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Great Citizen / Super Citoyen

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE

I love all these great deals from Public Mobile. Please keep up the good work Smiley Happy

Great Citizen / Super Citoyen

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@mir88 wrote:hey are connected to the people’s trust company. It’s very safe

@mir88Connected to "peoples trust" does not make them safe. Having them as part of the CDIC Canada Deposit Insurance does. KOHO is not part of the CDIC nor do they insure your deposit. Your money is all gone? Too bad, but hey they warned you which you agreed in the cardholder agreement. You take all the risk and they get all the reward.

 

Not only do they sell all of your personal information to advertisers but if you don't use the account they start tacking on a monthly fee. They will get their money from you one way or another if you sign up to them.

 

My number 1 rule for putting money anywhere is insurance or at least a calculated risk. Risk vs reward. Such as stocks, bonds, futures and even gambling in the hopes of having your money go up just as much as it can go down. Do they even pay interest? No they don't do you want to know why? Because koho gives out your money to other people while its sitting there and 3rd parties manage your money to generate income of their own. Don't beleive me? Do your own research.

 

https://www.koho.ca/cardholder-agreement/

"Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC)."

Good Citizen / Bon Citoyen

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@Jessica_T wrote:

Not only do they sell all of your personal information to advertisers but if you don't use the account they start tacking on a monthly fee.


Not disagreeing with anyhting else that yo've written, I just want to point out that in your own post you quoted their cardholder agreement which states they start charging you after month 13 of inactivity on the card, and the charge is $1.00. I'll gladly pay $1.00 every year for this. It's not hard to make a purchase with the card especially since there's a virtual one as well.

I've used Koho since they first started out and every time I've had problems with them they have been nothing but courteous and helpful. I've also had unauthorized charges on the card, successfully disputed them and had my funds returned.

 

Maybe it's not your cup of tea, fine, but don't knock the company, for some people, especially young folk who don't have credit or have less than poor credit, it's a great alternative to having a credit card.

Model Citizen / Citoyen Modèle

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@Jessica_T wrote:

 

Not only do they sell all of your personal information to advertisers but if you don't use the account they start tacking on a monthly fee. They will get their money from you one way or another if you sign up to them.

 

This makes so much sense now! I've started mysteriously getting Sugarfina and Frank & Oak's e-mails and I'm like WHO the HELL signed me up.... I have never shopped at both retailers. Now it makes sense! 

Mayor / Maire

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@Jessica_T wrote:

 

@mir88Connected to "peoples trust" does not make them safe. Having them as part of the CDIC Canada Deposit Insurance does. KOHO is not part of the CDIC nor do they insure your deposit. Your money is all gone? Too bad, but hey they warned you which you agreed in the cardholder agreement. You take all the risk and they get all the reward.

@Jessica_T in fairness, you're looking at a prepaid VISA product.  Can you tell me that any of the CDIC-insured FI's in Canada offer prepaid VISA products which are protected by CDIC insurance?  I'm not an expert, but I believe only demand accounts (chequing, savings) are CDIC-insured at any financial institution in Canada. 

 

EDIT: just had a look at the CDIC site.  From : http://www.cdic.ca/en/about-di/what-we-cover/Pages/default.aspx

 

"We insure eligible deposits at each member institution up to a maximum of $100,000 (principal and interest combined) per depositor per insured category.".  They go on to list things covered and not covered, but I don't see pre-paid credit cards in either category.  That said, I'm 99% sure they are not CDIC-insurable deposits.

 

EDIT #2: to be clear, I'm not saying these products are good or bad, and that they do or don't have other issues you've mentioned; I merely wanted to call out the fact that mentioning these particular pre-paid credit products from KOHO aren't CDIC-insured is not a unique issue, I beleive it to be true for all Canadian pre-paid credit card products, regardless of whether the issuer is a CDIC-insured FI.


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Mayor / Maire

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE

I'm using a prepaid, non-refillable, Visa gift card I bought at a Home Depot of all places. Peoples Trust backed whoever they are. No CDIC. Don't care. It works to satisfy the autopay.

Great Citizen / Super Citoyen

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE

Exactly. This was my point. None of the pre-paid cards advertise security so don't say KOHO is safe. The only advantage of KOHO is a $20 bonus sign up but at a cost of the private details we call secure. Posts get edited here if they contain an account number, a phone number, even your full name. KOHO sells every detail you give them. Why go with KOHO where you are required to give out enough details for identity theft when they sell them to the highest 3rd party bidder when you can walk to the store, buy a pre-paid card, stay anonymous, secure and have no future hidden $1 monthly fees.

Mayor / Maire

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE

 @Jessica_T

Well...the card I have and others I've seen seem to have a year thing where if you still have a balance then they'll burn it down for you by taking a small amount each month.

So I'll just have to spend the balance myself before then and go get another one.

Great Citizen / Super Citoyen

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@z10user4 wrote:

 @Jessica_T

Well...the card I have and others I've seen seem to have a year thing where if you still have a balance then they'll burn it down for you by taking a small amount each month.

So I'll just have to spend the balance myself before then and go get another one.


@z10user4Exactly, Dormancy fee is legal and done by most prepaid cards. However one of the first things you see when you visit KOHO.CA is them advertising "NO fees." No fees period. But dormancy fees are still fees. I call treachery.

 

If it said "No Fees*" it would be different and I would not mention this.

 

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Mayor / Maire

Re: Get $20 for Free When You Sign Up for KOHO with the Code PUBLICMOBILE


@Jessica_T wrote:

@z10user4 wrote:

 @Jessica_T

Well...the card I have and others I've seen seem to have a year thing where if you still have a balance then they'll burn it down for you by taking a small amount each month.

So I'll just have to spend the balance myself before then and go get another one.


@z10user4Exactly, Dormancy fee is legal and done by most prepaid cards. However one of the first things you see when you visit KOHO.CA is them advertising "NO fees." No fees period. But dormancy fees are still fees. I call treachery.

 

If it said "No Fees*" it would be different and I would not mention this.


You're just full o' fightin' words on this thing aren'tcha. Smiley Happy