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Platform Agreement
Flinks End User Agreement
Reward Terms and Conditions
Privacy Policy
Electronic Communications Agreement
Multi-Currency Account Agreement
Offer Terms and Conditions
Loop Referral Program
Visa Cardholder Agreement
Employee Misuse Protection

Platform Agreement

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.

  1. Definitions. Capitalized terms used in this Agreement have the meanings provided below.
  1. Account means the electronic, online account established for Company to establish and authorize Users, select Payment Methods for Users, receive Notices, review Periodic Statements, track and review expenses, and manage the provision of the Services.
  1. Administrator means the individual person(s) authorized by Company to enter into this Agreement on the Company’s behalf, to manage the Account, and to establish Users.
  1. Agreement means this Platform Agreement entered into between Loop and Company as it may be amended from time to time.
  1. Application means the documents and materials, including background and reference materials, if any, submitted by Company in order to obtain the Services through Loop.
  1. Bill Payment Service means a payment service which allows Users to, among other things, set up automatic payment to third parties on a one-time or recurring basis without the use of a Card, Cheque, or EFT transaction.
  1. Borrower means a Company that has entered into a Credit Facility where funds drawn under such Credit Facility may be used to transact using any Payment Method.
  1. Card means the MasterCard-branded physical or virtual payment card, code, or device issued by an Issuer to Users for payments.
  1. Card Networks means payment card networks, including Visa, MasterCard, Discover and American Express payment card networks.
  1. Charge means a payment for commercial-use goods or services made to a merchant that accepts payments via a Payment Method and which is posted to the Account.
  1. Chargeback means a disputed Charge administered pursuant to the applicable Card Network rules and regulations, that is initiated against a merchant for an unresolved dispute with the merchant or where a Card transaction is unauthorized.
  2. Cheque means a draft payable on demand and drawn on a financial institution.
  1. Company, you, or your means the business entity, organization, association, group, or other commercial enterprise identified below and entering into this Agreement for purposes of opening an Account and receiving the Services.
  1. Company Data means information and documentation provided by Company to Loop, and which includes, but is not limited to, Financial Data and any Personal Data provided by Company, Administrators, and Users.
  1. Contents means the content of the Website which includes, without limitation, all information, data, products, materials, services, software applications and tools, design elements, text, images, photographs, illustrations, audio and video contents, artwork and graphics contained therein or otherwise made available to you in connection therewith and, unless the context clearly requires otherwise, or it is explicitly stated in writing, the website includes all the Contents.
  1. Credit Facility means one or more financing arrangements that are entered into by the Company with Loop which may be evidenced by a loan agreement or the Loop Card-based Credit Facility Terms and Conditions.
  1. De-Identified Data means data derived from Company Data that has been anonymized or aggregated with other data such that it can no longer be used to identify a specific entity or individual.
  1. Dispute means any dispute, claim, or controversy arising from or relating to this Agreement or any Supplementary Agreement.
  1. EFT means a payment or funds transfer that is facilitated by an electronic funds transfer between depository institutions and is used as a means of clearing and settling payments.
  1. Fees means charges Loop imposes on Company for use of Services or an Account.
  1. Financial Data means financial information regarding Company, including but not limited to revenue, balances, transactions, and account information accessible to Loop through Linked Accounts or Third-Party Services.
  1. Fines means all fines, fees, penalties, or other charges imposed by an Issuer, Card Network or regulatory authority arising from Company’s breach of this Agreement (including the Payment Method Terms) or other agreements Company has with Loop or an Issuer.
  1. Issuer means the bank or other entity we may select from time to time in our sole discretion that is a member of the Card Network indicated on Cards and is responsible for issuing the Cards and providing Payment Methods.
  1. Loop, we, or us, means, as applicable, 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.
  1. Loop Property means the Services and related technology; Loop Data; and copyrights, patents, trade secrets, trade or service marks, brands, logos, and other intellectual property incorporated into each of the foregoing.
  1. Linked Account means any account maintained by Company with a financial institution or a Third Party Service Provider that provides financial institution data and is linked to the Account.
  1. Notice means any physical or electronic communication or legal notices related to this Agreement or the Supplementary Agreements that are provided to Company, Users, or Administrators through text or SMS, email, the Account, or by other means.
  1. Payment Method means any Card, EFT, Bill Payment Service, or other payment type supported by Loop or Third Party Service Providers and authorized by Company for use by its Users.
  1. Payment Method Terms means those terms and conditions established by Loop for the use of the Payment Methods.
  1. Return means a credit or debit entry initiated by a financial institution or EFT operator to reverse a previously originated debit or credit entry, respectively, as a result of the use of a Payment Method which cannot or should not be processed.
  1. Reversal means a credit or debit entry made by Loop or a Third Party Service Provider that reverses an erroneous debit or credit entry made by the use of a Payment Method.
  1. Periodic Statement means the statements identifying Charges, Fees, Fines, Chargebacks, Returns, Reversals, refunds, or other amounts owed or credited to the Account during each billing cycle.
  1. Personal Data means data that identifies or could reasonably be used to identify a natural person.
  1. Prohibited Activities List means the list of prohibited business types and activities posted on the Website as updated from time to time that may render Company ineligible to have an Account.
  1. Services means the financial products, technology, expense management, cash management, payment services, integrations with Third-Party Services, and all other services provided by Loop through the Account.
  1. Supplementary Agreements means any additional agreements, including the Loop Access Card Agreement, the Loop Card-based Credit Facility Terms and Conditions, the PAD Agreement, the Security Agreement, the Guarantee(s) and the Loop Reward Terms and Conditions, which govern the use and provision of the Services by Loop to the Company.
  1. Third-Party Services means services and data provided by third parties in connection with or related to Services. Third-Party Services include, but are not limited to, accounting or expense management platforms, payment processors and e-commerce platforms, and applications used to monitor Linked Accounts.
  1. Third-Party Service Provider means an affiliate or other third party that assists Loop in providing the Services to Company, that supports Loop internal operations, or that provides other services related or connected to, or provided through the Services, an Account, or Payment Method.
  1. User means Company and any Company employee, contractor, agent, representative or other individual authorized to use the Account, Services or Payment Methods by the Administrator on the Company’s behalf (each an "Agent") or is provided the means or is permitted to use the Account, any of the Services or any Payment Method through the act, omission or negligence of any Agent.
  1. Website means www.getloop.ca and its contents which includes, without limitation, all information, data, products, materials, services, software applications and tools, design elements, text, images, photographs, illustrations, audio and video contents, artwork and graphics contained therein or otherwise made available to you in connection therewith. 
  1. Loop Services
  1. Services.
  1. To access the Services, Company must first apply for an Account. If the Application is approved, an Account will be established for Company.
  1. The Services allow Company to: (a) assign Payment Methods to Users associated with the Account; (b) manage Payment Methods; (c) review expenses and related reports; (d) access, use, and connect Third-Party Services through the Account or otherwise; and (e) other functionality or Services Loop may add to the Account or offer from time to time.
  1. Loop may change the Services, provide new Services, modify or no longer offer Services without Notice at any time.
  1. The Account and Services, including Payment Methods, shall only be used for business or commercial purposes. In no event may the Services be used for personal, family, or household purposes and doing so may result in immediate termination of this Agreement.
  1. Applying for an Account.
  1. To apply for an Account, Company shall provide the requested Company Data and Personal Data and request to be connected to at least one Third Party Service or one Linked Account. The information requested on the Application will include, but not limited to,
  1. Company Data, such as operational information, registered business name, business address, ownership details, the nature of the business, and details from Linked Accounts and other business information; and
  2. Personal Data, such as the name, contact information, and date of birth of Users, directors or beneficial owners.
  1. You hereby represent and warrant to Loop that the information and documents provided in support of an Application and to obtain a Credit Facility and any and all additional information and/or documents submitted to or received by Loop are true, complete and accurate in all respects, at the time submitted and at all times while the Company continues have a Loop Account or an outstanding Credit Facility.
  1. Loop may provide Company Data and Personal Data obtained from the Application, the Account, or through Company’s use of the Services, to Issuer and Third-Party Service Providers to determine eligibility for the Services and access to Payment Methods.
  1. By applying for an Account, you irrevocably represent that you have the authority to authorize Loop to request and receive from Equifax Canada Inc. and/or Trans Union of Canada, Inc., (each a “Credit Agency”) for any reason whatsoever and at any time, any personal, financial or other information relating to you, the Company's directors and beneficial owners (collectively “Information”) and any employee or representative of Loop is hereby authorized to request and receive Information on Loop’s behalf. You understand that the Information will be disclosed to Loop for the purposes of reviewing your application for an Account.
  1. Loop may approve or deny Company’s Application or grant Company provisional access to the Services or the Account while the Application is pending additional review. Loop relies on the accuracy of Company Data and Personal Data when opening and maintaining the Account.
  1. In the event any information and/or document provided is deemed deficient for any reason, Loop may, but is not obliged to, invite you to address the deficiencies. If any of the information and documents requested by Loop is not provided in satisfactory form in a timely manner in Loop's sole and unfettered discretion, the Application will be rejected.
  1. Loop may deny your Application, interrupt provision of the Services, or   suspend or close the Account for any reason, including where Company Data or Personal Data is incomplete, inaccurate, or out of date. Company agrees to keep Company Data and each User’s Personal Data current, complete, and accurate in the Account at all times.
  1. If you have not reached the age of majority in your province or territory of residence, you must refrain from applying for an Account or using the Website. You are solely responsible for ensuring that you are legally accessing the Website, and that the Contents available therein or thereby are legal in every jurisdiction where you access or view the Website or the Contents, as well as in any intermediary jurisdiction by which you do so.
  1. Fees for the Services, if any, will be charged to the Company through the Account. Loop may change Fees upon thirty (30) days' notice to Company.
  1. Applying to become a Borrower
  1. To become and remain a Borrower, you must first open an Account. Entities that wish to become Borrowers must have a lawful purpose and be seeking funds only in furtherance of their commercial activities.
  1. In order to apply to become a Borrower, the Borrower must be a business and:
  • Have a deposit account at a regulated Canadian financial institution;
  • Have a registered Shopify, Stripe, WooCommerce or Amazon account (or other account as may be approved by Loop) generating at least C$1,000 in sales in the last three months;
  • Have a principal place of business in one of the provinces or territories of Canada;
  • (For corporations) at least 50% of its directors are Canadian residents; and
  • (For corporations) all its directors are at least the age of majority.

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.

