Hello and welcome to Loop. When using Loop, you may have the opportunity to use various services and the means of accessing the Services are outlined in detail within this Agreement.This Agreement is made between Company and Loop and governs, together with Supplementary Agreements as applicable, the use of the Services and the Platform by Company. Submitting an Application to open an Account, opening or maintaining an Account or using the Services shall be deemed Company’s agreement to this Agreement, including the applicable terms and conditions contained on the Website and the Loop Privacy Policy (https://www.getloop.ca/legal), and to receive all Notices and communications from Loop electronically. We may amend or replace this Agreement by posting an updated version to our legal page (https://www.getloop.ca/legal). Please read this Agreement and the Loop Privacy Policy carefully before browsing or using the Website or applying to open an Account. By using this Website, you unconditionally agree to follow and be bound by this Platform Agreement and the Loop Privacy Policy. Where you are acting on behalf of any other party, you hereby confirm that you have the authority to bind, and you hereby bind such other party to the Agreement and the Loop Privacy Policy. All references to “you” and “your” herein include references to each and every party that you are acting on behalf of, except where the context otherwise requires. This Agreement addresses important legal issues that impact Company’s rights and obligations, including, among other things, limitations of liability of Loop to Company arising out of the use of the Services, the Platform and the Website.
IF YOU DO NOT ACCEPT THESE TERMS AND THE PRIVACY POLICY, YOU SHOULD NOT USE THIS WEBSITE.
In the event of any conflict between any Supplementary Agreement and this Agreement, the Supplementary Agreement will govern.
Please note that a prospective Borrower must meet such other criteria and provide all information and documentation that may be required by Loop and satisfaction of any or all of Loop’s criteria does not guarantee approval as a Borrower and/or that any request for a Credit Facility will be approved. While Loop generally applies standard internal guidelines and policies in assessing Borrower applications, it retains absolute discretion to accept or reject any application as it sees fit.
Company may not assign this Agreement or rights provided, or delegate any of its obligations, without Loop’s express prior written consent.
Last Updated: December 10, 2021
This Agreement sets out the terms and conditions applicable to your Loop MasterCard Access Card which are binding on you, Windsor Family Credit Union (“WFCU”) and Loop Financial Inc. (“Loop”) with respect to the use of the Access Card.
Your acceptance and use of your Loop MasterCard Access Card (the “Loop Card”) is subject to the terms set out in this Loop Access Card Agreement (the “Agreement”).
By using or activating your Loop Card, you are agreeing to the terms and conditions outlined below.
Windsor Family Credit Union (“WFCU”) is the Issuer of your Loop Card.
The Loop Card is provided to you in order for you to access funds from your Loop Card-based Credit Facility 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 Card to obtain advances or other funds under your Loop Card-based Credit Facility through the MasterCard network to purchase goods or pay for service or obtain a cash advance at an eligible ATM. Any purchase or cash advance you make using your Loop Card will be a transaction under your Loop Card-based Credit Facility and will reduce the credit available thereunder.
1. Definitions: In this Agreement, the words listed below have the following meaning:
“Account” means the card account opened and maintained by Loop for your Loop Card which provides a method to access your Loop Card-based Credit Facility.
"Agreement” means this Loop Access Agreement.
"Amendment” refers to any change to a term or condition of this Agreement or to the addition of a new term or condition.
"App” means the Loop mobile application.
Approved Currencies” means any one or more of CAD, USD, EUR, GBP and any additional currency that Loop may make available for advances under the Loop Card-based Credit Facility 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 Card and in whose name the Account has been opened and to whom a Loop 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. Any Transactions entered into using the Loop Card will be treated as amounts drawn under the Loop Card-based Credit Facility and must be repaid in accordance with the terms of the Loop Card-based Credit Facility Terms and Conditions.
“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.
“Loop Rewards Program Terms and Conditions” means the terms and conditions applicable to the Loop Rewards Program and available at (getloop.ca/legal/rewards).
“MasterCard” means MasterCard International Incorporated, and its successors and assigns.
“MasterCard Conversion Rate” means the applicable rate that we pay to MasterCard to convert foreign currency to an Approved Currency.
“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 Card, including when a Loop 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 Credit Account including available balances thereunder. The Portal may be accessed online or via a mobile device through the App.
“Transaction” means a transaction made using the Loop 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.
“we”, “us”, and “our” mean Loop, and our successors, subsidiaries, affiliates or assignees.
“you”, “your”, and “yours” each mean the Cardholder.
2. Your Loop Card. Your Loop Card can be used anywhere that MasterCard is accepted to complete any Transaction, including an ATM Transaction or a point of sale transaction. Where the Loop Card is used for any Transaction, the Transaction Amount will be an advance under your Loop Card-based Credit Facility pursuant to the Loop Card-based Credit Facility Terms and Conditions. Loop Card use may be restricted for some merchants.
3. Approved Currencies. 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.
4. Card Restrictions
Please also note the Loop Card may be deactivated at any time if fraud related to the Loop Card or use of the Loop Card is suspected.
5. Fees: The table below sets out the fees that may be imposed by Loop (or third parties) in respect of Transactions made using the Loop Card. For clarity, these fees are charged by, and for the benefit of, Loop or third parties and not WFCU.
6. Lost or Stolen Card: You must take all reasonable steps to protect the Loop Card and any Credentials against loss, theft, or unauthorized use. If the Loop Card has been lost or stolen, or if you have reason to believe that someone has made an unauthorized transaction with the Loop Card, or may attempt to use the Loop Card without your, permission, you must notify us through the Portal. All transactions carried out on the Loop Card before you notify us will be considered to have been made by you.
7. Key Cardholder Responsibilities under this Agreement:
8. Activating the Card: Once a Card Account is created, a virtual Card will be created and activated immediately. You may request a physical version of the Card as well. Physical cards must be activated through the Portal through which you will be required to provide Card details as verification and set up a PIN.
9. Ownership and Use of the Card: The Loop Card is issued by WFCU and will remain, WFCU’s property.
Subject to Section 20, WFCU or Loop may cancel or suspend any features or services of the Loop 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 Card. You must surrender the Loop 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 Card, you agree, to the extent permitted by law, that you will be liable for all transactions arising from use of the Loop 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 Card. We and / or WFCU 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.
10. Transactions in Foreign Currency.
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 MasterCard 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 MasterCard 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 MasterCard Conversion Rate in effect on the posting date may differ from the rate in effect on the date of the Transaction.
