This Agreement sets out the terms and conditions applicable to your Loop Global VISA Card which are binding on you, Equitable Bank ("EQ") and Loop Payments Inc. ("Loop") with respect to the use of the Loop Global VISA Card.
Loop is registered as a money services business under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and registered as a payment services provider under the Retail Payment Activities Act (Canada).
Your acceptance and use of your Loop Global VISA Card (the "Loop VISA Card") is subject to the terms set out in this Loop Business Cardholder Agreement (the "Agreement").
By using or activating your Loop VISA Card, you are agreeing to the terms and conditions outlined below.
Equitable Bank ("EQ") is the Issuer of your Loop VISA Card.
The Loop VISA Card is provided to you in order for you to access funds subject to the terms of this Agreement and as long as you continue to act in accordance with this Agreement. You may use your Loop VISA Card to purchase goods or pay for service or obtain a cash advance at an eligible ATM.
In this Agreement, the words listed below have the following meaning:
"Account" means the card account opened and maintained by Loop for your Loop VISA Card.
"Affiliates" means Loop Financial Inc., its subsidiaries and affiliated companies, including, without limitation, Loop Funding Inc., and Loop Fund I LP, as may exist from time to time.
"Agreement" means this Loop Business Cardholder Agreement.
"Amendment" refers to any change to a term or condition of this Agreement or to the addition of a new term or condition.
"Approved Currencies" means any one or more of CAD, USD, EUR, GBP and any additional currency that Loop may make available from time to time.
"ATM" means an automated teller machine.
"Authorized User" means a person who has been issued a Card under the Account with the authorization and at the request of the Business Cardholder.
"Business Cardholder" means the business who applied for the opening of the Account and the issuance of a Loop VISA Card and in whose name the Account has been opened and to whom a Loop VISA Card has been issued under this Agreement.
"CAD", "CA$" means the lawful currency of Canada.
"Cardholder" means the Business Cardholder and any Authorized User.
"Credentials" includes a PIN, password or other Cardholder security credential.
"EUR", "EU€" means the lawful currency of the Eurozone.
"Foreign Currency Exchange Fee" means the fee on certain foreign currency Transactions charged as described in Section 5 and Section 11.
"GBP", "GB£" means the lawful currency of Great Britain.
"Loop Credit Account" means the loan account opened and maintained in your name under the Loop Card-based Credit Facility.
"Loop Card-based Credit Facility Terms and Conditions" means the terms and conditions applicable to the Loop Card-based Credit Facility and available in the Portal.
"Loop Card-based Credit Facility" means the loan facility made available to the Business Cardholder by Loop pursuant to the terms of the Loop Card-based Credit Facility Terms and Conditions.
"Loop Rewards Program" means the rewards program operated by Loop (or its Affiliate(s)).
"Loop Rewards Program Terms and Conditions" means the terms and conditions applicable to the Loop Rewards Program.
"Mobile Payments Service" means Apple Pay, Samsung Pay, Google Pay or any other mobile payments service, digital wallet mobile device application or electronic application used to make Transactions with your mobile device.
"PIN" means a personal identification number, unique number or password which is provided by us or selected by the Cardholder and which is used in connection with a Loop VISA Card, including when a Loop VISA Card is used at ATMs, merchant terminals or other devices which require a PIN.
"Portal" means the Loop online portal which contains information regarding your Loop VISA Card including available balances thereunder. The Portal may be accessed online or via a mobile device.
"Transaction" means a transaction made using the Loop VISA Card by way of a purchase or a cash advance at an ATM.
"Transaction Amount" means the amount of a Transaction and includes any fees and the taxes imposed to complete the transaction.
"USD", "US$" means the lawful currency of the United States of America.
"VISA" means VISA International Incorporated, and its successors and assigns.
"VISA Conversion Rate" means the applicable rate that we pay to VISA to convert foreign currency to an Approved Currency.
"we", "us", and "our" mean Loop, and our successors, subsidiaries, Affiliates or assignees.
"you", "your", and "yours" each mean the Cardholder.
Your Loop Global VISA Card can be used anywhere that VISA is accepted to complete any Transaction, including an ATM Transaction or a point of sale transaction. Loop Global VISA Card use may be restricted for some merchants.