  1. YOU REPRESENT AND WARRANT THAT NO SUCH INFORMATION OR DOCUMENT, INCLUDING ANY INFORMATION WITH RESPECT TO THE DESCRIPTION OF THE COMPANY’S BUSINESS, PRODUCT TYPE, USE OF FUNDS AND INDUSTRY, CONTAINS ERRORS, MISLEADING INFORMATION, OMISSIONS OR MISREPRESENTATIONS THAT WOULD BE REASONABLY MATERIAL TO LOOP’S DECISION TO EXTEND A CREDIT FACILITY TO YOU.
  1. In the event of a change in any information or document provided to Loop, you agree to immediately notify Loop of such change and provide Loop with current or correct information or documents, as the case may be.
  1. At any time during Loop's consideration of your application for a Credit Facility, Loop may provide quotes or estimates that are intended for general informational purposes only, and are not legally binding on any party and are expressly subject to the execution of applicable Supplementary Agreements. 
  1. Nothing on the Website should be construed as an offer or commitment on the part of Loop to provide a Credit Facility to the Company. Each of the parties acknowledges that no party hereto shall be bound to Credit Facility unless and until applicable Supplementary Agreements are entered into by Loop and Company and then only upon the terms and conditions set forth in such Supplementary Agreements.
  1. Information and documentation submitted to Loop in order to obtain a Credit Facility may be included in a disclosure document made available to third-parties for the purposes of purchasing an interest in loans made by Loop or providing financing to Loop.  You acknowledge that the Loop may and will make information provided by you available to other parties as described in the Privacy Policy. Please refer to the Privacy Policy for a list of the information that may be made available. IF YOU DO NOT AGREE WITH THE PRIVACY POLICY, DO NOT SUBMIT AN APPLICATION TO BECOME A BORROWER.
  1. BY APPLYING FOR A CREDIT FACILITY YOU REPRESENT AND WARRANT THAT YOU HAVE DISCLOSED TO LOOP ALL CIRCUMSTANCES THAT YOU ARE AWARE OF AND WHICH COULD OR MIGHT RESULT IN A MATERIAL ADVERSE CHANGE IN RESPECT OF THE BUSINESS, ASSETS OR FINANCIAL AFFAIRS OF COMPANY AND ITS PRINCIPALS OR GUARANTORS, INCLUDING WITHOUT LIMITATION ANY CLAIMS, UNDISCLOSED LIABILITIES, LITIGATION, ARBITRATION, COURT PROCEEDINGS OR INVESTIGATIONS, INCLUDING ANY INVESTIGATION BY ANY GOVERNMENTAL ENTITY, AGENCY OR OTHER SIMILAR ENTITY, WHICH ARE CURRENT, THREATENED, PENDING OR OTHERWISE REASONABLY LIKELY TO OCCUR BY ANY THIRD PARTY. YOU AGREE THAT YOU WILL PROMPTLY NOTIFY LOOP UPON YOU BECOMING AWARE OF OR SUSPECTING THAT ONE OF THE AFOREMENTIONED EVENTS HAS OCCURRED OR MAY OCCUR AND WILL PROVIDE LOOP WITH ANY INFORMATION OR DOCUMENTS AS IT MAY REASONABLY REQUIRE FROM TIME TO TIME.
  1. You acknowledge being aware of intellectual property laws and having taken the necessary measures to protect the information you share with Loop. Loop will not be held responsible for any loss or damage incurred by you in respect of any loss of intellectual property as a result of any disclosure of information by you to Loop. You hereby waive all rights of claim, action or demand against Loop.
  1. Typically, applications for Credit Facilities will be acknowledged the next business day and decided upon within two business days of receipt of all requested information and documentation. However, it may take up to two weeks or longer to render a decision due to various factors which include, but are not limited to, information and document deficiencies, delays in identity verification and/or receipt of credit reports.
  1. Loop will inform you if your application has been accepted or rejected, and in the latter case may provide the reasons for such rejection. If Loop’s decision to reject your application for a Credit Facility appears to be based on incorrect Information or documentation, you may contact Loop to submit the correct Information and/or document, where applicable. If incorrect Information was provided by a Credit Agency, you will be asked to contact the Credit Agency to have the Information corrected. Upon the receipt of correct Information or documentation, your application for a Credit Facility may be reconsidered.
  1. If your Application is accepted, you will be provided with a summary of the terms of our Credit Facility offer (“Loan Terms”), together with the Supplementary Agreements pertaining to the offer of a Credit Facility which are collectively referred to as the “Loan Documents”. In the event of any conflict between the Loan Documents and the Loan Terms, the Loan Documents will govern. 
  1. You represent and warrant that there has been no undue influence brought to bear on any Guarantor to execute a Guarantee.
  1. Linked Accounts and Third-Party Services.
  1. Loop will use Financial Data from Linked Accounts or Third Party Services to verify account information, to provide Services to Company and to evaluate Company’s applications for Credit Facilities...
  1. Company must maintain at least one Linked Account or Third Party Service at all times in order to continue to use the Services.
  1. Company agrees that Loop may directly debit any Linked Account for the payment of outstanding balances on Periodic Statements.
  1. In order for Loop to access information about Linked Accounts, you may be required to agree to additional terms which will apply in addition to these terms (see https://getloop.ca/legal/flinks-end-user-agreement)
  1. Managing the Account.
  1. Company shall have and maintain at least one Administrator to manage the Account. The Administrator shall initially be the individual submitting the Application on behalf of Company. Administrators can add, remove, or manage additional Administrators and Users; request and manage Payment Methods; set or change spending limits; view transactions; run reports and download statements; provide or update Company Data; connect Linked Accounts, connect Third-Party Services; and perform other tasks on Company’s behalf.
  1. Company shall be solely responsible for any actions of, or failure to act by, Administrators, Users, and any other person using credentials issued to Users or Administrators to access Company’s Account and/or obtain Services. Loop is under no obligation to verify the actual identity or authority of any party using the credentials to access or use Company’s Account. Loop assumes no responsibility or liability, and cannot be held liable, for any damages arising from or related to Administrators, Users, and any other person’s failure to keep credentials confidential and secure.
  1. Security and Monitoring the Account.
  1. Company will keep Account information, Payment Methods and Card securing features (including the CVV and PIN) secure and only provide access to individuals that Company has authorized to use the Account or Payment Methods on Company’s behalf.
  1. Company understands that it is its responsibility to monitor all activities in order to identify and report any suspicious or unauthorized activities on the Account.
  1. Company will immediately disable User access to the Services where it knows or believes an Account or Payment Method has been compromised or stolen or may be misused. Company will promptly notify Loop of any loss, theft or unauthorized access or use involving the Services.
  1. Company understands that it is liable for the unauthorized use of the Accounts to the fullest extent permitted by law and regulation. Loop may, but is not obligated to, help Company resolve unauthorized transactions using the Account or a Payment Method, but Company is ultimately responsible for any liability or financial loss caused by Administrators, Users, or other persons Company authorizes to access the Services, the Account, or Payment Method.
  1. Loop may, but is not obliged to, suspend  access to the Account or Payment Method if Loop believes the Account or Payment Method has been compromised or that not doing so may pose a risk to Loop, Company, Issuer, or any third parties.
  1. Ongoing Access to Information
  1. Loop may at any time request additional information and documents regarding you and other individuals or entities associated with Company.
  1. By maintaining an Account, you irrevocably represent that you have the authority to authorize Loop to request and receive from Equifax Canada Inc. and/or Trans Union of Canada, Inc., (each a “Credit Agency”) for any reason whatsoever and at any time, any personal, financial or other information relating to you, the Company's directors and beneficial owners (collectively “Information”) and any employee or representative of Loop is hereby authorized to request and receive Information on Loop’s behalf. You understand that the Information will be disclosed to Loop for the purposes of reviewing your Account. Furthermore, you understand that Loop may continue to request and receive your Information from a Credit Agency on an ongoing basis after you have opened an Account.
  1. Requirements and Prohibited Activities.
  1. Loop will not approve and may close Accounts that we know or believe to be engaged in any of the prohibited activities identified in the Prohibited Activities List. Loop may update this list at any time and without Notice to Company. Company agrees to review the Prohibited Activities List frequently and contact Loop with any questions regarding whether Company’s business engages in any prohibited business activities.
  2. Where Company is engaged in certain activities, Loop may require Company to provide additional information to open or maintain the Account.
  3. Loop may suspend or terminate access to the Account or any Payment Method if Loop believes, in its sole discretion, that this Section was violated or if required by an Issuer or by applicable law or regulation. Company agrees to pay all Fines imposed on Loop by Issuer, Card Networks, regulators, or government agencies for Company’s violation of this Agreement, including this Section.
  1. Identification as Customer. 
  1. We may publicly identify Company as a Loop client on the Website or in communications during the term of this Agreement. Loop will not express or imply any false endorsement or partnerships. Company grants Loop a limited license to   use Company trademarks or service marks for this purpose. 
  1. If you wish to cancel Loop's right to identify Company as a client, you must send an email to legal@getloop.ca stating that you do not wish to be used in such manner.
  1. Ownership and License.
  1. Loop owns all Loop Property. Company, Administrators, and Users may use Loop Property only as and for the purposes provided in this Agreement. Company may not modify, reverse engineer, create derivative works from, or disassemble Loop Property; or register, attempt to register, or claim ownership in Loop Property or portions of Loop Property.
  1. Loop grants Company a nonexclusive and nontransferable license to use Loop Property as provided through the Services and as permitted by this Agreement. This license terminates upon termination of this Agreement unless terminated earlier by us.
  1. Data.
  1. Card Networks, Loop, Issuer, and Third-Party Service Providers collect Company Data through Company’s use of the Payment Methods, the Services, and Third-Party Services. The Company Data may be used (a) to provide Services to Company and Users; (b) for underwriting, identity verification, internal reporting and analysis, and fraud prevention; (c) as needed in dispute resolution; and (d) for development of products and services, including data products.
  1. Loop provides Company Data to Issuers, Card Networks, Third-Party Service Providers, and other third parties: (a) to provide the Services to Company, or as required by law, regulation, or Card Network rules; (b) for internal analytics and reporting; (c) to obtain additional information about Company; and (d) report Company performance to credit reporting agencies and credit rating agencies, where appropriate.
  1. Loop may include De-Identified Data in both public and private reports. 
  1. Loop will not share any Company Data with third parties for marketing unaffiliated products without Company’s consent but may use Company Data to identify Services, Third-Party Services, or programs that we believe may be of interest to Company, including as part of a rewards or benefits program. Where Company Data is shared with third parties, Loop will implement controls to reduce the risk of loss or accidental disclosure.
  1. Rewards.
  1. Loop may determine when, how, and under what conditions Company or Users may qualify for or earn rewards. Certain Payment Methods may not be eligible for rewards. Rewards offered will be subject to applicable agreement.
  1. Payment Methods
  1. Payment Method Terms.
  1. Payment Methods are issued by the Issuer identified on the back of physical Cards issued to Company or a User, in the Payment Method Terms, and relevant program materials provided to Company or User. This Agreement, the Payment Method Terms together with any Supplementary Agreements, as applicable, govern Company’s or User’s use of the Payment Methods.
  1. Company and Users may only use the Payment Methods if Company, Administrators, and Users consent to the Payment Method Terms and this Agreement.
  1. In some cases, use of a particular Payment Method may be contingent upon Company obtaining a Credit Facility from Loop.
  1. We may amend the Payment Method Terms at any time with or without Notice to Company or Users. Any Notice provided by an Issuer may be provided through Loop or the Account.
  1. Company or User continued use of Payment Methods after any amendment constitutes acceptance of the amended Payment Method Terms.
  1. Requesting and Replacing Payment Methods.
  1. Administrators may request Payment Methods for Users through the Account but will only request Payment Methods for and provide Payment Methods to individuals that are employees or affiliated with or authorized by the Company.
  1. Payment Methods may be denied or canceled due to changes in Issuer's policies, as required by law or regulation, or for other reasons Loop determines appropriate or prudent under the circumstances.
  2. Payment Methods may be issued to Users as physical or virtual codes or devices (for example, a Card issued without an associated physical card). By default, new Users will be issued a virtual Card and will be able to view transactions and manage their Cards through the Account. The forms of other Payment Methods available to Users, such   as EFT or Bill Payment, will vary.
  1. Company and Users will promptly notify Loop and take appropriate measures to prevent unauthorized transactions when a Payment Method or means by which to use a Payment Method is lost, stolen, breached, obtained by an unauthorized party by the act, omission or negligence of an Agent or needs to be replaced. Company bears sole responsibility for any unauthorized transactions resulting from such occurrences and acknowledges that Loop bears no liability. [] In such cases, Administrators may request the issuance of replacement Payment Methods by Issuers through the Account.
  1. Where Payment Methods are replaced, new account numbers may be issued for such Payment Methods and this will require updates to information contained on file for any scheduled or recurring payments. If Company does not update the account numbers for Payment Methods that are replaced for scheduled or recurring payments, the transactions may not be completed. Company or Users are solely responsible for updating account numbers for Payment Methods in such instances, stored with merchants. 
  1. Using Payment Methods.
  1. Users may only use Payment Methods for bona fide business-related or commercial Charges.
  1. Company is solely responsible for selecting the Users who are to have access to the Account, Services, and Payment Methods.
  1. Company agrees to establish and maintain controls designed to ensure that the Payment Methods are only used for bona fide Company business or commercial purposes and in compliance with Card Network rules.
  1. Company is solely responsible for Charges made by any Users given access to the Account, Services, and Payment Methods, even if they are not the person associated with or named on the Payment Method.
  1. Issuers, Card Networks, or other intermediary Third-Party Service Providers (including merchant acquirers) may Chargeback, Reverse, Return, deny, or decline Charges for any reason. Loop is not responsible for any losses, damages, or harm caused by Charges that are subject to Chargeback, Reversal, Return, denial, or decline.
  1. If Company and a merchant have a dispute regarding a Charge identified on Company’s Periodic Statement, including delivery of the incorrect goods or services or being charged the wrong amount, Company should first attempt to resolve the dispute with the merchant. If such a dispute is not resolved to Company’s satisfaction or if Company believes the Charge is unauthorized, Company may initiate a Chargeback through the Account. The Card Networks have established procedures for resolving Chargebacks that may require that Company provide details of the disputed Charge or associated documentation. Chargebacks resolved in Company’s favor will be credited to the Account on either the current or a future Periodic Statement.
  1. Periodic Statements; Payment by Company.
  1. Company is responsible for payment to Loop in full of all Charges, Fees, and Fines.
  2. Loop will provide Company with a Periodic Statement identifying Charges, Fees, Fines, Chargebacks, Reversals, Returns, refunds, or other amounts owed or credited to the Account.
  3. Unless otherwise specified in a separate agreement or otherwise by Loop, Periodic Statements are issued on the first business day after the end of each calendar month. The Periodic Statement shall be conclusive evidence of the transactions for the indicated calendar month.
  1. Borrowing
  1. Using Credit Facilities
  1. If and when a Credit Facility has been established, Loop may make funds under such facility available for drawdown
  1. Borrower may request drawdown amounts through i) a deposit into a Linked Account, ii) the payment to satisfy a debt or financial obligation, iii) the payment of an amount on the Borrower’s behalf to a party specified by the Borrower, iv) the payment of an invoice on the Borrower’s behalf, or v) deposit into an electronic wallet specified by the Borrower in accordance with a direction provided in writing or by electronic means through Loop.
  1. Where the Borrower specifies that a payment or deposit is to be made in a foreign currency the Borrower authorizes Loop to enter into a foreign exchange transaction on the Borrower's behalf with a foreign exchange dealer of Loop’s choosing and further acknowledges that the Loop may receive compensation for arranging such foreign exchange transactions.
  1. The Borrower assumes sole responsibility for all deposit and payment instructions made in connection with a direction provided for any drawdown. Without limiting the generality of the foregoing, Loop will in no way be liable to the Borrower or any other person for any loss or claim arising under or in connection with any payment direction, which the Loop, in good faith, believe to have been validly given by the Borrower or on the Borrower's behalf. The Borrower agrees to indemnify and defend Loop and hold them harmless in respect of any claim or proceeding arising out of or in connection with the payment instructions.
  1. Making Payments on Credit Facilities
  1. You are responsible for ensuring that payments owed on any Credit Facilities are paid on time.
  1. You will be responsible for any fees and damages incurred by Loop as a result of any breach of this obligation, including but not limited to bank charges and collections costs. Loop may and will charge you additional fees to cover collection expenses, litigation costs, as well as any other fees, costs or expenses incurred by or charged to Loop by any third party, including affiliated entities, in the course of protecting its rights and interests.
  1. Notwithstanding anything herein to the contrary, Loop may, in its sole and absolute discretion, at any time, demand that the Borrower repay in full the outstanding principal amount owing under any Credit Facility and pay all other outstanding amounts, fees and expenses owing regardless of whether any default or event of default has occurred or if the Borrower has otherwise complied with all terms and conditions of the applicable Credit Facility.
  1. Additional Terms
  1. Term and Termination.
  1. This Agreement continues until terminated by either Company or Loop, or in accordance with the Payment Method Terms or as otherwise set forth in this Agreement.
  1. Company may terminate this Agreement by paying all amounts owed under all other agreements with Loop. Company remains responsible for Charges, Fees, Fines, and other losses caused by Company’s action or inaction prior to terminating the Agreement. If Company reapplies or reopens the Account or uses or attempts to use the Services or Payment Methods, Company is consenting to the Agreement in effect at that time.
  1. Loop may terminate this Agreement, or suspend the Account or Payment Methods, for any reason whatsoever and at any time at its sole discretion, without notice and without liability to you.
  1. Sections 2.6 (Security and Monitoring the Account), 2.11 (Data), 3.4 (Periodic Statements; Payment by Company); 5.1 (Term and Termination), 5.3 (Notice and Communication), 5.4 (Limitation of Liability), 5.5 (Representations and Warranties), 5.6 (Disclaimer of Warranties), 5.7 (Indemnification), 5.8 (Governing Law and Venue), 5.9 (Legal Process), and 5.10 (Assignment); the provisions of the Payment Method Terms that identify continuing obligations; the provisions of the Supplementary Agreements that identify continuing obligations; and any other provisions of this Agreement giving rise to continued obligations of the parties will survive termination of this Agreement.
  1. Use of the Website
  1. You may not reproduce information or materials posted on the
    Website in any form or download, republish, display, publicly perform, distribute, sell, transfer, modify or use any such information or materials for any public or commercial purpose. Any unauthorized use of any such information or materials may violate copyright laws, trademark laws, laws of privacy and other laws and regulations. The portions of Website and the Contents that can be downloaded are protected by copyright laws, trademark laws and other laws and can only be used in accordance with this Agreement or with prior written consent of the owner of such material.
  1. You cannot use the Website for any purpose that is illegal, unlawful or that is prohibited by this Agreement. You may use or access the Website only to review general information made available to you and/or to sign in or log in to your Account. Use of the Website for any other purpose, including for commercial purposes, is expressly prohibited. Accessing the Website using third party applications other than a browser is prohibited. All rights reserved.
  1. THE FRAMING, MIRRORING, SCRAPING OR DATA-MINING OF THE WEBSITE OR ANY OF ITS CONTENTS IN ANY FORM AND BY ANY METHOD IS STRICTLY PROHIBITED.
  1. You confirm that you have read the Privacy Policy and agree that it is reasonable. You agree that Loop may use Personal Data in accordance with this Agreement and the Privacy Policy and for the stated purposes contained therein.
  1. The Website may contain hyperlinks to other websites that are not owned, operated or controlled by Loop. The hyperlinks are provided solely for convenience. To use the hyperlinks, you must leave the Website. Loop will not and cannot verify the content, material or any other information on the other websites visited by you. Loop do not endorse, guarantee, or make any representations or warranties regarding any other websites or any of the content, material or information that may or may not be on such websites. If you decide to access any other website from a hyperlink on the website, you do so at your own risk. Loop assumes no responsibility and shall not be liable for any damages arising from the use of such other websites.
  1. Navigation on the Website is likely to cause the installation of cookies on a computer or device that accesses it. A cookie is a small file which does not identify a user, but which records the information about the navigation of a computer or device on a website. The data obtained is used to facilitate subsequent browsing on the website and allows tracking of certain statistical data which helps Loop improve the Website. Refusing the installation of a cookie may prevent users from accessing certain services or parts of the Website.
  1. Notice and Communication.
  1. Company consents to Loop providing Notices under this Agreement electronically and understands that Notices provided electronically have the same legal effect as a physical notice.
  1. Loop will provide Notices regarding activity and alerts related to the Account electronically through the Account, email, and via text or SMS to the contact information provided to us by Administrators and Users. Notices affecting payment and legal terms in the Agreement will be sent to Administrators through the Account or email and are considered received 24 hours after they are sent. Company understands that it may not use the Services, Payment Methods, or Cards unless Company consents to receive Notices electronically. Company may only withdraw consent to receive Notices electronically by closing the Account.
  1. Loop may send Notices to Users’ mobile phones through text or SMS to the phone numbers Administrators and Users provide. These Notices may include alerts about Services, Payment Methods, Cards or Charges, and may provide Administrators and Users the ability to respond with information about Charges on Payment Methods, Cards, or the Account. Administrators and Users may elect to not receive certain Notices through the Account, but this will limit the use of certain Services and may increase the financial risks to the Company. Company will secure appropriate authorization to send text or SMS messages to Users on the Company’s behalf.
  1. Administrators and Users are required to maintain an updated web browser and computer and mobile device operating systems to receive Notices correctly. Administrators and Users are responsible for all costs imposed by internet or mobile service providers for sending or receiving Notices electronically.
  1. Company, Administrators, and Users must contact Loop immediately if Company is, or believes it is, having problems receiving Notices.
  1. Limitation of Liability. 
  1. UNLESS OTHERWISE SPECIFICALLY PROHIBITED BY LAW YOU EXPRESSLY UNDERSTAND AND AGREE THAT LOOP SHALL NOT BE LIABLE TO YOU FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL CONSEQUENTIAL OR EXEMPLARY DAMAGES WHICH MAY BE INCURRED BY YOU REGARDING YOUR USE OF THE WEBSITE, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY INCLUDING, BUT NOT LIMITED TO, ANY LOSS OF PROFIT, LOST OPPORTUNITIES, LOSS OF DATA SUFFERED, OR OTHER INTANGIBLE LOSS. LOOP SHALL NOT BE LIABLE FOR DELAYS, INTERRUPTIONS, SERVICE FAILURES OR OTHER PROBLEMS INHERENT IN THE USE OF THE INTERNET, SOCIAL NETWORKS, ELECTRONIC COMMUNICATIONS, TELECOMMUNICATIONS NETWORKS OR OTHER SYSTEMS OR NETWORKS. THE LIMITATIONS ON LOOP’S LIABILITY TO YOU IN THIS SECTION SHALL APPLY WHETHER OR NOT ANY LOOP HAS BEEN ADVISED OF OR SHOULD HAVE BEEN AWARE OF THE POSSIBILITY OF ANY SUCH LOSSES ARISING. 
  1. Loop’s maximum liability to Company, its employees, agents, authorized third parties, representatives, Administrators, and Users, taken together in aggregate, under this Agreement is limited to the greater of the total amount of Fees actually paid by Company to Loop in the three months preceding the event that is the basis of the claim or five thousand dollars ($5,000). These limitations apply regardless of the legal theory or basis on which the claim is based.
  1. LOOP MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, REGARDING ANY LOAN TERMS OFFERED. THE SERVICES OFFERED BY LOOP ARE NOT INTENDED AS A SUBSTITUTE FOR PROFESSIONAL ADVICE. PLEASE BE AWARE OF THE LAWS OF YOUR PROVINCE OR TERRITORY OR THAT OTHERWISE APPLY TO YOU WITH RESPECT TO ANY LOAN DOCUMENT THAT IS PROVIDED. YOU ACKNOWLEDGE THAT YOU ARE ACCESSING THE WEBSITE OF YOUR OWN INITIATIVE, AND ARE RESPONSIBLE FOR COMPLIANCE WITH THE LAWS THAT ARE APPLICABLE IN YOUR JURISDICTION. YOU ACKNOWLEDGE AND HEREBY ACCEPT THE CONSEQUENCES THAT MAY ARISE FROM SENDING AN APPLICATION TO BECOME A BORROWER, AS WELL AS ENTERING INTO A CREDIT FACILITY.
  1. You agree to indemnify, hold harmless and defend Loop from and against all expenses, costs, fees, losses, claims, actions, damages, obligations and liabilities of any kind, including, in particular, any legal fees, disbursements and charges incurred with regard to the retention of collection agencies (collectively “Losses”) that may be incurred in connection with the enforcement or preservation of any rights under any Loan Document and/or in investigating, defending and/or settling any action, suit, proceeding, investigation or claim that may be made or threatened against them or to which they may become subject or otherwise involved in any capacity whatsoever, including Losses directly or indirectly incurred as a result of a breach of the Loan Terms, the Privacy Policy or any Loan Document. You agree to cooperate with Loop in the contestation of any such claim, action, demand or investigation.
  1. Representations and Warranties. Company represents and warrants, on its own behalf and on behalf of its Administrators and Users, that:
  1. Company is and will continuously throughout this Agreement be duly organized and in good standing under the laws of its jurisdiction of incorporation;
  1. Administrators have requisite organizational power and authority to agree to and enter into this Agreement and conduct business and manage the Account;
  1. Administrators and Users will not engage in activities prohibited by this Agreement; and
  1. Company Data provided to Loop is complete, accurate, and current when provided.
  1. Disclaimer of Warranties.
  1. THE SERVICES AND LOOP PROPERTY ARE PROVIDED TO YOU “AS IS” AND “AS AVAILABLE.” LOOP DISCLAIMS ALL EXPRESS, IMPLIED, OR STATUTORY WARRANTIES OF TITLE, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF SERVICES, LOOP PROPERTY AND NOTHING IN THIS AGREEMENT WILL BE INTERPRETED TO CREATE OR IMPLY ANY SUCH WARRANTY TO COMPANY.
  1. THIRD-PARTY SERVICES ARE NOT PROVIDED OR CONTROLLED BY LOOP. LOOP DOES NOT PROVIDE SUPPORT FOR AND DISCLAIMS ALL LIABILITY ARISING FROM FAILURES OR LOSSES CAUSED BY THIRD- PARTY SERVICES.
  1. LOOP DISCLAIMS ALL WARRANTIES AND DOES NOT GUARANTEE THAT
  1. SERVICES AND DATA PROVIDED UNDER THIS AGREEMENT ARE ACCURATE OR ERROR-FREE; (b) THE SERVICES WILL MEET YOUR SPECIFIC NEEDS OR REQUIREMENTS; (c) THE SERVICES WILL BE USABLE BY COMPANY, ADMINISTRATORS, OR USERS AT ANY PARTICULAR TIME OR LOCATION; (d) SPECIFIC MERCHANTS WILL PERMIT PURCHASES USING CARDS OR PAYMENT METHODS ISSUED BY ISSUER; (e) SERVICES WILL BE UNINTERRUPTED, SECURE, OR FREE FROM HACKING, VIRUSES, OR MALICIOUS CODE; AND (f) ANY DEFECTS IN THE SERVICES WILL BE CORRECTED, EVEN WHEN LOOP IS ADVISED OF SUCH DEFECTS.
  1. Indemnification. You and every party for whom you act agree to indemnify, hold harmless and defend Loop, as well as their respective officers, directors, employees, agents, consultants, representatives, agents, Third-Party Service Providers, successors and assigns, from and against any and all claims, demands, liabilities, costs or expenses of any kind, including, in particular, legal fees and disbursements resulting directly or indirectly from: (i) your breach of this Agreement, the Privacy Policy, the Payment Method Terms or any other agreements with Loop; (ii) your access to, use or inability to access or use the Website; (iii) your use of or reliance on publications, communications, distributions or downloads of any nature; and/or (iv) your violation of any law or applicable regulation. You agree to cooperate with Loop in the contestation of any such claim, demand, liability, cost or expenses.
  1. Governing Law and Venue. Unless otherwise specified, this Agreement will be construed, applied, and governed by the laws of the Province of Ontario. By beginning an Application for an Account, each party (i) accepts, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts (and courts of appeals therefrom) for legal proceedings arising out of or in connection with this Agreement; and (ii) expressly submits to the jurisdiction of such courts, and irrevocably waives, to the fullest extent permitted by applicable law, its rights to bring an action in any other jurisdiction that could apply by virtue of its present or future domicile or for any other reason.
  1. Legal Process. Loop may respond to and comply with any court or similar order received related to Company’s use of the Account, Payment Methods, or Services, including subpoenas, warrants, or liens. Loop is not responsible to Company for any losses Company incurs due to Loop’s response to such court or similar order. Loop may take any actions it believes, in its sole discretion, are required under court or similar orders including holding funds or providing information as required by the issuer of the court or similar. Where permitted, Loop will provide Company reasonable Notice that Loop has received such an order.
  1. Assignment. Loop may assign, pledge, or otherwise transfer this Agreement or its rights and powers under this Agreement without providing Notice to Company. Any such assignee will have all rights as if originally named in this Agreement instead of Loop.

