (including negligence), civil liability or otherwise for any loss or damages (whether direct, indirect, special, economic, incidental, consequential, punitive or exemplary, including without limitation loss of revenue, data, anticipated profits or lost business) in respect of your access to, or lack of access to any KOHO Financial Inc. product or service, or in respect of our provision of Wealthsimple products or services or our suspension or termination of a product or service. WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU, WHETHER EXPRESS OR IMPLIED, REGARDING ANY SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THOSE ARISING BY STATUTE OR OTHERWISE IN LAW OR FROM A COURSE OF DEALING OR USAGE OF TRADE.
6. No Warranty of Availability or Uninterrupted Use: From time to time, the Wealthsimple Cash Card may be inoperative, and when this happens, you may be unable to use your Wealthsimple Cash Card, including making purchases, obtaining information about the balance on your Card or requesting an advance. Please notify Wealthsimple customer service if you have any problems using your Wealthsimple Cash Card. You agree that we are not responsible for any interruption of service.
7. Governing Law: Unless you are a Quebec consumer, this Agreement is governed by the laws of Ontario and the federal laws of Canada applicable therein, excluding any conflict of laws which would lead to the application of any other laws. You hereby irrevocably submit and attorn to the courts of the province of Ontario for any disputes or matters arising from, connected with, or relating to this Agreement. For Quebec consumers only:
The parties attorn to the jurisdiction of the courts of the province of Quebec and these terms and conditions of use shall be governed by and interpreted in accordance with the laws of the province of Quebec and the federal laws of Canada applicable therein.
These terms and conditions of use and all related documents have been drafted in the English language at the express request of the parties. Le présent document ainsi que tous documents s’y rattachant ont été rédigés en langue anglaise à la demande expresse des parties
8. No Waiver: No consent or waiver by either party to, or of any breach or default by, the other party in its performance of its obligations under this Agreement will be deemed or construed to be a consent to, or a waiver of, a continuing breach or default or any other breach or default of those or any other obligations of that party. No consent or waiver will be effective unless in writing.
9. Severability: If any part of this Agreement is found by a court to be unlawful, void, or for any reason unenforceable, then that part will be deemed to be severed from the rest of the Agreement and will not affect the validity and enforceability of the remainder of this Agreement.
10. Assignment: You may not assign any of your rights or obligations under this Agreement. We may sell, assign, or transfer all or any of our rights and obligations under this Agreement at any time to a third party.
11. Entire Agreement: This Agreement sets forth the entire understanding and Agreement between you and us, whether written or oral, with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings or Agreements with respect to such subject matter.
12. Miscellaneous: The Card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard® is a registered trademark of Mastercard International Incorporated. All other trademarks and service marks belong to their respective owners.