11. Returns or Other Amounts on Card. Returns or Other Amounts on Card. If a Transaction is refunded to the Loop Card or if there is an other transfer of funds onto the Card (such as by way of MasterCard Send or MasterCard MoneySend) 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 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 MasterCard 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 MasterCard Conversion Rate may be different on the date when the refunded Transaction is posted to your Account.
12. Protection Against Loss, Theft, or Unauthorized Use: If your Loop 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 WFCU can re-issue a Loop Card if you do not have your Loop Card number. If you lose the Loop Card, someone might be able to access your Loop Card-based Credit Facility. Please use the Portal to request immediate cancellation of the Loop Card. It may take up to 15 business days to process your re-issue request, provided that, if you have subscribed to “Mastercard Global Services”, the Loop Card will be re-issued to you within 2 business days of your 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.
13. Personal Identification Number (PIN): You will be required to set up a PIN or change the PIN provided by us upon activation of your new Loop Card. When setting up or changing your PIN, you must not select a PIN: (i) that is easily identifiable, such as a birth date, a phone number or a PIN that you use for any other accounts you may have; (ii) which can be easily obtained or guessed by someone else; (iii) that is the same as or contains any part of any number on an identification card that is kept close to your Loop Card; or (iv) a PIN that does not comply with any other instructions provided by us for setting or changing your PIN. You must: (i) keep your PIN absolutely confidential and maintain the secrecy of your PIN or any other password for your Account (which includes passwords or access codes used to access your Account online or to complete Internet or other electronic transactions); (ii) take all reasonable precautions to ensure no one finds out your PIN, including while you key-in your PIN at an ATM or at a merchant with a chip-enabled terminal; and (iii) not write any PIN or password on your Loop Card or on statements, if any, received for your Account. You must not share your PIN or any other password for your Account with anyone.
14. Mobile Payments Services: 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 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.
15. Notification and Change of Terms: 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 Card, including, without limitation, all future transactions made using the Loop 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 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 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.
16. Purchase Disputes and Refunds: If you believe a transaction on your Loop 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 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 Card. We and / or WFCU are not responsible for any problems you may have with any goods or services that you purchase with your Loop 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 Card, you agree to accept credits on your Loop Card in place of cash.
17. Arbitration: Subject to all other terms of this Agreement, you agree that any claim of any kind against Loop, or MasterCard (or WFCU) 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.
18. Complaints: If you have a complaint or inquiry about any aspect of your Card, email us at complaints@getloop.ca. We will do our best to resolve your complaint or inquiry.
19. Privacy: You consent to the collection, use and sharing of your personal information from time to time as provided in Loop’s privacy policy. 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.
20. No Warranty of Availability or Uninterrupted Use: 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 WFCU ARE NOT RESPONSIBLE FOR ANY CONSEQUENCES OF ANY INTERRUPTION OF SERVICE.
21. Assignment: At our sole discretion, we (or WFCU) may assign our rights and responsibilities under this Agreement at any time and without notice to you. If we (or WFCU) do make such an assignment, then this Agreement will remain binding on you and your respective executors, administrators, successors, representatives and permitted assigns.
22. Third Party Claims: 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 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 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 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.
23. Disclaimer of Warranties: EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT, WE AND / OR WFCU 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.
24. Limitation of Liability: EXCEPT AS EXPRESSLY REQUIRED BY THIS AGREEMENT OR APPLICABLE LAW, NEITHER WE NOR WFCU 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 WFCU WILL BE LIABLE TO YOU FOR DELAYS OR MISTAKES RESULTING FROM ANY CIRCUMSTANCES BEYOND OUR OR WFCU’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 WFCU’S EQUIPMENT OR SYSTEMS. ALSO WITHOUT LIMITING THE FOREGOING, NEITHER WE NOR WFCU 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 WFCU 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 WFCU OF THE POSSIBILITY OF SUCH DAMAGES.
For greater specificity, and without limiting the foregoing, WE AND WFCU ARE NOT LIABLE TO YOU FOR ANY DAMAGES OF ANY KIND IF YOU CANNOT COMPLETE TRANSACTIONS ON YOUR LOOP CARD FOR ANY REASON WHATSOEVER.
25. Website and Availability: 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.
26. Entire Agreement: This Access 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.
27. Governing Law: 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.
28. Section Headings: Section headings in this Agreement are for convenience of reference only, and will not govern the interpretation of any provision of this Agreement.
29. Severability: 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.
30. Contact Information: 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.
31. WFCU. WFCU is the issuer of the Loop Card pursuant to license by MasterCard Inc. under a program that is managed by Loop. As such WFCU may collect, use, disclose and otherwise handle your personal information in its role as the issuer of your Loop Card in accordance with this Agreement and its Privacy Statement (https://www.wfcu.ca/Personal/AboutUs/OnlinePolicies/Privacy/PrivacyCode/). WFCU may also provide you with communications and notices related to your Loop Card and this Agreement. You acknowledge that WFCU 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 is solely responsible for the Loop Arrangements. WFCU 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 WFCU for any matter connected in any way with any Loop Arrangements and that WFCU’S LIABILITY TO YOU IS LIMITED AS SET OUT IN SECTIONS 23 AND 24.
32. Language. 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.
1. Your use of bank account verification enabled by Flinks API (“Flinks Service”) from within Loop Entities’ website and mobile application (the “Services”) is subject to the following terms.
1.1 Proprietary Rights. You are permitted to use information, data or other materials delivered to you through the Flinks Service only with the Services. You may not copy, reproduce, distribute, or create derivative works from this information, data, or other materials. Further, you agree not to reverse engineer or reverse compile any of the Flinks Service technology.
1.2 Content You Provide. You are licensing to Loop Entities and Flinks Technology, Inc. (“Flinks”), any data, passwords, or other information (collectively, “Content”) you provide through or to the Flinks Service. Loop Entities and Flinks may use, modify, display, distribute and create new material using such Content only to provide the Flinks Service to you. By submitting Content, you automatically agree, or promise that the owner of such Content has expressly agreed that, without any particular time limit, and without the payment of any fees, Loop Entities and Flinks may use the Content for the purposes set out above.