Company may not assign this Agreement or rights provided, or delegate any of its obligations, without Loop’s express prior written consent.

  1. Headings and Interpretation.
  1. Except where otherwise specified, all references to sections or provisions refer to sections or provisions in this Agreement or the applicable incorporated terms. The phrases “including,” “for example,” or “such as” do not limit the generality of the preceding provision; the word “or” will be read to mean either “ . . . or . . .” or any combination of the proceeding items; and provisions listing items and using “and” require all listed items.
  1. This Agreement, including incorporated terms, comprises the entire understanding of the parties with respect to the subject matter described and supersedes all other proposals or previous understandings, written or oral, between the parties. In the event that this Agreement is terminated, the Payment Method Terms will immediately terminate.
  1. Changes to this Agreement.
  1. Loop may modify this Agreement or replace an agreement governing Company’s use of the Account, Services, Payment Methods, or Cards, or any portion of them, by providing Notice. Any Administrator’s or User’s continued use of the Account, Services, Payment Method, or Cards constitutes agreement to any modified or replacement Agreement.
  1. Any waiver, modification, or indulgence provided by Loop to Company, of any kind or at any time, applies only to the specific instance involved and will not act as a general waiver or a waiver, modification, or indulgence under this Agreement for any other or future acts, events, or conditions. Further, any delay by Loop in enforcing its rights under this Agreement does not constitute forfeiture of such rights.
  1. Void or Unenforceable Provisions. If any provision of this Agreement is deemed unlawful, void or unenforceable for any reason, that provision shall be severed, and the remaining provisions will remain in force and be fully enforceable. This Agreement applies for the benefit of Loop, their officers, directors, employees, consultants, representatives, agents, successors and assigns. 
  1. Rights Reserved. All rights not expressly granted by this Agreement or the Privacy Policy are reserved by Loop
  1. Last Revision
  1. The Date of Last Revision of this Agreement: December 10, 2021

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Flinks End-User Agreement

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:
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(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.
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(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.
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(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.