When you use your Loop Global VISA Card, the Transaction Amount will be treated as amounts drawn under the Loop Card-based Credit Facility and must be funded in accordance with the terms of the Loop Card-based Credit Facility Terms and Conditions.
You are responsible for determining the amount available under your Loop Card-based Credit Facility Terms and Conditions in each Approved Currency and for ensuring you have sufficient availability in the Approved Currency for all such Transactions. Where the Transaction Amount in an Approved Currency exceeds your availability of the Approved Currency under the Loop Card-based Credit Facility Terms and Conditions, such excess amount will be subject to the Foreign Currency Exchange Fee, as outlined in Section 11.
| Limits | Per Day | Per Week | Per Month |
|---|---|---|---|
| Maximum cumulative amount of ATM Transactions | $3,000 | $5,000 | $7,500 |
| Maximum number of ATM Transactions | 3 | 5 | 8 |
Please also note the Loop VISA Card may be deactivated at any time if fraud related to the Loop VISA Card or use of the Loop VISA Card is suspected.
The table below sets out the fees that may be imposed by Loop (or third parties) in respect of Transactions made using the Loop VISA Card. For clarity, these fees are charged by, and for the benefit of, Loop or third parties and not EQ.
| Fees | Details |
|---|---|
| Obtaining a physical Loop Card | Each account includes a set number of complimentary physical cards based on your plan tier: Basic Plan: 1 free physical card Plus Plan: 10 free physical cards Power Plan: 50 free physical cards Additional physical cards may be requested at a cost of $5 CAD per card. |
| Foreign Currency Exchange Fees | All Transactions that are denominated in a currency that is not an Approved Currency will be converted into CAD (or first to USD and then to CAD, depending on the foreign currency) at the VISA Conversion Rate, as outlined in Section 11 below. A Foreign Currency Exchange Fee equal to 1.5% of the Transaction Amount will be applied to the converted amount. Subject to section 11, there are no Foreign Currency Exchange Fees for Transactions made in an Approved Currency. |
| ATM withdrawals | 5 CAD/USD/EUR/GBP Fee Per ATM Withdrawal Please Note: an ATM operator surcharge (also called convenience fee) may be charged by ATM operators. The convenience fee is not a Loop fee. It is added directly to the amount of your cash withdrawal. |
You must take all reasonable steps to protect the Loop VISA Card and any Credentials against loss, theft, or unauthorized use. If the Loop VISA Card has been lost or stolen, or if you have reason to believe that someone has made an unauthorized transaction with the Loop VISA Card, or may attempt to use the Loop VISA Card without your permission, you must notify us through the Portal. All transactions carried out on the Loop VISA Card before you notify us will be considered to have been made by you.
When you create a virtual card, it is activated immediately. Physical cards must be activated through the Portal through which you will be required to provide the details found on the physical card as verification.
The Loop VISA Card is issued by EQ and will remain EQ’s property.
Subject to Section 20, EQ or Loop may cancel or suspend any features or services of the Loop VISA Card at any time, with or without cause. Loop will provide you with as much notice of any cancellation or suspension as is reasonably possible or as otherwise required by applicable law.
You are solely and completely responsible for the possession, use, and control of the Loop VISA Card. You must surrender the Loop VISA Card to us immediately upon request by us. You will be liable for all transactions by Authorized Users. If you or any Authorized Users authorize another person to use the Loop VISA Card, you agree, to the extent permitted by law, that you will be liable for all transactions arising from use of the Loop VISA Card by such person. You should retain the receipt as a record of the transaction.
You do not have the right to stop the payment of any Transaction you conduct with the Loop VISA Card. We and/or EQ are not liable to you for declining authorization for any transaction, regardless of our reason.
Some merchants (including, but not limited to, restaurants, hotels, or car rental companies) may pre-authorize the transaction amount for the purchase amount plus up to 20% (or more) above the purchase amount to ensure that there are sufficient funds available under your Loop Card-based Credit Facility to cover any tips or incidental expenses. In such cases, your Transaction will be declined if the amount available on your Loop Card-based Credit Facility will not cover the Transaction Amount plus the additional amount.