1.3 Third Party Accounts. By using the Services and the Flinks Service, you authorize Loop Entities and Flinks to access third party sites designated by you, on your behalf, to retrieve information requested by you, and to register for accounts requested by you. For all purposes hereof, you hereby grant Loop Entities and Flinks a limited power of attorney, and you hereby appoint Loop Entities and Flinks as your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for you and in your name, place and stead, in any and all capacities, to access third party Internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person, only as required to provide you the Flinks Service. You acknowledge and agree that when Loop Entities or Flinks accesses and retrieves information from third party sites, Loop Entities and Flinks are acting as your agent, and not the agent or on behalf of the third party. You agree that third party account providers shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by you. You understand and agree that the Flinks Service is not endorsed or sponsored by any third party account providers accessible through the Flinks Service.
1.4 Disclaimer of warranties. You expressly understand and agree that:
(a) Your use of the Flinks Service and all information, products and other content (including that of third parties) included in or accessible from the Flinks Service is at your sole risk. The Flinks Service is provided on an “as is” and “as available” basis. Loop Entities and Flinks expressly disclaim all warranties of any kind as to the Flinks Service and all information, products and other content (including that of third parties) included in or accessible from the Flinks Service , whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
(b) Loop Entities and Flinks make no warranty that (i) the Flinks Service will meet your requirements, (ii) the Flinks Service will be uninterrupted, timely, or error-free, (iii) the quality of any products, services, information, or other material purchased or obtained by you through the Flinks Service will meet your expectations, or (iv) any errors in the technology will be corrected.
(c) Any material downloaded or otherwise obtained through the use of the Flinks Service is done at your own discretion and risk and you are solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No advice or information, whether oral or written, obtained by you from Loop Entities or Flinks through or from the Flinks Service will create any warranty not expressly stated in these terms.
1.5 Limitation of liability. You agree that neither Loop Entities nor Flinks, nor any of their affiliates or account providers will be liable for any harms, which lawyers and courts often call direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses, even if Loop Entities or Flinks has been advised of the possibility of such damages, resulting from:
(a) the cost of getting substitute goods and services;
(b) any products, data, information or services purchased or obtained or messages received or transactions entered into, through or from the Flinks Service;
(c) unauthorized access to or alteration of your transmissions or data;
(d) statements or conduct of anyone on the Flinks Service;
(e) the use, inability to use, unauthorized use, performance or non-performance of any third party account provider site, even if the provider has been advised previously of the possibility of such damages; or
(f) any other matter relating to the Flinks Service.
1.6 Indemnification. You agree to protect and fully compensate Loop Entities and Flinks and their affiliates from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable attorneys/legal fees) caused by or arising from your use of the Flinks Service, your violation of these terms or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
1.7 Flinks. You agree that Flinks is a third party beneficiary of the above provisions, with all rights to enforce such provisions as if Flinks were a party to this Agreement.
Last Updated: May 9, 2023
These Terms and Conditions form a legal agreement between you, as business cardholder, and Loop Financial Inc. (“Loop” or “us”) that govern your participation in the Loop Rewards Program. Please read these Terms and Conditions carefully. They contain important information about the Program, including how to earn and redeem your Rewards.
You understand and agree that your participation in the Loop Rewards Program is also subject to all of the terms and conditions of your Access Card Agreement for the Card (the “Access Card Agreement”).
1. Definitions
In these Terms and Conditions, the terms below have the following meaning:
“Account” means the card account opened and maintained by Loop for your Card.
“Account Statement” means the monthly paper or electronic statement for your Account that Loop prepares and sends to you.
“App” means the Loop mobile application.
“Balance Transfer” means a cash advance transaction by which you borrow money on your Account to pay the outstanding balance on another credit card (other than a credit card issued by us or one of our affiliates) and thereby transfer the balance owing on that other credit card to the Account.
“Business Cardholder” means the business who applied for the opening of the Account and the issuance of a Card and in whose name the Account has been opened and to whom a Card has been issued under this Agreement.
“Card” means any Loop MasterCard issued under the Account.
“Cash Advance” includes the following: (i) a cash advance obtained from an automated bank machine or a financial institution that accepts your Card: (ii) use of your Card or Account for Cash-Like Transactions or Balance Transfers; and (iii) any other Transaction where you withdraw cash from the Account.
“Cash-Like Transaction” means a Transaction involving the purchase of items that are directly convertible into cash or are similar to cash. Cash-Like Transactions include electronic funds transfers, wire transfers, travellers cheques, money orders, prepaid card purchases and gaming transactions, including betting, off-track betting, race track wagers, lottery tickets and casino gaming chips.
“Eligible Purchase” means any purchase for which payment has been made using your Card but excludes all Balance Transfers, Cash-Like Transactions, and other Cash Advances, interest charges, Account payments and credit adjustments, fees, and any other transaction that we may determine is excluded from eligibility under the Program.
“good standing” means an Account that is not more than 90 days past due, credit has not been revoked and the Card has not been cancelled.
“Individual Cardholder” means a person who has been issued a Card under the Account with the authorization and at the request of the Business Cardholder.
“Loop Card-based Credit Facility Terms and Conditions” means the terms and conditions applicable to Loop Revolving Credit Facility and available in the Portal.
“Loop Card-based Credit Facility” means a credit card loan facility made available to the Cardholder by Loop or an affiliate thereof pursuant to the terms of the Loop Card-based Credit Facility Terms and Conditions.
“Loop Rewards” means the redemption functionality that can be used to redeem Rewards for any Net Purchase or against your Account Statement balance.
“Loop Rewards Account” means the nominal account we open and maintain in the name of the cardholder for the crediting and debiting of the Rewards earned in connection with the Program.
“MasterCard Conversion Rate” means the applicable rate that we pay to MasterCard to convert foreign currency.
“Net Purchases” means all Eligible Purchases charged to your Account, less returns, refunds, chargebacks and merchant credits.
“Portal” means the Loop online portal.
“Program” means the Loop Rewards Program that allows you to earn Rewards.
“Rewards” means a certain percentage of Net Purchases charged to the Account and also referred to in these Terms and Conditions as “points”.
All other capitalized terms used but not defined herein have the meaning given to them in the Loop Card-based Credit Facility Terms and Conditions.
2. Eligibility
The Program is a benefit that comes with your Card and is offered at no extra cost to you. Only one Loop Rewards Account will be set up for each Business Cardholder. This means that all Rewards earned by all Individual Cardholders will be credited to the one Business Cardholder Loop Rewards Account.
3. Earning Loop Rewards
You can earn Rewards when using your Card. Rewards are earned on Net Purchases. Rewards are earned on a per transaction basis as long as the Account is in good standing and are reflected in your Loop Rewards Account as set out below.
