Canada has several client-friendly and innovative financial institutions with superb service delivery when it comes to everyday banking. One such is Digital Commerce Bank Canada (DC Bank), a schedule 1 chartered bank with several financial products and services.
Notwithstanding the bank’s claim of being one of Canada’s best and a bank that goes further in ensuring customers’ satisfaction, it is essential to take a critical look at the banking services, products, and tools provided to customers and the ease of accessibility of these services.
About DC Bank Canada
DC Bank (Digital Commerce Bank) is a Canadian bank and a financial institution providing innovative banking and payment solutions to its clients across Canada. As a Schedule 1 chartered bank (domestic-owned), the bank offers corporate and individual financial solutions to its customers, including personal and corporate accounts, branded credit and debit cards, international wire transfers, bill payments, loan management, and other specialized services.
From its headquarters in Calgary, Alberta, DC Bank works closely with its numerous clients to provide regulated client-centred banking services. DC Bank is a domestic-owned bank established under the Canadian Bank Act. It is a member of several reputable financial organizations and institutions, including the Canadian payments association, MasterCard, Visa, Interac, etc.
DC Bank was established and incorporated in October 2007 and began banking operations in January 2008. The bank was formerly known as Direct Cash Bank but assumed a new name in November 2020 – Digital Commerce Bank.
|Company||Digital Commerce Bank (DC Bank Canada)|
|Former Name||Direct Cash Bank|
|Membership|| CDIC, Interac, Visa, MasterCard,|
Canadian Payment Association
|Products/Services|| Banking, payment Solutions,|
merchant solutions, financial technology,
foreign exchange, bill payment,
personal account, direct deposit,
corporate accounts, online banking,
prepaid card solutions, business banking,
DC Bank Products and Services
Digital Commerce Bank provides personal and corporate banking and financial solutions to its customers. These include banking accounts, payment solutions, digital wallets, card services, lending software, etc.
DC Bank Banking Accounts
DC Bank’s banking accounts are designed towards meeting the personal and corporate needs of its customers. The bank accounts come with low monthly fees for individuals and businesses.
Personal Bank Account
DC Bank’s Personal Bank Account is a budget-friendly account for daily banking transactions. The account comes with no fee for bill payments and no minimum balance requirement. The Personal Bank Account comes with a $9.95 monthly fee. As a member of the Canada Deposit Insurance Corporation (CDIC), DC Bank ensures that Personal Bank Account holders’ funds are insured up to $100,000 per account.
- No minimum balance is required.
- No bill payment fees.
- Free online statements.
- Includes free mobile and web banking.
- The account opening requires no credit checks.
- Account-holders can integrate with debit cards, prepaid Visa, or prepaid MasterCard.
- The monthly fee is $9.95
DC Bank Direct Deposit Only Personal Bank Account
The deposit-only personal account is a convenient and straightforward account choice to deposit and access your funds safely. The Direct Deposit-Only Personal Account also comes with a $9.95 annual fee, no transaction fee, and unlimited transfers. The account is also integrated with web and mobile banking tools.
- No minimum balance is required.
- No holds on direct deposit.
- There is no transaction fee.
- Account-holders enjoy unlimited transfers.
- The account opening requires no credit check.
- There is an annual fee of $9.95
DC Bank Corporate Bank Account
DC Bank’s Corporate Banking is designed for businesses and corporate entities to enjoy flexible and valuable business solutions. The account comes with a $49.95 monthly fee and no minimum balance requirement.
- The account comes with a comprehensive business banking solution.
- No minimum balance is required.
- The account is integrated with free mobile and web banking.
- Safe-deposit and access to funds
- Free online statements
- The account comes with a $49.95 monthly fee.
- DC Bank payment solutions
DC Bank Payment Solutions (Cardtronics Canada)
DC Banks payment solutions platform comes with integrated payments reporting and flexible payment abilities. The bank’s payment solution provides powerful capabilities for every financial situation.