Loop Reward Terms and Conditions

Last Updated: November 14, 2024

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 and/or your Loop Business Cardholder 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 or Loop Global VISA Card 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. 

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“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.

“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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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:

  • Changing the eligibility of certain Loop Accounts or Cards that are eligible for participation in the Program.
  • Changing when, how, and under what conditions you may earn or redeem Rewards or points.
  • Changing Eligible Purchases or Net Purchases that qualify for Rewards.
  • Limiting accrual and redemption of points, including through caps, fees, and expiration.
  • Restricting or excluding certain types of transactions, purchasing categories, and merchants from accrual of points.
  • Changing the manner and rate at which Rewards are calculated and earned.
  • Changing the manner and rate at which Rewards are redeemed.
  • Changing the availability of, eligibility for, and conditions applicable to any other aspect of the Program.

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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.

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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.

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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
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Currency Free Plan - Points Earned Plus/Power Plan - Points Earned
1 CAD 1 point 2 points
1 USD 1 point 2 points
1 Euro 1 point 2 points
1 GBP 1 point 2 points

Privacy Policy

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.
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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”).
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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.
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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.
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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.
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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”).
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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.
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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.
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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

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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.  
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Log and Website Information
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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

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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
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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.
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Use and Disclosure of Information
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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.
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Account Administration
Loop may use your personal information to communicate with you about your Account and to provide you with technical support.
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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.
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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.
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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.
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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.
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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.
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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.
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Analysis and Research
Loop may use the information that it collects for statistical analysis and market research purposes.
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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.
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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
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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.
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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.
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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.
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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.
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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.

Electronic Communications Agreement

Loop Canadian Electronic Communications Agreement

Loop US Electronic Communications Agreement

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Loop Canadian Electronic Communications Agreement

Effective May 1, 2022

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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. 

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In this Agreement:

  • "We," "us," "our," and "Fintech" mean Loop.
  • "You" and "your" mean the person giving this consent, and also each additional account owner, authorized signer, authorized representative, delegate, product owner and/or service user identified on any Fintech product that you apply for, use or access.
  • "Communications" means each disclosure, notice, agreement, fee schedule, privacy policy, statement, record, document, and other information we provide to you, or that you sign or submit or agree to at our request.

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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.

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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. 

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You will need some technology to receive electronic Communications. 

To receive and retain electronic Communications from us, you will need the following: 

  • A computer or mobile device with an operating system that supports everything below;
  • A connection to the internet;
  • A current version of a web browser that we support. You should check the system requirements periodically for updates to supported software;
  • A hard drive or other data storage unit;
  • A valid, active email address; and
  • A current version of a program that displays PDF files (such as Adobe® Reader®).

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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. 

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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

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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 

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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.

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Loop US Electronic Communications Agreement

Effective November 1, 2023

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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.

Multi-Currency Account Agreement

Loop Multi-Currency Account Agreement

This Loop Multi-Currency Account Agreement ("Multi-Currency Account Agreement") is supplementary to the Platform Agreement between you and Loop Financial Inc. and is entered into between you ("Company") and Loop Payments Inc. ("Loop MSB" or "we", "us", "our").

Loop MSB is registered in Canada with the Financial Transactions Reports Analysis Centre of Canada ("FINTRAC"), registration number M22489771. Loop MSB is registered as a money service business and is able to provide foreign exchange dealings and money transfer services to customers resident in Canada.

This Multi-Currency Account Agreement governs your relationship with Loop MSB and your use of the Loop Multi-Currency Account, including any payment Services offered through your Loop Multi-Currency Account. We may amend or replace this Agreement by posting an updated version to our legal page (https://www.bankonloop.com/legal). Please read this Agreement, the Platform Agreement and the Loop Privacy Policy carefully before using your Loop Multi-Currency Account. By using the Loop Multi-Currency Account, you unconditionally agree to follow and be bound by this Agreement, the 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, the Platform 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, including all Users, 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 MSB to Company arising out of the use of the Loop Multi-Currency Account and the services.

IF YOU DO NOT ACCEPT THESE TERMS, THE PLATFORM AGREEMENT AND THE PRIVACY POLICY, YOU MUST NOT USE THE LOOP MULTI-CURRENCY ACCOUNT.

Notwithstanding anything to the contrary in the Platform Agreement, in the event of any conflict between this Agreement and the Platform Agreement, this Agreement will govern.

1. Definitions

Capitalized terms used in this Agreement have the meanings provided below or elsewhere in the Agreement. Capitalized terms that are not defined in this document have the definitions provided in the Platform Agreement.

  1. Agreement means this Multi-Currency Account Agreement entered into between Loop MSB and Company as it may be amended from time to time.
  2. Approved Currency means Canadian dollars and such other currency as added from time to time as disclosed within your Loop Multi-Currency Account.
  3. Company, you, or your means the business entity, organization, association, group, or other commercial enterprise identified below and entering into this Agreement for purposes of establishing a Loop Multi-Currency Account.
  4. Credit Facility means one or more financing arrangements that are entered into by Company with Loop which may be evidenced by a loan agreement or the Loop Card-based Credit Facility Terms and Conditions.
  5. EFT means an electronic transfer of funds from a Payor to a Payee by way of bill payment, automated funds transfer or other electronic means, but excludes Interac e-Transfer.
  6. EFT Service means the Services provided by Loop in connection with the facilitation of an EFT.
  7. Force Majeure Event means any circumstance beyond the control of Loop MSB (including fire, flood, natural disasters, bank strikes, labour shortage, strike, lockout or walkout, power failure, pandemic, epidemic, termination or suspension of services by a Third-Party Service Provider, systems failure including computer or telephone failure due to unforeseen causes or interference from an outside force).
  8. Foreign Currency Exchange Fee means the fee on foreign currency exchange transactions in the amount disclosed at https://www.bankonloop.com/pricing charged as described in Section 5.
  9. Interac e-Transfer® means a money transfer sent through the Interac Corporation network.
  10. Loop means, as applicable, Loop Financial Inc., its subsidiaries and affiliated companies, including Loop MSB, Loop Funding Inc. and Loop Fund I LP, as may exist from time to time.
  11. Loop MSB, we, or us, means Loop Payments Inc.
  12. Loop Multi-Currency Account means an account in the name of a User in an Approved Currency.
  13. Payee means the recipient of funds.
  14. Payment Instruction means any information or instructions provided by you to make a payment to a Payee, or request a payment from a Payor (including name, account number and Payment Date) through any Payment Service pursuant to this Agreement.
  15. Payment Loading Method means any Card, EFT, Interac e-Transfer, wire transfer, P2P Transfer, or other payment type supported by Loop MSB, Loop or Third-Party Service Providers and authorized by Company for use by its Users to load funds onto a Loop Multi-Currency Account.
  16. Payment Service means the EFT Service, the Interac e-Transfer Service, P2P Transfer, or any other payment service or functionality that may be provided by Loop MSB under this Agreement.
  17. Payor means the person or entity whose account is debited on the basis of a transaction drawn on it.
  18. Platform Agreement means the Platform Agreement entered into between Loop and Company as it may be amended from time to time.
  19. Prohibited Activities List means the list of prohibited business types and activities posted on the Website (https://help.bankonloop.com/s/article/Restricted-Industries) as updated from time to time., as well as any activities contrary to applicable laws including AML/ATF and sanctions laws.
  20. Registration Data means information about yourself and provided by you to Loop when you registered for your Loop Account or as updated by you from time to time on the Website with respect to your Loop Account.
  21. Third Party Conversion Rate means the applicable rate we pay to a third party foreign exchange service to convert a currency to another currency.
  22. Third-Party Service Provider means an affiliate or other third party that assists Loop in providing the services to Company, that supports Loop internal operations, or that provides other services related or connected to, or provided through the services, a Loop Multi-Currency Account, or Payment Loading Method.
  23. User means Company and any Company employee, contractor, agent, representative or other individual authorized to use the Loop Multi-Currency Account or Payment Loading Methods by the Administrator on Company's behalf (each an "Agent") or is provided the means or is permitted to use the Loop Multi-Currency Account, any of the Payment Services or any Payment Loading Method.

2. Loop Multi-Currency Account

2.1 Loop Multi-Currency Account General Information

If you have established an Account with Loop, you can establish one or more Loop Multi-Currency Accounts in the name of a User. With a Loop Multi-Currency Account, Users can load funds to their Loop Multi-Currency Account using Payment Loading Methods assigned to the Loop Multi-Currency Account, hold funds in the Loop Multi-Currency Account and use the funds to make payments. Users may have multiple Loop Multi-Currency Accounts in different Approved Currencies.

When you load funds into your Loop Multi-Currency Account, we may place a hold on all or a portion of your money until we have verified that the funds will be available for payment to us. In addition to your obligations under this Agreement and the Platform Agreement, you must comply with any specific terms established by Loop and applicable to your choice of Payment Loading Method.

The funds Users add to a Loop Multi-Currency Account are held securely with a third party financial institution. You may be required to agree to a separate set of terms with such financial institution (the "FI Terms") in respect of some or all of such funds. Loop is not acting as an agent or representative of any such financial institution and is not responsible for any actions of such financial institution. Under this Agreement, such financial institution is not responsible for or liable to you or any of your beneficiaries for fulfilling your funds delivery and Loop MSB, not such financial institution, is responsible for the performance of Loop MSB's obligations under this Agreement. Unless the FI Terms provide otherwise, neither Company nor any User will receive interest or any other earnings on funds held in the account held with such third party financial institution and you agree that any interest that may be earned on funds in such account are owned by Loop MSB. The account details that we provide to you in order for you to receive funds from third parties are for accounts held by Loop MSB and its affiliates (and we will credit your Loop Multi-Currency Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. In the event of a conflict between the FI Terms and any provision of this Agreement, the FI Terms will prevail with respect to the services provided by such financial institution to you pursuant to the FI Terms.

Loop MSB is not a bank and therefore value held as a balance in your Loop Multi-Currency Account represents an unsecured claim against Loop MSB and is not insured by the Canada Deposit Insurance Corporation (CDIC) or any other deposit protection scheme. Loop MSB does not use balances held by its customers for operating expenses or other corporate purposes.

All of your transactions (including your balance, uploaded money, and money you have received, converted, sent and/or withdrawn), including related fees and exchange rates, if applicable, are recorded in the transaction history section of your Loop Multi-Currency Account. You may access this information by logging into your Account.

2.2 General Company Obligations

Without limiting your obligations under the Platform Agreement:

  1. To open and maintain a Loop Multi-Currency Account, you must provide us with all information as requested in the Application for the Loop Multi-Currency Account and in our ongoing provision of the Loop Multi-Currency Account, or as otherwise reasonably requested by us or required by applicable law.
  2. You represent, warrant and covenant (including each time you provide information to us in connection with a Loop Multi-Currency Account) that: (i) all information you provide to us is and will be true, complete and accurate; and (ii) you have and will disclose all such information in accordance with applicable law, including laws relating to Personal Data; and (iii) you will comply with all applicable laws and instructions we provide to you in respect of the Loop Multi-Currency Account or this Agreement, the Platform Agreement and any other agreements between us and you.
  3. You must immediately notify us of any error or change in any of the information in your Application for a Loop Multi-Currency Account or any other information that you have provided to us. You acknowledge that we may, from time to time, request updated or additional information from you and you must provide it within the time period we specify. We are not responsible in any way for any errors resulting from the inaccuracy or incompleteness of information you provide to us, including any Payment Instruction.
  4. You must notify us immediately of any actual or suspected security breaches, attempted security breaches or fraud, or unauthorized access to or use of credentials relating to the Loop Multi-Currency Account services or the Payment Services, including to a Loop Multi-Currency Account itself or our or a Third-Party Service Provider's technology, or of any third party legal process relating to such activity or breach.
  5. You must cooperate with us if we have inquiries about any suspected unlawful, fraudulent or improper activity relating to the Loop Multi-Currency Account services.

2.3 Permitted Uses

The Loop Multi-Currency Account services including Payment Loading Methods, shall only be used for business or commercial purposes and may not be used to engage in any activity on the Prohibited Activities List. In no event may the Loop Multi-Currency Account services be used for personal, family, or household purposes or for purposes on the Prohibited Activities List and doing so may result in immediate termination of this Agreement. You are prohibited from reselling, distributing or offering, directly or indirectly, the Loop Multi-Currency Account services.

In addition you must not do any of the following: (i) attempt to gain restricted access to any of our or a Third-Party Service Provider's systems; (ii) use the Loop Multi-Currency Account services, including any Payment Service, in violation of applicable law or in connection any purpose or activity that is unlawful, fraudulent or misrepresentative; (iii) rent, lease license or sell any of our or a Third-Party Service Provider's technology; or (iv) take action or employ any technique, device, software or routine that will result in interference with the operation of our or a Third-Party Service Provider's systems, or will impose an unreasonable or disproportionately large load on our or a Third-Party Service Provider's systems;

You must immediately notify us if you become aware of or suspect: (i) any activity that is not permitted under this Agreement; or (ii) any breach of this Agreement.

2.4 Receiving Money from Third Parties

In certain currencies, we may provide to you specified bank account details that you can in turn provide to third parties so that they can send money to your Loop Multi-Currency Account using either the electronic funds transfer method, or the wire transfer method. These account details are offered by our third-party banking partners. These specified bank account details that we may provide to you in order for you to receive funds from third parties are for accounts held by Loop and its affiliates (and we will credit your Loop Multi-Currency Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you.