Please see “Appendix 1 – Earn Rates by Card” for the earn rates of how we calculate points earned.
We will multiply the value of each Net Purchase by the earn rate. If the result includes a fraction of a point, we will round down to the nearest whole point. For example, if your Net Purchase is $1.05 and your earn rate is 1 point per $1, you will earn 1 point.
Rewards are calculated according to reward tiers based on the Canadian dollar amount of Net Purchases and rounded down to the nearest dollar. Rewards are reflected as soon as the next business day in your Loop Rewards Account which can be viewed online by logging into your Account and selecting Loop Rewards or in the Loop mobile application. However, Rewards are earned and available for redemption once the Net Purchase for which the Rewards are earned is posted to the Account Statement.
Rewards credited to your Loop Rewards Account on any Eligible Purchase made with your Card that you subsequently return will be adjusted and reflected in your Loop Rewards Account. Your Loop Rewards Account balance will be reduced by the number of Rewards equivalent to the amount originally credited. You should be aware that in some cases your Loop Rewards Account balance may become negative. In such case, if Rewards are earned in the future, they are first used to offset the negative balance.
We accept no liability for any errors in the Rewards balance in your Loop Rewards Account. If any Rewards are awarded to your Loop Rewards Account in error, we reserve the right to deduct the number of Rewards awarded in error at any time, and without notice to you. We are not obligated to honour a request to redeem Rewards added to a Loop Rewards Account in error.
Rewards cannot be earned after the date your Account is closed or the date the Program is terminated.
In the event of a dispute about the amount of your Rewards earned, redeemed or deducted, our record of all Rewards will be considered conclusive unless you notify us of any discrepancy within 30 days of your statement date. You must notify us of any discrepancy through the Portal.
4. Reward Tiers
We may establish rewards tiers with separate criteria for participation, and with distinct benefits, such as access to certain restricted rewards or different rewards multipliers. While we may publicize certain requirements for participation in a rewards tier, we will ultimately make independent evaluations as to whether you qualify for any given rewards tier. We may use any information that you provide to us, or that we have access to, when determining qualification for a rewards tier and we are under no obligation to disclose the factors taken into consideration when making our determination. Your eligibility for a rewards tier may be changed at any time in our sole discretion. Please contact us through the Portal if you believe that you qualify for a specific rewards tier.
5. Referral Bonuses
Loop may offer referral bonuses in the form of points from time to time. To receive a referral bonus, your Account must be in good standing. You agree to only make recommendations to known friends and family members with whom you have a relationship and who have confirmed to you that they want to receive this communication. You must not send recommendations to people you do not know. You agree that other cardholders on your Account may also make and send recommendations. Additional terms and conditions will be set out in the promotional materials.
6. Redeeming Rewards
Rewards can be redeemed towards Net Purchases or against your Account Statement balance using the App or Portal. The standard redemption rate would allow 200 points to be redeemed for every 1 Canadian dollar of Net Purchases, provided that in some cases the redemption rate could be higher (the higher redemption rate would be indicated where applicable). Rewards can be redeemed starting at one Canadian dollar, US dollar, Euro or British pound, as applicable.
Certain Rewards or points may be subject to additional terms and conditions that will be provided to you if applicable. For example, Loop may determine Rewards or points redemption ratios and the timing of such redemption. We reserve the right to change points redemption ratios or revoke availability of redemption options in our sole discretion with or without notice.
Any Rewards partnerships with third-party service providers may also be also subject to additional terms and conditions determined by the third-party service provider. You are responsible for reviewing and understanding any such additional terms and conditions, and we disclaim any liability for claims that may arise in connection with third-party service providers.
To redeem rewards, log into your Account through the Portal. Once logged in, select the Redeem Rewards option, and your selected Net Purchase made using your Card will be paid with rewards from your Loop Rewards Account up to the full amount of your Net Purchase or the full balance of your Loop Rewards Account, whichever is less.
You may also select to apply your points as cashback, and your Account Statement balance will be paid with points from your Loop Rewards Account up to the full amount of your Account Statement balance or the full balance of your Loop Rewards Account, whichever is less.
Any authorized cardholders on your Account are authorized to log in and view points in the Account’s Loop Rewards Account and redeem Rewards.
Reward redemptions are reflected as soon as the next business day in your Loop Rewards Account and, on a monthly basis, as credits on your Account Statement.
7. Use of Personal Information
Loop may exchange Program and Account related information about you with other parties, such as participating partners, merchants or service providers, as required to administer the Program. All personal information will be collected, used, disclosed or otherwise treated in accordance with the Loop Privacy Policy.
8. Tax
Any federal and/or provincial tax liability and reporting obligations for any taxes (including but not limited to personal and business income tax reporting) arising from the accrual of Rewards is your responsibility. You release Loop from all liabilities in this regard and acknowledge that Loop will not issue tax receipts.
9. Amendments
Subject to applicable law, we may make changes to the Program and these Terms and Conditions as they apply to you, in whole or in part, at any time and from time to time, without giving you notice. These changes may include, but are not limited to:
10. Termination of Program
We reserve the right to terminate the Program, in whole or in part, at any time on 30 days’ prior written notice. If the Program is ever terminated, any Rewards in your Loop Rewards Account will be applied towards your Account Statement balance.
11. Disqualification
You may be disqualified from participating in the Program if at any time: (a) any of your payments you owe to Loop or an affiliate thereof (whether under these terms and conditions, the Loop Card-based Credit Facility Terms and Conditions or otherwise) are past due, (b) any prior payments were late, (c) there is any abuse of the Program’s privileges or failure to follow it terms, (d) there is a breach of policies or other agreements with Loop, (e) misrepresentation or (f) an attempt to otherwise game or misuse the Program. Where we determine, in our sole discretion, that you no longer satisfy the requirements for participation in the Program, we may disqualify you and you may lose any Rewards or points that you may have accrued.
In the event of a (a) payment failure, (b) delinquency, (c) suspension, or (d) termination of your Loop Account, your accrued Rewards or points may be forfeited, and we may freeze your ability to redeem Rewards. We may refuse any request to use Rewards or points, or terminate your participation in the Program if your Loop Account is not in good standing, if any payments are past due, if your Loop Account has been terminated, or if you have otherwise breached any of your obligations under the Agreement. You lose all accrued Rewards or points when your account is terminated, either by you or us. In the event that your Loop Account is delinquent, you do not accrue Rewards or points.