A pre-authorization will place a ‘hold’ on an amount of your available credit until the merchant sends us the final payment amount of your purchase. Once the final payment amount is received, the pre-authorization amount on hold in excess of that final payment amount will be released. It may take up to 20 business days for the pre-authorization hold to be removed, and timing may vary depending on the type of merchant.
During the hold period, you will not have access to the pre-authorized amount.
A Foreign Currency Exchange Fee will apply to the following Transactions: (i) point of sale transactions, where the Transaction is not in an Approved Currency; and (ii) ATM withdrawals where the local currency is not an Approved Currency.
If a Transaction is in an Approved Currency (and the Transaction Amount is within your availability under the Loop Card-based Credit Facility Terms and Conditions in respect of such Approved Currency) then the Transaction Amount will be drawn from your Loop Card-based Credit Facility in the Approved Currency. If the Transaction Amount is in Approved Currency but exceeds your availability under the Loop Card-based Credit Facility Terms and Conditions in respect of such Approved Currency, the Transaction will be declined.
If a Transaction is not in an Approved Currency, then we will convert the Transaction Amount into CAD or first to USD and then to CAD, depending on the foreign currency, using the VISA Conversion Rate in effect on the day the Transaction is posted to the Account. Whether or not foreign currency will be converted directly to CAD before being posted in your Account is determined by VISA and is subject to change. We will then calculate the Foreign Currency Exchange Fee on the converted amount and add it to the Transaction Amount. The VISA Conversion Rate in effect on the posting date may differ from the rate in effect on the date of the Transaction.
If a Transaction is refunded to the Loop VISA Card or if there is another transfer of funds onto the Card in an Approved Currency, such amount will be applied to outstanding amounts under the Loop Card-based Credit Facility Terms and Conditions in such Approved Currency.
If a foreign currency Transaction that is not an Approved Currency is refunded to the Loop VISA Card or if there is any other transfer of funds onto the Card in a currency that is not an Approved Currency, the Transaction Amount may be converted directly into CAD, or first to USD and then to CAD, depending on the foreign currency. Whether or not foreign currency will be converted directly to CAD before being posted in your Account is determined by VISA and is subject to change.
The amount credited to the Account will not always be exactly the same as the original Transaction Amount because we do not reverse the Foreign Currency Exchange Fee and the VISA Conversion Rate may be different on the date when the refunded Transaction is posted to your Account.
If your Loop VISA Card is lost or stolen, you will be asked to provide us with your name, the Card number, the expiry date, and the Transaction history. Neither we nor EQ can re-issue a Loop VISA Card if you do not have your Loop VISA Card number.
If you lose the Loop VISA Card, someone might be able to access your Loop Card-based Credit Facility. Please use the Portal to request immediate cancellation of the Loop VISA Card. It may take up to 15 business days to process your re-issue request.
You agree, to the extent permitted by applicable law, to cooperate with us in our attempts to recover from unauthorized users and to assist in their prosecution.
You will be required to set up a PIN when you request a physical Loop VISA Card. When setting up or changing your PIN, you must not select a PIN:
You must:
You must not share your PIN or any other password for your Account with anyone.
Additional terms and conditions will apply to you if you elect to use a Mobile Payments Service. To use any Mobile Payments Service provided or developed by us or any third party that may be offered from time to time, a Cardholder must agree in advance to the terms and conditions of use applicable to such Mobile Payments Service.
You will be provided a copy of such terms and conditions and asked whether you agree with such terms and conditions at the time that you first log on to use such service. Such Mobile Payments Service terms and conditions, as amended from time to time, form an integral part of the Agreement.
Subject to the limitations of applicable law, we may at any time change or remove any of the terms and conditions of, or add new terms or conditions to this Agreement. We will post any such changes, as well as the most recent version of this Agreement, on the Portal. As of the effective date included in any notice, the changed or new terms will apply to the Loop VISA Card, including, without limitation, all future transactions made using the Loop VISA Card.
You are responsible for checking our Portal for such notifications. You will be deemed to accept and be bound by the Amendment upon use of the Card following the effective date of the Amendment. If you do not agree to any change of this Amendment, you agree to immediately stop using the Loop VISA Card and notify us that you are terminating this Agreement.