When someone sends money to your Loop Multi-Currency Account using a method that we support, the money will appear in your Loop Multi-Currency Account. You should check the incoming funds in your Loop Multi-Currency Account against your own records regularly and let us know if there are any irregularities. When you receive funds you can accept them as-is and maintain a balance in your Loop Multi-Currency Account in that currency or accept them and then convert it to another currency, and hold that currency or send it to your or a third party's account. If you choose to receive money using this method, you will not have access to such funds until we receive the funds into our specified account.

You acknowledge that the money received in your Loop Multi-Currency Account via this method may be subject to reversal or chargeback and you agree that we can deduct the received amount from your Loop Multi-Currency Account if it is reversed by the person who paid you the received amount or any relevant payment services provider, including any third party financial institution. If, for any reason, the transaction is cancelled or refused, then we will promptly return the deposit to the bank account from which the transaction originated. In the event that we are unable to return the deposit, then we will promptly contact you using the most current Registration Data you have provided to us.

If you provide the account details we provide to you to a third party, you agree that you will not impose a surcharge or any other fee solely for accepting payment through a service offered by Loop. You are not permitted to receive payments by payment methods other than those permitted by Loop under this Agreement, including cash, mailed check, or electronic check. There may be financial limits for particular payment methods or currencies.

3. Using your Loop Multi-Currency Account

3.1 General – Payment Services

You can use the Loop Multi-Currency Account for Payment Services, as further described below. The Payment Services made available to you will depend on a number of factors including your verification status with us.

We cannot guarantee the use of any particular Payment Service and may change or stop offering a Payment Service at any time without notice to you, but we will ensure that you will have at least one Payment Service available to you unless prohibited by applicable law.

You are responsible for obtaining all consents for the collection, provision and use of any Personal Data and any confidential information, including contact information and any other information you include when sending, receiving or requesting a payment or using the Payment Services. You are also responsible for providing us with all required authorizations and any other information we reasonably request.

You represent and warrant that each time a debit transaction is initiated using the Payment Services: (i) such transaction is and will continue to be authorized and that you will notify us immediately if such authorization is rescinded or revoked; (ii) such transaction has been duly authorized by a valid signatory; and (iii) you will provide any required authorization and other required information to Loop MSB or a Payor, as the case may be.

You agree that your Loop Multi-Currency Account is subject to withdrawal and send money limits. If your withdrawal request exceeds the current limit, we may decline your request or impose additional checks or impose additional obligations or time limitations before allowing the money to be withdrawn.

We do not have any control over the time it may take for your or a Payee's bank or payment provider to credit and make available funds to you or the Payee once we make the funds available to you or the Payee's bank or payment provider. You acknowledge that other financial institutions and payment service providers are not obligated to accept any payment or debit request.

We may delay a withdrawal, in certain situations, including if we need to confirm that the withdrawal has been authorized by you or if other payments to your Loop Multi-Currency Account have been reversed, for example, as a result of a chargeback or bank reversal.

Loop MSB does not represent or warrant that any payment can be reversed or cancelled for any reason. Loop MSB reserves the right, in its sole discretion, to decline to act on any Payment Instruction, either in whole or part, when: (i) such Payment Instruction is unclear or suspicious; (ii) such Payment Instruction would violate any applicable law, rule or Loop MSB's policies or procedures; or (iii) Loop MSB has reason to believe that such Payment Instruction is not authorized by you.

3.2 EFT Services

Sending and Requesting Funds

You can use the Loop Multi-Currency Account to make payments both domestically and internationally to participating Payees in participating countries by either:

  1. issuing a Payment Instruction for an online debit/charge to your Loop Multi-Currency Account; and
  2. scheduling an automatic or pre-authorized debit from your Loop Multi-Currency Account.

You can also use the Loop Multi-Currency Account to:

  1. receive payments that are sent to you by a Payor; and
  2. request payments from a Payor, where permitted by the Payor and in accordance with any instructions provided or requested by Loop or the Payor's financial institution or payment service provider.

From time to time, Loop MSB at its sole discretion may add or delete Payees and can add and delete Payment Loading Methods that can be used to make payments to a Payee.

By providing Loop MSB with the names and account information of Payees to whom you wish to direct payments, you authorize Loop MSB to follow any Payment Instruction submitted by you. That means that when you provide Loop MSB with a Payment Instruction, you are authorizing Loop MSB to debit your Loop Multi-Currency Account and to remit funds to the relevant Payee on the date scheduled by you in the Payment Instruction (the "Payment Date").

You must not assign any authorization for EFTs unless we allow you to do so. If you intend to change your business name, you must notify us in writing at least 15 days before such change and you must notify your Payors in writing at least 10 days before such change.

If permitted by the EFT Services, you will be entitled to set up recurring payments. When a recurring payment is processed, it is automatically scheduled by the system based on your selected frequency setting for the payment, and a processing date is calculated for the next following occurrence. If such date is not a business day, it shall be adjusted to the immediately following business day.

You understand that different Payees have different payment requirements and it is your responsibility to know what your Payees' requirements are and to arrange your payments accordingly. You will ensure that all Payment Instructions provided to Loop MSB are received by us in sufficient time to permit Loop MSB a reasonable opportunity to deal with them. Loop MSB shall have no responsibility for (i) delays in crediting payments which are as a result of the Payee's procedures; (ii) your failure to follow a Payee's payment requirements; or (iii) your failure to schedule a Payment Date sufficiently in advance of the date that a payment is due.

In respect of your use of the EFT Service and without limiting any other provision of this Agreement, it is your responsibility to ensure that the information that you provide to Loop MSB is accurate. This includes your Registration Data, your Loop Multi-Currency Account, your Payment Date and your Payee details ("Payee Data"). You are also required to keep your Registration Data and Payee Data up to date.

We do not warrant that any particular EFT will be effected in a timely manner or at all, for any reason, including a Third-Party Service Provider's, or other financial institution's, failure to complete the associated transaction.

Loop MSB will have no responsibility and incur no liability to you if it is unable to effect any Payment Instruction(s) on a Payment Date owing to any one or more of the following circumstances: (i) if the Payment Instructions(s) issued by you to Loop MSB is/are incomplete, inaccurate, invalid or delayed; (ii) if the Loop Multi-Currency Account has insufficient funds or insufficient credit availability to cover the amount in the Payment Instruction(s) (plus any applicable taxes and/or fees); (iii) you have not provided Loop MSB the correct information, including the correct name, address or account information, or other information that may be required, for the Payee or use of the Payment Service; (iv) the occurrence a Force Majeure Event; or (v) for any other reason other than the gross negligence or wilfull misconduct of Loop.

In no event will Loop MSB be responsible for any late payment penalties, fees or interest imposed by a Payee under any circumstances.

Payment Cancellation Requests

An EFT is deemed to be completed unless the financial institution to which the EFT is made rejects the EFT. You acknowledge that we may return funds sent to your Loop Multi-Currency Account via an EFT if the Payor files a reimbursement claim in respect of such transaction. We shall not be required to inquire into the correctness of the reimbursement claim.

In the event that you wish to reverse or cancel a payment made by you using the EFT Service, you must contact us before 5 PM (EST) on any business day; however, you acknowledge that even if you contact us by such time, it may not be possible for such payment to be cancelled or reversed and have amounts returned to you, and Loop MSB disclaims any and all liability with respect to the foregoing. Loop MSB will use reasonable efforts to cancel the payment at no cost provided that the instructions are received in sufficient time to permit Loop MSB a reasonable opportunity to reverse the instruction in compliance with applicable clearing rules. Once the EFT Service has begun processing a payment it cannot be cancelled or edited.

Failed Transactions

If Loop MSB is unable to complete a Payment Instruction for any reason associated with your Loop Multi-Currency Account (for example, insufficient funds, insufficient credit, reversal/ return of funds by the Payee, stop/reversal of the transaction by a third party Payor), the transaction will not be completed and you will receive a return notice from Loop MSB. An NSF fee in the amount of $25 will also be assessed.

Records

You must retain all records of EFT transactions relating to your Loop Multi-Currency Account for a period of seven years after the last EFT transaction in your Loop Multi-Currency Account and you shall make such records available to us and any Third-Party Service Provider for reviewing and copying when requested by us or the Third-Party Service Provider.

3.3 Interac e-Transfer Service

You may use a Loop Multi-Currency Account to send or receive Interac e-Transfer transactions. Interac e-Transfer transactions can be sent domestically in Canadian dollars only.

Send Money and Autodeposit

Before sending an Interac e-Transfer to a Payee from your Loop Multi-Currency Account, you must ensure that the Payee is aware they will be receiving the Interac e-Transfer. The time it takes for the Payee to receive the Interac e-Transfer will vary. The Payee may allow for the Interac e-Transfer to be automatically deposited into their account or they may require you to ask a security question, which they must answer in order to receive the funds from the Interac e-Transfer. The Payee will have 30 days from the date the Interac e-Transfer is sent to claim the funds, after which the Interac e-Transfer will automatically expire and the funds will not be deposited.

Request Money

You may also request a third party Payor send an Interac e-Transfer to your Loop Multi-Currency Account. To do so, you must provide the prospective Payor's email address, mobile number and any other information we reasonably request. The prospective Payor will then be sent a message that you have requested an Interac e-transfer. If the Payor sends an Interac e-transfer to your Loop Multi-Currency Account and you have enabled "Autodeposit", the associated funds will be automatically deposited into your Loop Multi-Currency Account. Otherwise, you will be required to answer a security question correctly, for verification purposes, in order to receive the funds. An Interac e-transfer sent from another financial institution will expire after a certain period of time if you do not claim it.

Changes

You may request to change or cancel an Interac e-Transfer transaction before the Payee declines or accepts it. You may also request to change or cancel a request for an Interac e-Transfer before the prospective Payor declines or fulfills it. There is no assurance that these requests will be fulfilled; however, we will use reasonable efforts to do so.

Security Questions and Answers

If you set up a security question and answer when you send an Interac e-Transfer, the security question and answer you use must be unique, not easily guessed, and must not include a birth date, name, telephone number, social insurance number or sequential numbers or any other security credentials you use. You must ensure that only you and the Payee know the security question and answer and you, as the Payor or the Payee, must ensure that the security question and answer are not disclosed to any other person. You must not use any message that may accompany an Interac e-Transfer to send the security question or answer. You shall comply with all of our instructions with respect to security questions and answers. If you change your question or answer, it overrides any previously saved security question and answer for that Payee and the new security question or answer will enable the Payee to accept any previously sent Interac e-Transfer funds that have not yet been claimed and are not expired or cancelled. Loop MSB will not be liable for losses incurred by Payors or Payees as a result of the misuse, improper communication or improper disclosure of any answer to a security question.

Disclaimer

We do not represent or warrant that any Interac e-Transfer will be effected in a timely manner or at all. Without limiting anything in this Agreement, you are responsible for promptly verifying the status of any Interac e-Transfer and are required to immediately report any missing information or discrepancies in writing to us.

3.4 P2P Transfers

You may use a Loop Multi-Currency Account to send or request funds to another Loop Multi-Currency Account via a peer-to-peer transfer ("P2P Transfer"). You may only send or request funds via a P2P Transfer to or from yourself or businesses that you know and trust and who has agreed to send or receive the P2P Transfer. You may only use a P2P Transfer to send your own funds or to collect funds that are intended for you. When you send or request funds via a P2P Transfer, we will send a notification via the Website which will identify you as the Payor or Payee and will disclose necessary information including your name and/or phone number, picture and the amount of funds you sent or requested. In order to send a P2P Transfer, we will ask you to provide us with your contact's mobile phone numbers and these will act as unique identifiers. You have the option of manually entering this information or you can sync the contacts on your mobile phone for your convenience. We will ask your permission before syncing your mobile phone contacts. The use of this information will be subject to our Privacy Policy.

We may set limits for the amount of money you are allowed to send, receive, or request and the number of requests you are allowed to make using this service. We may block attempts to send, receive, or request money that exceed such limits. We may also change such limits at any time, and from time to time, without prior notice to you.

You acknowledge and agree that we may invalidate or reverse any P2P Transfer if we determine, in our sole discretion, that it was fraudulent, unauthorized, sent in error including to the wrong Payee, could not be completed due to insufficient funds or otherwise violated the terms of this Agreement. If you send or receive a P2P Transfer that is later invalidated or reversed, you may be liable to us for the full amount of the P2P Transfer, and such amount will be considered a liability for the purposes of this Agreement.

3.5 Paying your Credit Facility

You may use your Loop Multi-Currency Account to pay any amount owing under any Credit Facility.

Grant of Security Interest

To the extent permitted by applicable law, you may use your Loop Multi-Currency Account to hold funds as collateral for amounts owed under a Credit Facility, in which case you grant us a security interest in the funds held in your Loop Multi-Currency Account and the use of the funds may be restricted according to the terms of the Loan Documents. You agree to provide such information, execute such documents and provide such other assistance as reasonably necessary in connection with the grant, registration, perfection and enforcement of such security interest.

Set-Off

If Loop demands repayment of the full outstanding amounts owing under any Credit Facility, you irrevocably authorize Loop to set off the amount owed under the Credit Facility by deducting the balance from your Loop Multi-Currency Account. In order to recover the amount owed under the Credit Facility, Loop may be required to perform a currency conversion.

If you agree by checking the designated box on the Loop Platform to allow Loop to withdraw any amounts owing to it from time to time, such selection shall constitution due authorization by you for Loop to make any such withdrawal.

3.6 Other Payments

You may use your Loop Multi-Currency Account to make any other payments to or from yourself or businesses that you know and trust and who have agreed to receive such payment.

You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by Loop caused by or arising out of your use of the Loop Multi-Currency Account. You agree to reimburse Loop for any and all such liability.