12. Miscellaneous
Rewards do not expire as long as your Account remains open. Loop Rewards can only be redeemed if your Account is in good standing.
Any abuse of the Program’s privileges, failure to follow its terms, or misrepresentation may result in Loop ending your participation in the Program and such termination may result in the loss of accumulated Rewards. From time to time it may be necessary for Loop to restrict, suspend or otherwise alter aspects of the Program, with or without notice to you.
Rewards are not refundable, exchangeable, and have no cash value. Rewards may not be resold, pledged or hypothecated in any way. All notices and other communications required or permitted to be provided under these Terms and Conditions will be provided in the manner set forth in the Loop Card-based Credit Facility Terms and Conditions.
Appendix I - Earn Rates
By accessing or using the website www.bankonloop.com (the “Site”), you confirm that you have read, understood, and agree to the Terms and Agreements listed at www.bankonloop.com/legal (the “Terms”) and this Privacy Policy.
This Privacy Policy and the Terms constitute a binding legal agreement between you and Loop Financial Inc., its subsidiaries and affiliated companies, including, without limitation, Loop Funding Inc., Loop Securities Inc., Loop Payments Inc. and Loop Fund I LP (collectively, “Loop”).
Statement of Principle
This Privacy Policy outlines how Loop collects, uses, discloses, manages and safeguards your information, including your personal information. Loop takes your privacy seriously and is committed to protecting your personal information. If you have any questions about this Privacy Policy or Loop’s privacy practices, please contact Loop with your questions by telephone at 1 (647) 490-5667 or by e-mail at legal@bankonloop.com.
Loop will not sell or rent your personal information to any third party without your prior consent. You may contact Loop at any time to withdraw your consent to any such use or disclosure of your personal information. If Loop decides to make material changes to the Privacy Policy, Loop will notify you of these changes by placing a notice on the Site for 30 days. If you do not accept the terms in this Privacy Policy or any changes made thereto, please stop accessing or using the Site.
If information is aggregated or de-identified so it is no longer reasonably associated with an identified or identifiable natural person, Loop may use it for any business purpose.
Definition of "personal information"
For the purposes of this Privacy Policy, “personal information”, means any information that concerns an identifiable individual, including such person’s name, mailing address, telephone number, e-mail address, date of birth, sex, social insurance number, information with respect to such person’s deposit account at a financial institution and any other information which may be disclosed in any report or document, including but not limited to any credit report provided by Equifax Canada Inc. or any other credit reporting agency to which Loop may refer from time to time for verification purposes, upon your authorization (“Credit Agency”).
Collection of Information
Loop will collect information from you, including your personal information, when you register or apply for a Loop Account or access or use the Site. Please note that all information entered into any application form, which is saved in order to be completed later, is also collected by Loop and subject to this Privacy Policy.
We use various service providers to specifically assist us with identity verification. These service providers may review the personal information documentation you provide us to confirm its authenticity, or may compare your information in our control with information about you from other sources (e.g. credit reporting agencies, telecommunications providers) to confirm your identity when creating or logging in to your account. We may use biometric ID verification providers to confirm the authenticity of photo identification and to verify the identities of new clients, however alternative methods of verification are available. We take these steps to verify your identity very seriously in order to detect, prevent and suppress errors, fraud, financial abuse and other unauthorized or illegal activities.
Account Information
General Account
When you register for a general account (“General Account”) on the Site, Loop will collect certain information from you, such as your title, full name, e-mail address, telephone number, name of business (if applicable) and password.
Full AccountWhen you apply to open additional services with Loop such as a Credit Facility, Card or a Payment Method, your account will become a full account (“Full Account”) and Loop will collect certain information from you, which may include, but is not limited to: contact information (title, full name, e-mail address, mailing address and telephone number) date of birth; social insurance number; income, assets, debt and other financial information; and/or bank account information (including financial institution number, branch transit number and account number) and transaction information from all accounts and sub-accounts (e.g. chequing, savings, and credit cards) accessible through the account credentials you used.If you apply for a Borrower Account on behalf of an entity, Loop will collect certain information about the entity, including, but not limited to:
the entity’s business, affairs and industry;the entity’s income, assets, debt, and other financial information;the ownership and control of the entity, which may include, at Loop’s discretion, information about its shareholders, directors, officers, partners, and/or trustees;the entity’s bank account information (including but not limited to financial institution number, branch transit number and account number); and/or the entity’s sales account information (including but not limited to ecommerce merchant accounts and payment processing accounts)
For the purposes of this Privacy Policy, applicants operating sole proprietorships are deemed to be acting for and on behalf of an entity.
Credit Information
When you apply for a Full Account on the Site, Loop may collect information from a Credit Agency that you authorize us to collect. This includes credit history, financial and identification information and any other information disclosed in a credit report or any document provided by the Credit Agency to Loop. Loop may request and use social insurance numbers, as required, to facilitate Credit Agency searches.
Photo ID
We may collect copies of government-issued identification or a picture of yourself (a “selfie”) that you provide us or one of our service providers.
Log and Website Information
When you access or use the Site, Loop may automatically collect certain technical information about your visit, including the date, time, browser type, your internet service provider, your IP address, device information (including device identifiers), geo-location information, computer and network performance data, the URL that you are coming from and your navigation history in order to customize and personalize your experience on the Site, diagnose and detect potential problems with the Site, manage and improve the Site and for statistical research purposes.
Correspondence
Loop will collect records of all correspondence with Loop. This includes questions, inquiries, complaints, comments and other information submitted to the Site. We may record any conversations or retain information contained in any correspondence to assist you in the future and to improve our customer service, and product and service offerings.
Marketing Communications
From time to time, we may send you email, SMS text messages and other communications about Loop’s products, services, or events that may be of interest to you, as well as products, services or events of our affiliates. You can opt-out of receiving marketing and promotional email from us by following the unsubscribe instructions contained in each of our email or SMS communications. Please note that you will continue to receive email and text messages regarding your account and transactions with us. Alternatively, you can unsubscribe from any of our marketing communications by contacting us at support@bankonloop.com
Third-Party Information
Loop may collect the personal information about third parties that you provide to Loop or authorize Loop to collect, for example persons whom you wish to send money, request money from, or inviting them to use Loop. You are responsible for obtaining the necessary consent for the collection and use of this information and for the disclosure of this information to Loop.
Use and Disclosure of Information
Opening an Account
Loop will use the personal information that Loop collects from you to open and maintain your Account, including verifying your identity and the information that you provide to Loop and determining your eligibility to open a Full Account on the Site.
