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FAQs
(Frequently asked Questions)
We’re here to help make things easier for you and your family. This FAQ page is organized by topic, including the We Financial Prepaid Mastercard®, the WeGo® Mobile App and Mobile Wallet, and CDIC. Simply select the area you have questions about and you’ll be taken to the right answers. If you don’t see what you’re looking for, please contact us and we’ll gladly help as best we can.
CDIC
Who is CDIC?
CDIC is not a bank, nor a private insurance company. CDIC is a federal Crown Corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of a member institution failure. You do not need to sign up for deposit insurance. Coverage is free and automatic for eligible deposits in any of CDIC member institutions. For further information, please visit the CDIC website.
Is there a coverage limit for eligible deposits?
In the event of CDIC member institution failure, eligible deposits are automatically covered to a limit of $100,000 per insured category, per depositor, per CDIC member institution. For more details of CDIC insurance coverage, please visit: Protecting Your Deposits on the CDIC website.
Is We Financial a CDIC member?
CDIC member institutions include federally regulated deposit-taking institutions such as banks, trust companies, loan companies and federal credit unions. We Financial is not a CDIC member institution. Peoples Trust Company (PTC), the issuer of the We Financial Prepaid Mastercard, is a member institution of the Canada Deposit Insurance Corporation (CDIC).
Are the funds loaded onto my We Financial Prepaid Mastercard card CDIC eligible?
Yes. Funds loaded onto your We Prepaid card are held by Peoples Trust Company and considered an eligible deposit for CDIC. Eligible deposits held at Peoples Trust Company are protected by CDIC, up to a maximum of $100,000, per insured category, per depositor, per CDIC member institution. For more details of CDIC insurance coverage, please visit: Protecting Your Deposits on the CDIC website.
Am I going to get charged a fee for this coverage?
Coverage is free and automatic. For more details of CDIC insurance coverage, please visit: Protecting Your Deposits on the CDIC website.
This card is issued by Peoples Trust Company under licence from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Funds loaded onto the card are held by the issuer Peoples Trust Company, a member institution of the CDIC, and are eligible for CDIC coverage. We Financial is not a CDIC member institution. Funds loaded onto the card are combined with eligible deposits held under Peoples Trust Company for up to $100,000 of deposit protection, per insured category, per depositor. For further information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
Interac e-Transfer®: Trademark of Interac® Corp. used under licence. Apple, the Apple logo, Apple Pay, Touch ID, Face ID, iPad, Apple Watch, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay is a trademark of Google LLC. Samsung Pay is a registered trademark of Samsung Electronics Co. Ltd.
We Financial® and WeGo® are trademarks of The North West Company LP.