3.7 What Happens if You Owe Us Money?

In the event you are liable for any amounts owed to us, you hereby irrevocably authorize us to immediately remove such amounts from your Loop Multi-Currency Account, if available, to fully or partially satisfy such liability. If there are insufficient funds in your Loop Multi-Currency Account to cover your liabilities to us, we reserve the right to collect your debt to us by using any payments received in your Loop Multi-Currency Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through other collection avenues, including through the use of a debt collection agency. We may recover all reasonable costs or expenses (including reasonable attorneys' fees and expenses) incurred in connection with the enforcement of this Agreement.

4. Currency Conversion

Our services include the ability to convert currencies, for example:

  1. You may load money in one Approved Currency and use that balance to send money to a third party in another Approved Currency;
  2. You may load money in one Approved Currency and use that balance to withdraw money in a different Approved Currency; or
  3. You may convert a currency balance in your Loop Multi-Currency Account to hold in another Loop Multi-Currency Account in a different Approved Currency.

If you elect to convert currency, we will convert the funds using the Third Party Conversion Rate plus the Foreign Currency Exchange Fee. We will let you know the conversion rate when you place your currency conversion order.

We reserve the right in our sole discretion to refuse any currency conversion order. Reasons for refusal may include incorrect information about the Payee, insufficient available funds, or where we believe you may have violated this Agreement. We will endeavour to notify you of any refusal, using the contact information in your Account, stating (where possible) the reasons for such refusal and explaining how to correct any errors. However, we will not notify you if such notification may be unlawful.

We may place limits on the amount of currency you may convert at any given time, for more information on the applicable limits, please visit our Website. We may limit the amount of your conversion order consistent with our obligations under applicable law and at our discretion.

We carry out verification checks and these checks may increase the time it takes to process your currency conversion order. We cannot be responsible for any delays as a result of carrying out those checks.

You are responsible for ensuring the instructions you provide to us are accurate. Once payment instructions have been executed by Loop MSB, transactions cannot be cancelled or reversed and we will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.

5. Fees and Taxes

The fees for our services, including withdrawing, receiving and sending money, and currency conversion will be disclosed to you when you place an order and prior to you confirming the transaction. You may also view the fee structure on our pricing page https://www.bankonloop.com/pricing. For clarity, the fees applicable to you on the pricing page form part of this Multi-Currency Account Agreement and are subject to change. We will not process your order until we have received the applicable fee from you.

You agree to pay the relevant fees using your chosen Payment Services. The fee will be charged at the time when you withdraw, send or receive money or convert currency. Our fee does not include any fees that your bank or the Payee's bank may charge. Those fees may be deducted from money you upload into your Loop Multi-Currency Account or balances in your Loop Multi-Currency Account.

You are responsible for any taxes which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.

6. Term and Termination

This Agreement continues until terminated by either Company or Loop MSB or as otherwise set forth in this Agreement.

Company may terminate this Agreement by: (i) providing notice Company wishes to terminate this Agreement and close the Multi-Currency Account; and (ii) paying all amounts owed under all other agreements with Loop or Loop MSB. If Company reapplies or reopens the Account or uses or attempts to use the Services or Payment Loading Methods, Company is consenting to the Agreement in effect at that time.

Loop MSB may terminate this Agreement, or suspend the Account, Payment Loading Methods or Payment Services for any reason whatsoever and at any time at its sole discretion, without notice and without liability to you, including if required by a Third-Party Service Provider, as a result of Company's activities exceeding Loop's risk tolerances, fraudulent transactions, and Company's actual or suspected violation of applicable laws, including trade and economic sanctions laws, and anti-money laundering and anti-terrorist financing laws.

Company remains responsible for charges, fees, fines, and other losses caused by Company's action or inaction or otherwise arising with respect to any transaction or liability that accrued prior to the termination of the Agreement.

Sections 6 (Term and Termination), 7 (Notice and Communication), 8 (Limitation of Liability), 9 (Disclaimer of Warranties and Risk), 10 (Indemnification), 11 (Force Majeure Event), 12 (Governing Law and Venue), 13 (Legal Process), 14 (Assignment), and 15 (Headings and Interpretation); Section 2.10 (Ownership and License) of the Platform Agreement; the provisions of the Platform Agreement that identify continuing obligations; your representations and warranties under this Agreement and the Platform Agreement; and any other provisions of this Agreement giving rise to continued obligations of the parties will survive termination of this Agreement.

7. Notices and Communications

Company consents to Loop MSB providing Notices under this Agreement electronically and understands that Notices provided electronically have the same legal effect as a physical notice.

Loop MSB will provide Notices regarding activity and alerts related to the Account electronically through the Account, email, and via text or SMS to the contact information provided to us by Administrators and Users. Notices affecting payment and legal terms in the Agreement will be sent to Administrators through the Account or email and are considered received 24 hours after they are sent. Company understands that it may not use the Services or Payment Loading Methods unless Company consents to receive Notices electronically. Company may only withdraw consent to receive Notices electronically by closing the Account.

Loop MSB may send Notices to Users' mobile phones through text or SMS to the phone numbers Administrators and Users provide. These Notices may include alerts about Services, Payment Loading Methods or Charges, and may provide Administrators and Users the ability to respond with information about Charges on Payment Loading Methods, Cards, or the Account. Administrators and Users may elect to not receive certain Notices through the Account, but this will limit the use of certain Services and may increase the financial risks to Company. Company will secure appropriate authorization to send text or SMS messages to Users on Company's behalf.

Administrators and Users are required to maintain an updated web browser and computer and mobile device operating systems to receive Notices correctly. Administrators and Users are responsible for all costs imposed by internet or mobile service providers for sending or receiving Notices electronically.

Company, Administrators, and Users must contact Loop MSB immediately if Company is, or believes it is, having problems receiving Notices.

8. Limitation of Liability

UNLESS OTHERWISE SPECIFICALLY PROHIBITED BY LAW YOU EXPRESSLY UNDERSTAND AND AGREE THAT LOOP MSB SHALL NOT BE LIABLE TO YOU FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES WHICH MAY BE INCURRED BY YOU REGARDING YOUR USE OF THE WEBSITE, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY INCLUDING (I) BREACH OF CONTRACT, WARRANTY OR REPRESENTATION; (II) TORT (INCLUDING NEGLIGENCE); AND (III) LIABILITY WITHOUT FAULT OR STRICT LIABILITY; AND INCLUDING, FOR ANY LOSS OF PROFIT OR REVENUE, FAILURE TO REALIZE EXPECTED SAVINGS, LOST OPPORTUNITIES, COST OF CAPITAL, COST OF SUBSTITUTED ASSETS, COST OF SUBSTITUTED SERVICES, DOWN TIME COSTS, LABOUR COSTS, LOSS OF USE OF DATA, LOSS OF GOODWILL SUFFERED, OR OTHER INTANGIBLE LOSS. LOOP MSB SHALL NOT BE LIABLE FOR DELAYS, INTERRUPTIONS, SERVICE FAILURES OR OTHER PROBLEMS INHERENT IN THE USE OF THE INTERNET, SOCIAL NETWORKS, ELECTRONIC COMMUNICATIONS, TELECOMMUNICATIONS NETWORKS OR OTHER SYSTEMS OR NETWORKS. LOOP MSB SHALL NOT BE LIABLE FOR ANY INTERRUPTIONS OR DISCONTINUATION OF SERVICES. THE LIMITATIONS ON LOOP MSB'S LIABILITY TO YOU IN THIS SECTION SHALL APPLY WHETHER OR NOT ANY LOOP MSB HAS BEEN ADVISED OF OR SHOULD HAVE BEEN AWARE OF THE POSSIBILITY OF ANY SUCH LOSSES ARISING.

Loop MSB's maximum liability to Company, its employees, agents, authorized third parties, representatives, Administrators, and Users, taken together in aggregate, under this Agreement is limited to the greater of the total amount of fees actually paid by Company to Loop MSB in the three months preceding the event that is the basis of the claim or five thousand dollars ($5,000). These limitations apply regardless of the legal theory or basis on which the claim is based.

9. Disclaimer of Warranties and Risk

LOOP MSB MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO USERS, OR ANY OTHER THIRD PARTY WHETHER ARISING FROM STATUTE, COURSE OF DEALING, USAGE OF TRADE OR OTHERWISE, AND LOOP MSB DISCLAIMS ALL WARRANTIES, INCLUDING ANY WARRANTY OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, OR NON-INFRINGEMENT REGARDING ANY SERVICES OFFERED AND NOTHING IN THIS AGREEMENT WILL BE INTERPRETED TO CREATE OR IMPLY ANY SUCH WARRANTY TO COMPANY. THE SERVICES OFFERED BY LOOP MSB AND LOOP MULTI-CURRENCY ACCOUNTS, ARE NOT INTENDED AS A SUBSTITUTE FOR PROFESSIONAL ADVICE AND ARE PROVIDED TO YOU "AS IS" AND "AS AVAILABLE". PLEASE BE AWARE OF THE LAWS OF YOUR PROVINCE OR TERRITORY OR THAT OTHERWISE APPLY TO YOU WITH RESPECT TO ANY DOCUMENT THAT IS PROVIDED. YOU ACKNOWLEDGE THAT YOU ARE ACCESSING THE WEBSITE OF YOUR OWN INITIATIVE, AND ARE RESPONSIBLE FOR COMPLIANCE WITH THE LAWS THAT ARE APPLICABLE IN YOUR JURISDICTION.

THIRD-PARTY SERVICES ARE NOT PROVIDED OR CONTROLLED BY LOOP MSB. LOOP MSB DOES NOT PROVIDE SUPPORT FOR, DISCLAIMS ALL LIABILITY ARISING FROM FAILURES OR LOSSES CAUSED BY THIRD-PARTY SERVICES AND SHALL NOT BE LIABLE FOR ANY ACT OR OMISSION OF ANY THIRD PARTY.

LOOP MSB DISCLAIMS ALL WARRANTIES AND DOES NOT GUARANTEE THAT (A) SERVICES AND DATA PROVIDED UNDER THIS AGREEMENT ARE ACCURATE OR ERROR-FREE; (B) THE SERVICES WILL MEET YOUR SPECIFIC NEEDS OR REQUIREMENTS; (C) THE SERVICES WILL BE USABLE BY COMPANY, ADMINISTRATORS, OR USERS AT ANY PARTICULAR TIME OR LOCATION; (D) SPECIFIC MERCHANTS WILL PERMIT PURCHASES USING CARDS OR PAYMENT LOADING METHODS ISSUED BY ISSUER; (E) SERVICES WILL BE UNINTERRUPTED, SECURE, OR FREE FROM HACKING, VIRUSES, OR MALICIOUS CODE; AND (F) ANY DEFECTS IN THE SERVICES WILL BE CORRECTED, EVEN WHEN LOOP MSB IS ADVISED OF SUCH DEFECTS.

YOU ASSUME ALL LIABILITY AND RISK, AND RELEASE US FROM ALL CLAIMS, ARISING FROM: (A) ANY FRAUDULENT, FORGED OR UNAUTHORIZED ACTIVITIES RELATING TO THE LOOP MULTI CURRENCY ACCOUNT SERVICES, INCLUDING YOUR FAILURE TO REPORT SUCH ACTIVITY AND UNAUTHORIZED USE OF YOUR SECURITY CREDENTIALS; (B) YOUR BREACH OF THIS AGREEMENT; (C) THE IMPLEMENTATION OF OR THE FAILURE TO IMPLEMENT A RETURN, REVERSAL, CHANGE OR CANCELLATION OF A PAYMENT OR REQUEST FOR A PAYMENT; (D) US RESTRICTING OR TERMINATING YOUR USE OF THE LOOP MULTI CURRENCY ACCOUNT SERVICES DUE TO FRAUDULENT ACTIVITY; (E) YOUR ACCEPTANCE OR CREATION OF TRANSACTIONS THROUGH THE LOOP MULTI CURRENCY ACCOUNT OR OTHERWISE, INCLUDING ANY LIABILITY OR RISK: (I) THAT A TRANSACTION WAS IMPROPERLY SENT OR REQUESTED; (II) THAT YOU MAY BE REQUIRED (LEGALLY OR OTHERWISE) TO RETURN THE TRANSACTION OR ASSOCIATED MONEY TO ANOTHER PERSON FOR ANY REASON; OR (III) THAT THE TRANSACTION WAS ILLEGAL, BUT EXCLUDING ANY FRAUDULENT ACTIVITIES COMMITTED BY OUR REPRESENTATIVES OR ARISING FROM OUR BREACH OF OUR PRIVACY AND SECURITY OBLIGATIONS IN THE PRIVACY POLICY. YOU AGREE THAT THIRD-PARTY SERVICE PROVIDERS WILL NOT BE NOT LIABLE OR RESPONSIBLE FOR ANY LOSSES OR DAMAGES SUFFERED BY YOU BECAUSE OF TRANSACTIONS ACCEPTED OR INITIATED BY US, YOU OR ANY THIRD PARTY.

10. Indemnification

You and every party for whom you act agree to indemnify, hold harmless and defend Loop MSB, Loop, Third-Party Service Providers, as well as their respective officers, directors, employees, agents, consultants, representatives, successors and assigns (the "Indemnitees"), from and against any and all claims, demands, liabilities, costs or expenses of any kind, including, in particular, legal fees and disbursements resulting directly or indirectly from: (i) your breach of this Agreement, the Platform Agreement, the Privacy Policy or any other agreements with Loop MSB or Loop, including any representations and warranties set out in any such agreements, or any other actions by you in respect of such agreements or our relationship with you; (ii) your negligence, wilful misconduct or fraud; (iii) your access to, use of, or inability to access or use the Loop Multi-Currency Account; (iv) any actions taken by any of the Indemnitees in reliance on your instructions or information apparently communicated by you; (v) your use of or reliance on publications, communications, distributions or downloads of any nature; (vi) the implementation of or the failure to implement a return, reversal, change or cancellation of a payment or request for a payment; (vii) your violation of any law or applicable regulation; (viii) any breach of our or Third-Party Services Providers' technology caused by any action or omission by you; (ix) any errors or omissions or other failures made by you or any of your representatives in connection with submitting information to us for effecting a transaction; or (x) enforcement or preservation of any rights under this Agreement, the Platform Agreement, the Privacy Policy or any other agreements with Loop MSB or Loop. You agree to cooperate with Loop MSB in the contestation of any such claim, demand, liability, cost or expenses.