Account Administration
Loop may use your personal information to communicate with you about your Account and to provide you with technical support.
Processing and Transferring Loans
Loop may use the information that it collects to process and transfer loans. Loop may also share this information with its third-party agents that help Loop to process and transfer loans.
Collections and Loan Repayments
Loop may use your information in order to collect loan repayments or to enforce a loan agreement, a security interest or a guarantee. Loop may also disclose your information or a Borrower's information to a third-party service provider performing loan collection and enforcement services on Loop’s behalf, including, but not limited to any collections agency, legal counsel or receiver.
Legal Issues
Loop may use and disclose your personal information in order to detect, investigate, address and prevent fraudulent or illegal activities. Loop reserves the right to disclose your personal information as required by law, when we believe that disclosure is necessary to comply with a judicial proceeding, court order, or legal process served on us and to defend against legal claims. Loop may be required to disclose your personal information to law enforcement, securities regulators and regulatory authorities, such as the Financial Transactions and Reports Analysis Centre of Canada, in the context of an investigation or audit. Loop also reserves the right to disclose your personal information to another organization to investigate the breach of an agreement, including the Terms, and for the purposes of detecting, suppressing or preventing fraudulent activities.
Regulatory Filings
Loop may disclose your personal information to regulators and regulatory authorities in order to meet applicable filing requirements. By engaging in activities on the Site, you consent to the filing of your personal information and copies or originals of any documents provided to Loop with any regulator. Should you have any concern in this regard, please consult your legal advisor.
Referral Disclosure
Loop may from time to time offer to compensate you, subject to certain terms and conditions, for referring prospective accounts to Loop. In the event you refer a prospective account to Loop, your name will be disclosed to that prospective account where required by law.
Corporate Matters
Loop may disclose and share your personal information to explore and/or undertake a corporate transaction, including a merger, acquisition, amalgamation, initial public offering, reorganization or sale of Loop. Your personal information will be used and disclosed solely for the purposes related to the transaction and will be protected by security safeguards appropriate to the sensitivity of the information.
Analysis and Research
Loop may use the information that it collects for statistical analysis and market research purposes.
Retaining Your Information
Loop will retain any and all personal information that Loop is required to retain under any applicable laws for the full duration of time required under those laws. Loop may also retain any and all personal information obtained from any Loop account holder for the full duration of time required under applicable laws.
Third-Party Service Providers
Loop may transfer your personal information to a third-party service provider for processing and storage. Whenever Loop engages a third-party service provider, Loop ensures that the information is properly safeguarded at all times at a comparable level of protection the information would have received if it had not been transferred. Loop may transfer your personal information to a third-party service provider outside of Canada. In the event that your personal information is transferred outside of Canada, the government, courts or law enforcement or regulatory agencies of that jurisdiction may be able to obtain disclosure of your personal information through the laws of that jurisdiction.Our service providers are transferred the information they need to perform their designated functions and committed to maintaining your confidentiality. Our service providers are not permitted to use your information for any unauthorized purpose. Your personal information may be maintained and processed by our Affiliates and other third party service providers outside of Canada, including Quebec, in the US or other jurisdictions. In the event personal information is transferred to the US or other foreign jurisdiction, it will be subject to the laws of that jurisdiction and may be disclosed to or accessed by the courts, law enforcement and governmental authorities in accordance with the laws of those jurisdictions
Security Measures
Loop pays special attention to the protection of personal information and has therefore instituted industry standard security measures (firewalls, passwords, physical security, etc.) to protect users against any unauthorized access or disclosure. Although Loop strives to protect users' personal information, it cannot guarantee the absolute security of such information as no system is immune from fraud or hacking. In the event of a data breach, Loop will notify users at the first reasonable opportunity of the breach and immediately apply remedial measures. Neither Loop nor any of its officers, directors, employees, consultants, representatives, agents, successors and assigns may be held liable in case of theft, illegal use, unauthorized disclosure, loss or the alteration or destruction of information by a third party.
Electronic Signatures
Please note that Loop's technology includes the use of electronic signatures and that Loop collects the images of such electronic signatures. The collection and use of such signatures is subject to the application of this Privacy Policy.
Designation of the Chief Privacy OfficerWe have designated Loop’s Chief Executive Officer (CEO) as the Chief Privacy Officer (CPO) who is responsible for overseeing our compliance with Canadian privacy laws and for ensuring that information we collect is used and disclosed in accordance with these laws and our privacy policy.If you have any questions about our privacy practices or this policy, or if you have concerns about how your personal information is managed, please contact our Chief Privacy Officer at:Email: privacy@bankonloop.comMailing Address: Attn: Privacy Department 410 Adelaide St W, Suite 500, Toronto, Ontario M5V1S8The Chief Privacy Officer is committed to addressing all privacy concerns in a timely and respectful manner and will endeavor to respond to your query or complaint as soon as possible.
Your Rights
If you do not agree with the collection, use and disclosure of your personal information as outlined in this Privacy Policy, please do not access or use this Site or save or send any application.
You may correct any inaccurate or out-of-date personal information by contacting Loop by telephone at 1 (888) 223-5667 or by e-mail at legal@bankonloop.com.
When you register for a General Account, you will be asked to consent to communications from Loop, including promotional emails, SMS communications and advertising. Please note that you may unsubscribe from Loop’s contact list at any time by following the procedure provided at the bottom of such email or contacting us at support@bankonloop.com. Please note that opting out in this manner will not end transmission of service-related emails, such as email alerts about your Loop Account.
Other
If you have any questions, concerns or complaints regarding this Privacy Policy, you may contact Loop by telephone at 1 (647) 490-4901 or by e-mail at legal@bankonloop.com. Loop will explain, if applicable, how it handles complaints and will help you resolve the issue. If a complaint is well-founded, Loop will take appropriate measures, including, if necessary, modification of the practices and methods hereunder.We reserve the right, at our discretion, to make changes to this Privacy Policy from time to time without notice, so please review it frequently. You may review updates to our Terms of Service and Privacy Policy at any time via links on www.bankonloop.com . You agree to accept electronic communications and/or postings of revised versions of this Privacy Policy on www.bankonloop.com and agree that such electronic communications or postings constitute notice to you of the revised version of this Privacy Policy. Changes take effect immediately upon posting. Your continued use of the Services after any changes or revisions to this Privacy Policy shall indicate your agreement with the terms of such revised Privacy Policy.