Notwithstanding the foregoing, advance notice of any change may not be given if it is necessary to make any such change immediately in order to maintain or restore the security of the Loop VISA Card or any related payment system or comply with applicable law. If such a situation does arise, then you will be given notice as soon as reasonably possible in the circumstances.
If you believe a transaction on your Loop VISA Card account is incorrect, you must notify us in writing of your dispute within 60 days of the transaction date. Following your notification, a form will need to be completed within 90 days of the transaction date. You can obtain a dispute form by logging into the Portal and following the prompts for lost or stolen cards. Please note that this form must be received within 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. If there is any dispute in regard to the purchase of goods or services you made using the Loop VISA 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 Loop VISA Card. We and / or EQ are not responsible for any problems you may have with any goods or services that you purchase with your Loop VISA Card, whether with regard to 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 Loop VISA Card, you agree to accept credits on your Loop VISA Card in place of cash.
Subject to all other terms of this Agreement, you agree that any claim of any kind against Loop, or VISA (or EQ) arising from or related to this Agreement or the use of the Card (i) shall be resolved by final and binding arbitration before a single arbitrator in Toronto, Canada and (ii) shall not be brought through class or individual litigation proceedings. If such a claim is advanced by class proceeding by any other person on your behalf, you will opt out of, or not opt into, such proceedings as circumstances dictate.
If you have a complaint or inquiry about any aspect of your Card, email us at complaints@bankonloop.com. We will do our best to resolve your complaint or inquiry.
You consent to the collection, use and sharing of your personal information from time to time as provided in Loop's privacy policy (including disclosure to our Affiliates, EQ and any third party for the purposes contemplated in this Agreement). This policy may be amended, replaced or supplemented from time to time. To help protect you and us from fraud, we may from time to time provide merchants with verification of your address for internet, telephone and other remote Transactions.
FROM TIME TO TIME CARD SERVICES MAY BE INOPERATIVE, AND WHEN THIS HAPPENS, YOU MAY BE UNABLE TO USE YOUR CARD OR OBTAIN INFORMATION ABOUT THE AMOUNT AVAILABLE ON YOUR CARD. PLEASE NOTIFY US IF YOU HAVE ANY PROBLEMS USING YOUR CARD. YOU AGREE THAT WE AND / OR EQ ARE NOT RESPONSIBLE FOR ANY CONSEQUENCES OF ANY INTERRUPTION OF SERVICE.
At our sole discretion, we (or EQ) may assign our rights and responsibilities under this Agreement at any time and without notice to you. If we (or EQ) do make such an assignment, then this Agreement will remain binding on you and your respective executors, administrators, successors, representatives and permitted assigns.
In the event we reimburse you for a refund claim you have made, or if we otherwise provide you with a credit or payment with respect to any problem arising out of any transaction made with the Loop VISA Card, you are automatically deemed to assign and transfer to us any rights and claims (excluding tort claims) that you have, had or may have against any third party for an amount equal to the amount we have paid to you or credited to your Loop VISA Card. You agree that you will not pursue any claim against or reimbursement from such third party for the amount that we paid or credited to your Loop VISA Card, and that you will cooperate with us if we decide to pursue the third party for the amount paid or credited to you. If we do not exercise our rights under this section, we do not give up our rights to exercise them in the future.
EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT, WE AND / OR EQ 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.