11. Force Majeure Event

Notwithstanding any other provision of this Agreement, we shall not be in default or breach of this Agreement or otherwise liable by reason of any failure in performance of this Agreement in accordance with its terms, if such failure arises or results from any Force Majeure Event.

12. Governing Law and Venue

Unless otherwise specified, this Agreement will be construed, applied, and governed by the laws of the Province of Ontario. By beginning an Application for an Account, each party (i) accepts, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts (and courts of appeals therefrom) for legal proceedings arising out of or in connection with this Agreement; and (ii) expressly submits to the jurisdiction of such courts, and irrevocably waives, to the fullest extent permitted by applicable law, its rights to bring an action in any other jurisdiction that could apply by virtue of its present or future domicile or for any other reason.

13. Legal Process

Loop MSB may respond to and comply with any court or similar order received related to Company's use of the Loop Multi-Currency Account or services, including subpoenas, warrants, or liens. Loop MSB is not responsible to Company for any losses Company incurs due to Loop MSB's response to such court or similar order. Loop MSB may take any actions it believes, in its sole discretion, are required under court or similar orders including holding funds or providing information as required by the issuer of the court or similar. Where permitted, Loop MSB will provide Company reasonable Notice that Loop MSB has received such an order.

14. Assignment

Loop MSB may assign, pledge, or otherwise transfer this Agreement or its rights and powers under this Agreement without providing Notice to Company. Any such assignee will have all rights as if originally named in this Agreement instead of Loop MSB. Company may not assign this Agreement or rights provided, or delegate any of its obligations, without Loop MSB's express prior written consent.

15. Headings and Interpretation

Except where otherwise specified, all references to sections or provisions refer to sections or provisions in this Agreement or the applicable incorporated terms. The phrases "including," "for example," or "such as" do not limit the generality of the preceding provision; the word "or" will be read to mean either " . . . or . . ." or any combination of the proceeding items; and provisions listing items and using "and" require all listed items.

This Agreement, including incorporated terms, comprises the entire understanding of the parties with respect to the subject matter described and supersedes all other proposals or previous understandings, written or oral, between the parties. To the extent you enter into any FI Terms, those terms will govern as to your relationship between such financial institution and yourself.

16. Changes to this Agreement

Loop MSB may modify this Agreement or replace an agreement governing Company's use of the Account, Services, or Loop Multi-Currency Accounts, or any portion of them, by providing Notice. Any Administrator's or User's continued use of the Account, Services, or Loop Multi-Currency Account constitutes agreement to any modified or replacement Agreement.

Any waiver, modification, or indulgence provided by Loop MSB to Company, of any kind or at any time, applies only to the specific instance involved and will not act as a general waiver or a waiver, modification, or indulgence under this Agreement for any other or future acts, events, or conditions. Further, any delay by Loop MSB in enforcing its rights under this Agreement does not constitute forfeiture of such rights.

17. Void or Unenforceable Provisions

If any provision of this Agreement is deemed unlawful, void or unenforceable for any reason, that provision shall be severed, and the remaining provisions will remain in force and be fully enforceable. This Agreement applies for the benefit of Loop MSB, their officers, directors, employees, consultants, representatives, agents, successors and assigns.

18. Rights Reserved

All rights not expressly granted by this Agreement, the Platform Agreement or the Privacy Policy are reserved by Loop and Loop MSB, as applicable.

19. Language

The parties have agreed that this Agreement and any related documents will be written in the English language. Les parties ont convenu que ce contrat et ses accessoires soient rédigés en anglais.

20. Last Revision

The Date of Last Revision of this Agreement: September 19, 2024

Interac e-Transfer is a registered trademark of Interac Corp. Used under license.

Offers Terms and Conditions

Last Updated: November 14, 2022

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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 and/or your Loop Business Cardholder 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 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.

Loop Referral Program

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.

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1) Referral Program Eligibility

The Referral Program is open to all verified Loop clients with an active account that is in good standing (“Loop Client”).

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2) Qualifying Referred Business and Referer

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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.

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3) Qualifying Transactions

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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”)  

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4) Referral Process 

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.

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5) The Reward

Both the Referred Business and the Referrer will receive 10,000 Loop points after the Referred Business completes their first Qualifying Transaction.

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Points will be distributed within 30 business days of the posted date of the Referee’s first Qualifying Transaction.

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6) Prohibited Actions

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;

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7) Data Protection

You represent and warrant to us that you have obtained the express consent from the person whose data you provide us with.

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8) Breach of Agreement

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. 

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8) Changes to Agreement

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.

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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.

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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.

Loop Business Cardholder Agreement

Last Updated: November 14, 2024

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 Financial Inc. ("Loop") with respect to the use of the Loop Global VISA Card.

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.

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 VISA Card.

"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.

"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

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.

Using Your Loop Global VISA Card

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.

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.

Card Restrictions

  • The Loop VISA Card can only be used for Transactions for business or corporate purposes by businesses resident in Canada and not for personal, family or household purposes and is not available for use by sole proprietors residing in Quebec.
  • Use of the Loop VISA Card in certain countries may be restricted by law or at our discretion.
  • You do not have the right to stop the payment of any Transaction you conduct with the Loop VISA Card.
  • You may not use your Loop VISA Card to commit or facilitate illegal activity.
  • The Business Cardholder may set specific spending limits or controls for Authorized Users, but the aggregate spending limit for all Cardholders may not exceed the total spending limit established by the Business Cardholder.

The Loop VISA Card is subject to maximum transaction limits, as set out below. Loop may change these limits in accordance with applicable law and will post notice on the Portal at least 30 days in advance of the date such change is to come into effect. The change will take effect on the date indicated in the notice. Your continued use of the Loop VISA Card, after the change to the limits has come into effect, will be taken as your acceptance of that change.

Loop Business Cardholder Agreement

Card Restrictions

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.

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 VISA Card. For clarity, these fees are charged by, and for the benefit of, Loop or third parties and not EQ.

Loop Business Cardholder Agreement
Fees Details
Obtaining a physical Loop Card $10 CAD per plastic card
Additional $50 for expedited shipping
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.

Lost or Stolen Card: 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.


Key Cardholder Responsibilities under this Agreement:
  • You must take all reasonable steps to protect the Loop VISA Card against loss, theft, or unauthorized use. If you lose the Loop VISA Card, you must notify Loop immediately
  • If you receive a Loop VISA Card that is not virtual, you must activate and/or sign the Loop VISA Card as instructed upon receipt of the Loop VISA Card.
  • You must surrender the Loop VISA Card to us immediately upon request by us.
  • You must ensure that there is a sufficient amount of credit available under your Loop Card-based Credit Facility to cover the full amount of Transactions made with the Loop VISA Card.
  • If you find an error in any transaction record, you must communicate the error to the merchant with whom you made the Transaction.
  • If you wish to dispute a transaction on your Card, you must notify us in writing of your dispute within 60 days of the Transaction date.
  • You must only use our online resources as set out in 'Website and Availability', below.

Activating the Card: 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.

Ownership and Use of the Card

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.

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 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.

Returns or Other Amounts on Card

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.

Protection Against Loss, Theft, or Unauthorized Use

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.

Personal Identification Number (PIN)

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:

  • 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;
  • which can be easily obtained or guessed by someone else;
  • that is the same as or contains any part of any number on an identification card that is kept close to your Loop VISA Card; or
  • a PIN that does not comply with any other instructions provided by us for setting or changing your PIN.

You must:

  • 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);
  • 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
  • not write any PIN or password on your Loop VISA 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.

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.

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 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.

Purchase Disputes and Refunds

: 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.

Arbitration

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.

Complaints

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.

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.

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 EQ ARE NOT RESPONSIBLE FOR ANY CONSEQUENCES OF ANY INTERRUPTION OF SERVICE.

Assignment

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.

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 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.

Disclaimer of Warranties

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.

Limitation of Liability

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 CardFOR ANY REASON WHATSOEVER.

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.

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.

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.

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.

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.

EQ

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 (https://www.equitablebank.ca/privacy-agreement). 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 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.

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.

Contractual Liability Insurance Policy

Employee Misuse Protection 

Effective October 14, 2024

This policy is only applicable to customers with a Loop Visa card. 

INTEREST: To reimburse the Insured for sums they become legally obligated to waive or pay to their customers for the following benefits:

  1. Corporate Liability Waiver

As more fully described in the policy Wording.

SUM INSURED: Coverage is subject to the following limits:

  1. Corporate Liability Waiver
    1. Up to CAD 7,500 per User and in the annual aggregate for companies of 2-4 employees.
    2. Up to CAD 25,000 per User and in the annual aggregate for companies with 5 or more employees.

Sub-limit for cash advances of CAD 250 per advance and CAD 1,000 per User per annum.



TERRITORIAL LIMITS: Products to be included on all eligible cards issued by the insured

in Canada. Coverage is provided on a worldwide basis.

DEFINITIONS

  1. Affidavit of Waiver shall mean a written request or claim form sent from the company requesting the Insured Credit Card Program Manager to waive the Company’s charges in accordance with the terms and conditions of the Program.
  2. Credit Card Program Manager means Loop Financial Inc.
  3. Billed or Unbilled with respect to any Charge shall be based upon the date of the Credit Card Program Manager's statement.
  4. Cardholder shall mean any person authorised by the Company to use the Corporate Credit Cards for Company business only who are either
    1. under a contract of/for service or apprenticeship with the Company or
    2. undergoing training under any government approved training scheme under the control of the Company in connection with the business
    3. Subject always to the Cardholder having reached the age of eighteen.
    4. The term Cardholder shall include a director of the Company if such person
      1. is also employed by the Company under a contract of service and
      2. controls no more than 5% of the issued share capital of the Company or of any subsidiary of the Company
  5. Charges shall mean all amounts except cash disbursements, charged to the Company's Corporate Card Account with the Credit Card Program Manage
  6. Company shall mean a corporation, partnership, sole proprietorship, or any other entity which has signed a Corporate Card Account agreement with the Credit Card Program Manager and subsequently issues Corporate Card Accounts for use by designated employees.
  7. Corporate Card Account (Account or Cardholder Account) shall mean an agreement with the Credit Card Program Manager through which designated employees of a Company, Cardholders, are authorized to purchase goods or services for the Company with a Corporate Credit, Debit Prepaid Card or Purchasing Cards.


A Purchasing Card shall mean a card issued to a listed company with representative offices or a client who is running a pilot arrangement to test the card. The card can only be used for travel & entertainment or internet purchases or local purchases of small value items.

  1. Notification of Termination of the Cardholder's employment shall mean the date the Cardholder gives or receives oral or written notice of immediate or pending termination, or the date the Cardholder leaves the Company's service, whichever the earlier.
  2. Termination Date shall mean the date on which:
    1. the Cardholder gives notice to the Company
    2. the date the Company gives notice to the Cardholder
    3. or the date the Authorised Card is withdrawn by the Company from the Cardholder whichever is the sooner
  3. Theft shall mean any act of Fraud or dishonesty by any Cardholder committed in connection with the Authorised Card issued to them with clear intent of obtaining an improper financial gain for themselves or for any other person or organisation intended by the Cardholder to receive such gain
  4. Waivable Charges shall mean all amounts charged to the Company's Business/Corporate/Purchasing account with the Credit Card Program Manager which are not of either direct or indirect benefit to the Company and
    1. where the Company has paid the bill but been unable to obtain reimbursement from the Cardholder or
    2. where the Credit Card Program Manager has billed the Cardholder direct and the Company has reimbursed the Cardholder but the Cardholder has not paid the Credit Card Program Manager or
    3. where the Company has received direct or indirect benefit but is contractually required to pay twice as a result of B) above.
      It is understood and agreed that there can be no circumstance where Underwriters can pay a claim twice.
      Provided that such unauthorised charges:
      1. are billed up to 75 days preceding the Waiver Date and notified by the Company to the Credit Card Program Manager by means of a Waiver Request Letter on or within 14 days of the Waiver Date

The waiver request letter is a document incorporated within the Guide to this Policy.

  1. are incurred but are not yet billed as of the Waiver Date or up to 14 days after the date on which the Credit Card Program Manager received a request to cancel that Cardholders Card whichever occurs first
  2. are discovered not later than 75 days after the termination of
    1. this Policy, or
    2. the insurance in respect of the Company employing the Cardholder concerned with the loss

whichever occurs first. 