This Privacy Policy was last updated on August 30, 2024.
Effective May 1, 2022
It is our goal to provide you with as many digital banking options as possible, including providing information to you electronically. We are required by law to give you certain information in writing. This means you have the right to receive that information on paper. With your consent, we can provide it to you electronically, instead.
In this Agreement:
You agree to receive electronic Communications from us.
As part of your relationship with us, we will provide you with Communications. By accepting this Agreement, you consent to receive Communications in electronic form for any products, services and accounts that you have or apply for, either now or in the future. You also consent to the use of electronic signatures in your relationship with us.
We may still choose to provide you with information on paper even though you have consented to receive it electronically. In some cases, we are not permitted by law to deliver certain Communications to you electronically. However, if the law changes in the future and permits additional Communications to be delivered electronically, this Agreement will automatically cover those Communications as well.
We may deliver electronic Communications to you in several ways.
When we deliver electronic Communications to you, we will either: (1) email them to you; (2) post them on our website; (3) present them on-screen or for download through one of our online or mobile banking services; (4) include them in other electronic Communications that we are delivering to you, such as electronic account statements; or (5) in the manner specified in any other agreement we have with you. If we are not emailing or presenting the information to you directly, we will tell you where you can go to view that information.
If you seek to obtain a new product, service or account with us, we may remind you that you have already consented to receiving electronic Communications and using electronic signatures in your relationship with us. If you choose not to receive electronic Communications or use electronic signatures in connection with the new product, service or account, that choice does not mean you have withdrawn your consent with respect to any other product, service or account.
You will need some technology to receive electronic Communications.
To receive and retain electronic Communications from us, you will need the following:
If our hardware and software requirements change, and that change would create a material risk that you would not be able to access or retain electronic Communications, we will give you notice of the change. Continuing to use our electronic services after receiving notice of updates to our system requirements signifies your acceptance of the change and reaffirmation of your consent. Please keep your contact information up to date.
It is your responsibility to keep all of your contact information current so that we can send you electronic Communications. You can update your email address and other contact information by editing your profile in the Loop dashboard. You may also contact us at support@bankonloop.com
You may have the option to receive paper copies.
We may choose to make paper copies of certain electronic Communications available upon request. You can request paper account statements via email to statements@bankonloop.com
You can withdraw your consent to receiving electronic Communications.
You have the right to withdraw this consent at any time. Withdrawing consent may terminate your access to certain electronic services. You may also no longer be able to use certain Fintech products. After we have processed your withdrawal, future Communications required to be in writing will be delivered to you on paper, subject to applicable fees. To withdraw your consent to receiving electronic Communications, you may contact us via email at statements@bankonloop.com. Your withdrawal of consent will become effective only after we have had a reasonable opportunity to act upon it.
Effective November 1, 2023
This Electronic Communications Disclosure and Agreement (this "Agreement") applies to all electronic communications for the deposit accounts established for you by Lewis & Clark Bank, Member FDIC (each, an “Account," and collectively, the “Accounts”) using the services provided by Loop Financial Inc. d/b/a Loop (“Loop”), via www.bankonloop.com (the "Website") or the Loop mobile application ("Mobile App"). "We", "us", "our", refers to Loop and/or Lewis & Clark Bank, Member FDIC. "You" and "your" mean the person identified on the Account. "Communication” or “communications” means any message, correspondence, document, writing, disclosure, or other information we may provide to you electronically for or relating to the Accounts. We designed the Accounts for natural persons who choose to communicate with us electronically and who are able to receive notices and communications exclusively through the Website, the Mobile App, or by electronic mail ("e-mail").
1. Scope of Communications to Be Provided in Electronic Form. When you apply for an Account, you agree that any communications will be provided in electronic format, to the extent allowed by law, and we will not send paper communications. Your consent to receive electronic communications and transactions includes:
a. All legal and regulatory disclosures and communications associated with the Accounts and any related products or services;
b. The legal agreements for all Accounts and any notices about changes in terms;
c. Privacy policies and notices;
d. Responses to claims filed with the Accounts;
e. Notices regarding overdue payments and collection notices; and
f. All other communications from us for the Accounts and any related transactions, products, or services.
2. Method of Providing Communications in Electronic Form. We will provide all communications in electronic form either: (a) by email; (b) through the Website, or (c) through the Mobile App.
3. How to Withdraw Consent. You may withdraw your consent to receive communications in electronic form by emailing support@bankonloop.com. If you withdraw your consent, we will send you a notice and advise you of the last date you will be able to make deposits, withdrawals, transfers, and payments to and from your Account. The legal validity and enforceability of our prior electronic communications are not affected if you withdraw consent to electronic delivery of communications.
4. Consequences of Withdrawing Consent. If you do not agree to receive all communications from us in electronic form, you may not open an Account with us. If you withdraw your consent after providing consent to delivery and receipt of electronic communications, we will close your Account and terminate your relationship with us.
5. How to Update Records. You will need to provide us with a valid, accurate, and complete email address, mobile and residential telephone numbers (if you have a residential telephone), contact information, and other information for electronic communications. You agree to promptly update any changes in this information using the Website or Mobile App. Your timely and complete notification to us of your latest contact information will allow us to send communications to you, otherwise we will send communications to the last known e-mail address you provided to us.
6. Hardware and Software Requirements. In order to access and retain electronic communications, you will need the following computer hardware and software: (a) a computer with an Internet connection; (b) current “web browser” that includes 128-bit encryption with cookies enabled; (c) a current version of Adobe Acrobat Reader to open documents in .pdf format; (d) a valid email address (the primary email address designated by you); and (e) sufficient storage space to save past communications or an installed printer to print them. We will update these requirements as necessary to preserve the ability to receive electronic communications and notify you if there is a substantial change in these requirements.
7. Requesting Paper Copies. We will not send paper copies of any communication. You may obtain a paper copy of any electronic communication by printing it from the Website or Mobile App.
8. Electronic Communications Are Writings. All communications in electronic form from us to you are considered "in writing." You may want to print or download a copy of this disclosure and any other electronic communications. We will maintain electronic copies of all records related to your Accounts according to our record retention policy.
9. Federal Law. You acknowledge that consent to electronic communications is being provided for a transaction affecting interstate commerce that is subject to the federal Electronic Signatures in Global and National Commerce Act (the "E-SIGN Act") and that you and we both intend that the E-SIGN Act applies to all transactions between us.
