| ▲ | _verandaguy 4 hours ago | |
Isn't it legally a bank? It provides chequing and savings accounts (registered and unregistered), and it's even CDIC-backed on at least their managed products. | ||
| ▲ | id34 3 hours ago | parent | next [-] | |
They don't hold a schedule 1 banking license, so not technically a bank, but a FinTech with a banking partner who holds funds in a way that allows for CDIC backing. As a WS customer, when I send a bill payment to a non-WS account it arrives as "RBC" on the other end so I assume WS holds funds through an RBC account they maintain. This is the hope of something like RTR - for anyone who can meet the participation requirements, an ability to operate independently of a banking partner who might be your direct competition. | ||
| ▲ | rogerkirkness 4 hours ago | parent | prev [-] | |
It doesn't do lending directly (as far as I know). | ||