  1. Waiver date shall mean the discovery date of the loss by the Company
  2. Underwriters shall mean certain Underwriters at Lloyd's of London

The Underwriters will indemnify Loop Financial Inc., and its affiliates in Canada (hereinafter called "the Credit Card Program Manager") and at the request of the Credit Card Program Manager any Company (meaning a corporation partnership sole proprietorship or any other entity with which the Credit Card Program Manager has a signed agreement to issue Corporate Credit Cards) for losses for which the Credit Card Program Manager is entitled to indemnity subject to the terms exceptions and conditions of the Policy as far as they apply

Terms of Cover

The Underwriters will provide indemnity

  1. against loss of Waivable Charges due to the Credit Card Program Manager or for which they are legally responsible caused by any act of Theft committed during the Period of Insurance by any Cardholder
  2. for auditors' fees incurred with the Underwriters consent solely to substantiate the amount of the claim Provided that
    1. the Underwriters total liability in respect of any One Claim caused by any one Cardholder shall not exceed the Limit of Indemnity applicable to that Cardholder where One Claim shall mean all acts of Theft within the Period of Insurance committed by one Cardholder or two or more Cardholders acting in collusion (meaning all circumstances where two or more Cardholders are concerned or implicated together or materially assist each other in committing the act of Theft)
    2. in the event that One Claim is caused by two or more Cardholders acting in collusion the Underwriters total liability shall not exceed a x b where a = the number of Cardholders involved and b = the Limit of Indemnity applicable to each Cardholder
    3. the Underwriters total liability in any one Period of Insurance shall in any case not exceed the aggregate Limit of Indemnity
    4. any underlying policy shall be maintained in force and this Policy shall apply only to the extent to which an indemnity for damages and claimants' costs and expenses is not provided under such underlying policy by virtue of any limitation of cover or Limits of Indemnity
    5. the Limit of Indemnity under this Policy shall be reduced by an amount equal to the Indemnity provided by any underlying policy vi) the Underwriters may at any time pay the Limit of Indemnity (less any sums already paid) or any lesser amount for which the claims arising out of such an event can be settled the Underwriters will then relinquish control of such claims and be under no further liability in respect thereof except for costs and expenses for which the Underwriters may be responsible in respect of matters prior to the date of such payment

General Conditions 

  1. This Policy shall be voidable in the event of deliberate misrepresentation misdescription or non- disclosure in any material particular
  2. Observance of the terms of this Policy relating to anything to be done or complied with by the Credit Card Program Manager is a condition precedent to the Underwriters liability
  3. The Underwriters shall not be liable in the event of any material change in the nature of the business of the Credit Card Program Manager unless the Underwriters have been advised and their written approval obtained.
  4. Either party may cancel this Policy by giving 90 days' notice in writing to the other Party at its last known address. Any such Termination will not affect the rights of the Credit Card Program Manager with respect to charges incurred by its Cardholders prior to the effective date of Termination If the Underwriters give such notice the Credit Card Program Manager shall become entitled to a proportionate return of Premium If the Credit Card Program Manager gives such notice then the Credit Card Program Manager shall be entitled only to a return premium in accordance with the Underwriters usual short period scale provided that no claim has been made in the then current Period of Insurance.

For the purposes of this Policy termination shall mean the date of cancellation of this Policy

  1. If this Policy immediately supersedes a similar insurance affected by the Credit Card Program Manager (hereinafter called the "Superseded Insurance") the Underwriters will indemnify the Credit Card Program Manager in respect of any loss discovered during the continuation of the Superseded Insurance if the loss is not recoverable solely because the period allowed for discovery has expired

Provided that

  1. such Insurance has been continually in force from the time of the loss until inception of this Policy
    b. the loss would have been insured by this Policy had it been in force at the time of the loss
    c. the liability of the Company shall not exceed whichever is the lesser of
  2. the amount recoverable under the insurance in force at the time of the loss or
  3. the Limit of Indemnity applicable under this Policy

In any event the Underwriters total liability in respect of any one Claim continuing through both the terms of the Superseded Insurance and the continuation of this Policy shall not exceed the Limit of Indemnity applicable under this Policy

  1. This Policy shall be voided if 
    1. the Credit Card Program Manager or Company be wound up or carried on by a liquidator or receiver or permanently discontinued or
    2. the Credit Card Program Manager or Company's interest ceases otherwise than by death
  2. This Policy shall be avoided if the Credit Card Program Manager or Company's interest ceases and nothing herein contained shall give any right against the Underwriters to any person other than the Credit Card Program Manager or Company except to a transferee approved by the Underwriters

Claims Conditions

  • If any claim shall be in any respect fraudulent or if fraudulent means or devices are used by the Credit Card Program Manager or Company or anyone acting on their behalf to obtain any benefit under this Policy or if any loss is occasioned by the wilful act or with the connivance of the Credit Card Program Manager or Company all benefit under this Policy shall be forfeited
  • Upon knowledge of or discovery of loss or of any occurrence which may give rise to a claim for loss the Credit Card Program Manager or Company whichever is appropriate shall
    1. give notice thereof as soon as practicable to Underwriter’s Representative
    2. file detailed proof of loss with the Underwriter’s Representative within 120 days after the discovery of the loss
  • Upon the Underwriters request the Credit Card Program Manager or Company whichever is appropriate shall submit to examination by the Underwriters and produce for the Underwriters examination all pertinent records and all at such reasonable time and place as the Underwriters shall designate and shall cooperate with the Underwriters in all matters pertaining to loss or claims with respect thereto

    1. In the event of any payment under this Policy the Underwriters shall be subrogated to all the Credit Card Program Manager's (or Company's) rights of recovery therefor against any person or organisation and the Credit Card Program Manager (or Company) shall execute and deliver instruments to secure such rights The Credit Card Program Manager (or Company) shall do nothing after loss to prejudice such rights
    2. If at any time any claim arises under this Policy there be any other insurance or indemnity or guarantee covering the same loss the Underwriters shall not be liable except in respect of an excess of the amount which is payable under such other insurance or indemnity or guarantee
    3. If any difference shall arise as to the amount to be paid under this Policy, such difference shall be referred to arbitration, which shall be carried on in English and, depending on the jurisdiction, in accordance with the rules as set out In the Arbitration Clause in the contract between Loop Financial Inc., and Underwriters.
    4. The insurance provided under this Policy shall not apply in respect of any loss caused by a Cardholder if the Company possesses knowledge of any act or acts of fraud or dishonesty committed by such Cardholder
      1. In the service of the Company or otherwise during the terms of employment by the Company
      2. prior to employment by the Company

    For the purposes of this Policy knowledge possessed by the Company means knowledge possessed by a partner director elected or appointed officer who is aware of the employment of a person and that persons acts of fraud or dishonesty

    1. For a valid claim to arise it is a condition of this Policy that the Company shall as soon as any act of Theft is discovered make every effort to retrieve the Corporate Credit Card from the Cardholder and destroy the Corporate Credit Card
    2. Immediately following the discovery by the Company of any act of Theft by a Cardholder it shall be the duty of the Company to inform the Credit Card Program Manager immediately and to have the Card placed upon the suspended card list the Underwriters shall bear no liability for future acts of Theft by the Cardholder following the said discovery of fraudulent activity

    9.

    1. Any money of the Cardholder in the Company's hands upon discovery of any loss and money which but for the Cardholders Theft would have been due to the Cardholder from the Company shall be deducted from the amount of the loss before a claim is made under this Policy
    2. Any further monies which are recovered less any costs incurred in recovery shall accrue
      1. in the event that the Company's claim has exceeded the Limit of Indemnity firstly to the benefit of the Company to reduce or extinguish the amount of the Company's loss
      2. thereafter to the Underwriters benefit to the extent of the claim paid or payable iii) and finally any surplus thereafter shall be returned to the Company
    1. Claim details

    In the event of a claim or any circumstances giving rise to the possibility of a claim the Insured must immediately notify:-

    Baird MacGregor Insurance Brokers

    Exclusions

    The Underwriters shall not be liable for

    1. loss of interest or consequential loss of any kind
    2. loss caused by any act of any Cardholder committed prior to the commencement date for that Cardholder
    3. charges incurred to Purchasing goods or services for the Company or for persons other than the Cardholder pursuant to the instructions of the Company or acquiescence thereto by the Company if those goods or services are of the type which are regularly purchased by or for the Company
    4. charges incurred by a Cardholder after the discovery date of the loss by the Company or charges incurred beyond 14 days after the Credit Card Program Manager receives a request to cancel the Cardholder's Business/Corporate/Purchasing Card whichever is the earlier
    5. cash advances, after Notification of Termination Date
    6. cash advances which exceed CAD 250 per day or a maximum of CAD 1,000 in all prior to notification of Termination 

    Minimum Standards of Control

    Obligations of the Company

    The Company may require the Credit Card Program Manager to waive their liability for Waivable Charges only if they meet all the following requirements:

    1. The Company has two (2) or more Cards in good standing on or after establishing a Card account with the Credit Card Program Manager. This requirement maybe waived for Purchasing cards only.
    2. The Company send a "Waiver Request" by letter or fax to the Credit Card Program Manager. The Waiver Request must state:
      1. That the Company request the waiver of covered Charges.
      2. The Cardholder's name, Card number and last known business and home address.
      3. In cases where the Credit Card Program Manager invoices the Cardholder directly, that the Company has contacted the Cardholder in writing and directed him to immediately pay all outstanding Charges to the Credit Card Program Manager; and D) Whether the Card was retrieved from the Cardholder.
    3. The Company has delivered to the Cardholder or sent by first class mail a written notice stating that the Cardholder's Card has been cancelled, that he should immediately discontinue all use of that Card, that he must immediately pay any outstanding amounts owed to the Credit Card Program Manager, and that he must immediately return that Card to the Company.
    4. The Company has used and will continue to use its best endeavors to retrieve the Card from the Cardholder and to return it, cut in half, to the Credit Card Program Manager.
    5. The Company shall promptly give written notice to the Credit Card Program Manager if any Cardholder's employment has been terminated or in cases where the Credit Card Program Manager invoices the Cardholder, if the Company knows or should know that a Cardholder is receiving reimbursement for Charges but is not paying the Credit Card Program Manager for those Charges.

    Complaints Procedure

    Customer Complaints Resolution for Employee Misuse Policy only

    Purpose

    The purpose of this policy is to establish a clear and efficient process for resolving customer complaints relating to the Employee Misuse Policy [link to policy]. Our goal is to ensure that all customer concerns are addressed promptly, fairly, and with respect, ultimately leading to a best in class customer satisfaction and service quality that align with Loop Financial Inc’s (also known as Loop) mission, vision and values.

    Scope

    The Customer Complaints Resolution Policy applies to all customer complaints regarding our products, services, or interactions with company representatives in relation to the Employee Misuse Policy.

    Annual Review

    This Code of Conduct shall be reviewed as often as necessary and no less than annually. Principles

    • Accessibility: Customers can easily access the complaints process through multiple channels.
    • Fairness: All complaints will be handled impartially, ensuring a fair outcome for the customer.
    • Confidentiality: Customer privacy will be respected, and details of the complaint will be kept confidential.
    • Timeliness: We commit to resolving complaints within a reasonable timeframe.
    • Transparency: Customers will be kept informed of the progress and outcome of their complaints at each stage.

    How to Submit a Complaint 

    Customers can submit their complaints through the following channels:

    • Email: By sending a detailed complaint to support@bankonkoop.com or their dedicated Account Manager.
    • Chatbot: Log into your Loop dashboard and submit a complaint through the prompt in our Chatbot.

    Information to Provide

    To help us resolve the complaint efficiently, customers should provide:

    • Full name and contact information
    • A detailed description of the issue
    • If related to a transaction, the date, amount and transaction details
    • Any relevant dates, or supporting documents Complaint Handling Process

    Assessment

    Each complaint will be assessed to determine its nature, urgency, and the appropriate resolution approach.

    Investigation

    If required, an investigation will be conducted. This may involve reviewing customer accounts, speaking with relevant stakeholders, both internal to Loop and external, and analyzing any provided documentation.

    Resolution

    Once the investigation is complete, we will offer a resolution. This could involve a refund, apology, or other forms of redress. The customer will be informed of the outcome in writing.

    Escalation

    If the customer is not satisfied with the proposed resolution, they may request that the complaint be escalated to the Head of Credit Product or Chief Executive Officer for further review.

    Continuous Improvement Monitoring Complaints

    The Operations team will regularly monitor and analyze customer complaints to identify common issues and areas for

    improvement in our products and services.

    This policy will be reviewed annually to ensure it remains effective and aligns with industry best practices and customer expectations.

    Roles and Responsibilities

    • Customer Service Representative: Responsible for receiving and responding to complaints, and for escalating them when necessary.
    • Head of Operations: Responsible for overseeing the resolution of escalated complaints and ensuring customer satisfaction.
    • Head of Credit Products: Oversees the complaints process, ensuring timely and fair resolution of all customer concerns.

    Record Keeping

    All complaints and their resolutions will be documented and securely stored through our CRM, Salesforce, in accordance with our Privacy Policy and Card Holder Agreement, available at https://www.bankonloop.com/legal. These records will only be accessible to those directly involved in the resolution process, internal to Loop.

    Policy Amendments

    We reserve the right to amend this policy at any time. Any changes will be communicated to customers through our website and other appropriate channels.

    Claims Notification Procedures

    1. In the event of a claim, the Financial Institution or Company is to contact Jesse Henkenhaf at Baird MacGregor Insurance Brokers as Underwriter’s Representative quoting the reference number: B1179I795224000 and having available the covered corporate card with a valid BIN number.

    Baird MacGregor Insurance Brokers

    Telephone: +1-416-778-8000

    Fax: +1-416-778-4492

    Email: claimssupport@bairdmacgregor.com

    1. Once Underwriter’s Representative has established that the claim is in respect of a covered card, the Underwriter’s Representative will send out a claim form that is to be completed by the Financial Institution or Company and returned with the supporting documentation in order to substantiate the claim.
    2. Underwriter’s Representative in conjunction with the Insurers' will then adjust the claim and Underwriter’s Representative will subsequently advise the Financial Institution or Company of the amount of charges that the Insurers' have agreed to reimburse.

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    “Loop” is a registered trademark.
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    Loop is a financial technology company and not a bank.

    *The Loop US Dollar Business Accounts are provided and issued by Lewis & Clark Bank, Member FDIC. Funds deposited into US Dollar Business Accounts may be eligible for up to $250,000 of FDIC insurance. The FDIC’s deposit insurance coverage only protects against the failure of a FDIC-insured depository institution.

    The Loop Global Visa Card is issued by Equitable Bank pursuant to license by Visa Int. Trademark of Visa International Service Association.
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    Loop is headquartered at 410 Adelaide St W, Toronto Ontario, Canada.