10. Termination/Changes. We may discontinue the provision of electronic communications or terminate or change the terms and conditions upon which electronic communications are provided, but we will provide you with notice of any such termination or change.
Last Updated: August 31, 2022
Loop may offer benefits at different times to certain Loop Cardholders (each a “Cardholder”) which is referred to as an "Offer". Loop determines the Offer and the “Offer Criteria”.
You understand and agree that your participation in any Offer is also subject to all of the terms and conditions of your Access Card Agreement for the Card as well as Loop’s Privacy Policy.
A Cardholder must opt-in to any Offer via their dashboard (“Offer Activation Date”) and be a Cardholder with an account open and in good standing (“Active Cardholder”) to activate an Offer.
When a Cardholder meets the Offer Criteria, they will receive the “Offer Benefit”. A Cardholder must meet the Offer Criteria within the “Offer Period”.
Unless otherwise specifically defined, “Eligible Spend” is equal to the total equivalent of net spend in Canadian dollars of purchases on your Loop Card, not including cash advances, balance transfers from other cards or loans, interest, fees, service charges or purchase returns.
We use your personal information such as account number and transaction information to manage your participation in Offers and track your Eligible Spend. When you opt-in to an Offer that is provided in connection with a third-party product or service provider, you consent to Loop transferring your personal information to such third-party and understand that their use of your personal information is subject to such third-party’s privacy policy and terms of service, not Loop’s Privacy Policy.
Loop reserves the right to restrict, cancel, suspend or otherwise alter aspects of any Offer, with or without notice to Cardholders. Requests for early payment of an Offer Benefit will not be considered. Accumulated Offer Benefits do not constitute property of any Cardholder and cannot be transferred or encumbered in any manner.
Giveaway Disclaimer
This promotional giveaway is sponsored by Loop Financial Inc. ("Loop"). Open to Canadian brands; participants must be legally authorized to represent their brand. No purchase necessary. Entry period: September 19 - September 22, 2024. Up to 3 brands will be chosen at Loop's sole discretion; no specific selection criteria will be disclosed. Prize includes free out-of-home placements in Toronto during 2025 where the winner will be featured in an advertising campaign in collaboration with Loop. Winners will be notified by email by December 16th, 2024 and will be invited to participate in a promotional photoshoot.
Loop reserves the right to modify, cancel, or suspend this giveaway at any time. Loop is not responsible for errors, technical issues, or any injuries, losses, or damages of any kind arising from participation. By entering, participants agree to comply with these rules and consent to Loop's use of their brand name and logo for promotional purposes.
Void where prohibited. For questions, contact support@bankonloop.com.
Full terms and conditions apply. Loop retains final decision on all aspects of this giveaway, including brand selection, placement locations, and duration. Participants enter at their own risk and agree to release Loop from any liability related to this giveaway.
Last Updated: February 7, 2024
By using, participating in, or receiving the benefit of any portion of our Referral Programs, you agree to be bound by this Agreement and to comply with it. If you do not agree to the terms of this Agreement, you must not use our Referral Program.
The Referral Program is open to all verified Loop clients with an active account that is in good standing (“Loop Client”).
To qualify for the Referral Program, the following conditions must be met:
a) The referred business must be a Canadian registered business or sole proprietorship ("Referred Business") and must be referred by a Loop Client (the “Referer”).
b) The Referred Business cannot have an existing Loop account nor have started the onboarding process with Loop under any email address or alias before the date that the referral is made.
c) Any Referred Business that was referred through a previous referral promotion will only receive the reward applicable to that promotion.
In order to qualify for the Reward, the Referred Business must complete at least one (1) qualifying posted transaction in an amount that is greater than $200 Canadian Dollars (or Canadian Dollar equivalent) from the following list:
a) Making a currency conversion
b) Making a card purchase, or
c) Sending a payment that includes conversion (each a “Qualifying Transaction”)
1. Get Your Link
Access the referral link within the invite section of the Loop dashboard.
2. Share Your Link
Copy the unique referral code
Ensure that the referral registers at https://app.bankonloop.com/apply and enters the
Referer’s code. If the Referred Business registers with Loop using any other link or method, the registration will not count under the Refer and Earn Program.
Both the Referred Business and the Referrer will receive 10,000 Loop points after the Referred Business completes their first Qualifying Transaction.
Points will be distributed within 30 business days of the posted date of the Referee’s first Qualifying Transaction.
You may only use our Referral Program in good faith for lawful purposes. You may not:
(a) create more than one account in order to invite yourself;
(b) invite others that have created duplicate accounts;
(c) use alternative contact information to refer yourself or others that have created duplicate accounts;
(d) invite someone who is an existing customer of Loop;
(e) invite fictitious persons;
(f) do anything that damages Loop’s brand, goodwill or reputation;
(g) use our Services in a deceiving or deceptive manner to benefit from a Referral Program;
(h) use the Referral Program in: (i) any way that breaches any applicable local, national or international law or regulation; or (ii) any way that is unlawful or fraudulent, or has any unlawful or fraudulent purpose or effect; (iii) in any way that contravenes any other agreements we have with you; or (iv) in a manner harmful to our interests;
(i) to transmit any unsolicited or unauthorized advertising or promotional material or any other form of similar solicitation (spam); or
(j) to transmit any unsolicited or unauthorized advertising either via paid search or any other similar activity, including channels that can damage the Loop brand, goodwill or reputation;
(k) share the invitation link to another person that has not told you they want to receive information about Loop;
You represent and warrant to us that you have obtained the express consent from the person whose data you provide us with.
a) If we suspect (in our sole and absolute discretion) that you have not used the Referral Program in good faith or have breached or acted inconsistently with the Agreement, we have the right to withhold, deny or cancel any Rewards associated with you and/or terminate your Loop Account.
a) We may amend this Agreement or other terms or policies that govern your participation in the Referral Program from time to time. The revised Agreement or Program Requirement will take effect when posted or as otherwise expressly indicated. By continuing to use the Referral Program after any changes to this Agreement or Program Requirements take effect or taking such other action as specified by Loop, you agree to be bound by those changes.
b) Loop reserves the right to, in our sole and absolute discretion:
(i) amend, change, cancel or restrict the Referral Program at any time (for some or all users), or any Reward at any time and for any reason without notice; and
(ii) terminate the Referral Program at any time, without notice.
c) In the event the Referral Program is terminated or if your access to our Services is terminated for any reason, Loop will not be obliged to credit any accounts that would have otherwise qualified for a Referral Fee.