White Label ABMs in Canada


White Label ABMs in Canada

White Label ABMs in Canada provide alternative source of cash dispensing vis-à-vis traditional automatic banking machines (ABMs) from banks.

Background

In Canada, the major financial institutions have their own branded ABMs located throughout the country. These ABMs prominently display the logo of the banks. A "white label" or "no name" ABM, which are usually located in non-traditional places, display no major bank labels on the actual ABM. Before 1997, only banks and other deposit taking financial institutions were allowed to be part of the Interac network. After 1997, independent operators were allowed to operate ABMs, not owned by major financial institutions.

In 2006, a little more than half of the 51,000 ABMs in operation in Canada were "white label".Fact|date=February 2007

White label fees

Customers usually pay an added fee to use these ABMs.

According to the Financial Consumer Agency of Canada (FCAC), fees for using a "white-label" ATM can add up to over $6.00 per transaction. [http://www.fcac-acfc.gc.ca/eng/consumers/BankInsurance/ABMFees/ABMFees_e.asp] The same agency states that private (white-label) operators are "not required to adhere to a minimum or maximum limit", meaning that the fee amount is up to the operator. [http://www.fcac-acfc.gc.ca/eng/consumers/BankInsurance/ABMFees/ABMFeesInfo_1_e.asp] The operator is obliged, however, to disclose the fee to be charged and give the consumer the option of cancelling the transaction. [http://www.fcac-acfc.gc.ca/eng/consumers/BankInsurance/ABMFees/ABMFees_e.asp]

Private operators

Some of the providers in Canada include:
* ATM Systems Ltd. of Toronto - 2000 http://www.atm4Canada.com
* Cash N Go Ltd of Edmonton AB & Hamilton ON - 1998 http://www.cashngo.com
* Direct Cash ATM of Calgary AB - 1998
* Ezee ATM of Toronto ON
* Frisco-Bay ATMs of Montreal QC is unit of Frisco-Bay Industries Ltd of Montreal - 1997 http://www.friscoatms.com"
* Inkas Group of Toronto ON - 1998 http://www.inkas.ca
* Triton Canada Ltd of Calgary AB - 1997
* Laser Cash owned by Threshold Financial of Mississauga ON
* ClearCard is a National service provider of ATMs http://www.clearcard.ca


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