EXCEPT AS EXPRESSLY REQUIRED BY THIS AGREEMENT OR APPLICABLE LAW, NEITHER WE NOR EQ WILL BE LIABLE TO YOU FOR PERFORMING OR FAILING TO PERFORM ANY OBLIGATION UNDER THIS AGREEMENT UNLESS WE HAVE ACTED IN BAD FAITH. WITHOUT LIMITING THE FOREGOING, NEITHER WE NOR EQ WILL BE LIABLE TO YOU FOR DELAYS OR MISTAKES RESULTING FROM ANY CIRCUMSTANCES BEYOND OUR OR EQ'S CONTROL, INCLUDING, WITHOUT LIMITATION, ACTS OF GOVERNMENTAL AUTHORITIES, NATIONAL EMERGENCIES, INSURRECTION, WAR, RIOTS, FAILURE OF MERCHANTS TO PERFORM OR PROVIDE SERVICES, FAILURE OF COMMUNICATION SYSTEMS, OR FAILURES OF OR DIFFICULTIES WITH OUR AND / OR EQ'S EQUIPMENT OR SYSTEMS. ALSO WITHOUT LIMITING THE FOREGOING, NEITHER WE NOR EQ WILL BE LIABLE TO YOU FOR ANY DELAY, FAILURE OR MALFUNCTION ATTRIBUTABLE TO YOUR EQUIPMENT, ANY INTERNET SERVICE, ANY PAYMENT SYSTEM OR ANY CUSTOMER SERVICE FUNCTION. IN THE EVENT THAT WE AND / OR EQ ARE HELD LIABLE TO YOU, YOU WILL ONLY BE ENTITLED TO RECOVER YOUR ACTUAL AND DIRECT DAMAGES. IN NO EVENT WILL YOU BE ENTITLED TO RECOVER ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY OR SPECIAL DAMAGES (WHETHER IN CONTRACT, TORT, OR OTHERWISE), EVEN IF YOU HAVE ADVISED US OR EQ OF THE POSSIBILITY OF SUCH DAMAGES.
For greater specificity, and without limiting the foregoing, WE AND EQ ARE NOT LIABLE TO YOU FOR ANY DAMAGES OF ANY KIND IF YOU CANNOT COMPLETE TRANSACTIONS ON YOUR Loop VISA Card FOR ANY REASON WHATSOEVER.
Although considerable effort is made to ensure that our Website and other operational and communications channels are available around the clock, we do not warrant these channels to be available and error free at all times. You agree that we will not be responsible for temporary interruptions in service due to maintenance, website changes, or failures, nor will we be liable for extended interruptions due to failures beyond our control, including but not limited to the failure of interconnecting and operating systems, computer viruses, forces of nature, labour disputes and armed conflicts. We will not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses that may affect your computer or other equipment. You agree to act responsibly with regard to the Portal and its use. You will not violate any laws, interfere or disrupt computer networks, impersonate another person or entity, violate the rights of any third party, stalk, threaten or harass anyone, gain any unauthorized entry, or interfere with the Portal's systems and integrity.
This Agreement, together with the Loop Card-based Credit Facility Terms and Conditions, the Loop Rewards Program Terms and Conditions and all other documents that are expressly referred to herein, which govern your use of the Card sets forth the entire understanding 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.
The parties agree that any claim or action brought pursuant to this Agreement will be brought in the exclusive jurisdiction of the courts of Ontario, subject to Section 17, and this Agreement will be construed in accordance with and governed by the laws of the Province of Ontario and the laws of Canada applicable therein.
If any of the terms of this Agreement are invalid, changed by applicable law or declared invalid by order of court or regulatory authority, the remaining terms of this Agreement will not be affected, and this Agreement will be interpreted as if the invalid terms had not been included in this Agreement.
If you have questions regarding the Card, or need to report a lost or stolen Card, please use the Portal. For our mutual protection, we may record all telephone calls that relate to the Card.
EQ is the issuer of the Loop VISA Card pursuant to license by VISA International Inc. under a program that is managed by Loop. As such EQ may collect, use, disclose and otherwise handle your personal information in its role as the issuer of your Loop VISA Card in accordance with this Agreement and its Privacy Statement. EQ may also provide you with communications and notices related to your Loop VISA Card and this Agreement. You acknowledge that EQ is not party to and has no involvement with the Loop Card-based Credit Facility, the Loop Card-based Credit Facility Terms and Conditions, the Loop Reward Program or the Loop Reward Program Terms and Conditions (collectively, the "Loop Arrangements"). All Loop Arrangements are operated by Loop, and Loop (or its Affiliate(s), as applicable) is solely responsible for the Loop Arrangements. EQ has no responsibility for any of the Loop Arrangements under your Card including the amount of any credit extended to you or whether any Transaction you undertake with your Card are denied. You agree therefore, not to make any claims against EQ for any matter connected in any way with any Loop Arrangements and that EQ'S LIABILITY TO YOU IS LIMITED AS SET OUT IN SECTIONS 23 AND 24.
You have expressly requested that this Agreement and any related documents be drawn up in English. Vous avez expressément exigé que cette Entente et tout document qui s'y rattache, soient rédigés en anglais.