The bank’s payment options are equipped with different payment methods that could secure quick and multiple deposits of funds and help businesses achieve their goals. The payment solutions assist your business in integrating payments and funds transfer.
DC Bank payment solution comes in three basic pricing options:
- Basic – 5000 monthly transactions and $500 monthly minimum.
- Pro – 100,000 monthly transactions and $3000 monthly minimum.
- Enterprise – Over 100,000 transactions.
DC Bank Payments platform, now known as Cardtronics Canada, provides ATM and payment solutions to financial institutions, large merchants, and small businesses. It boasts of being the world’s largest ATM operator with over 11,000 branded terminals in Canada.
- Access to several payment products, including Interac e-Transfers, Visa Direct, Bills payment, and Electronic Funds Transfers (EFTs).
- Quick and same-day payments processing.
- Flexible recurring payments customization.
- Bulk funds transfer.
- Access to over 11,000 branded terminals.
DC Bank Card Services
As a member of Interac, Visa, and MasterCard, the Digital Commerce Bank is empowered to issue cards for any of the above payment merchants, including custom branded prepaid cards for transaction processing.
The DC Bank’s card solution products are designed to make funds distribution flexible, simple, and secure. Businesses can integrate the DC Bank solution for funds distribution to their customers, suppliers, or employees in providing flexible access to their funds at any location or time. Cardholders can also use the card for online shopping, in-store purchases, or ATM cash withdrawals.
With the DC Bankcard solution platform, you can:
- Register and create a new card.
- Create a supplementary card.
- Order a replacement card or cancel a card.
- Check customers’ card balance.
DC Bank cards include Prepaid Gift Cards, prepaid credit cards, prepaid debit cards, and prepaid calling cards:
- Visa Prepaid Cards
- Interac Prepaid Cards
- MasterCard Prepaid Cards
- Virtual Prepaid Cards
- DC Bank branded Cards.
DC Bank Digital Wallets
Digital Commerce Bank provides digital wallet solutions with simple pricing and direct deposit tracking. The digital wallets are ideal for companies looking to operate their own payment network, with immediate access to e-Transfers or EFTs.
DC Bank digital wallets come in three categories:
- Basic – 10,000 wallets per month and $1,500 monthly minimum.
- Pro – 25,000 wallets per month and $2500 monthly minimum.
- Enterprise – Over 25,000 wallets.
All digital wallet categories come with additional email support, a 24/7 call center, and Box Access.
DC Bank Identity Protection
DC Bank identity service provides a comprehensive digital verification and validation of your business transactions and clients. The AI-based validation process and manual verification options secure your customers’ data. It also offers seamless access to customers’ identity information for payment validation. The identity and account verification is compliant with the global KYC/AML standard.
Digital Commerce Bank identity service comes in three packages. Each package comes with email support, a 24/7 call center, and sandbox access.
- Basic – 1,000 validations per month and $500 monthly minimum.
- Pro – 25,000 monthly validation and $1500 monthly minimum.
- Enterprise – over 25,000 validations.
DC Bank Loan Services
DC Bank lending solution is an intuitive platform for a loan application, servicing, and loan portfolio management. You can easily manage your loan application, decision and compliance, repayments, and interest calculations. Multiple payment options such as Interac e-Transfers and EFT are available.
Using the DC Bank lending software, you can conveniently file customers’ loan reports through Equifax and TransUnion. The lending software also comes in three categories. Each category has additional email support, sandbox access, 24-hour call center, dedicated account and technical representative.
- Basic Package – 1000 accounts with a $12,500 monthly licensing fee.
- Pro Package – 25,000 accounts with a $12,500 monthly licensing fee.
- Enterprise Package – Over 25,000 accounts with custom solutions and individualized support.
Digital Commerce Bank customers can access their personal and business bank accounts and other banking services through its online and digital platforms. The bank provides Automated Teller Machine (ATM) accounts and prepaid credit cards for convenient access to funds.
The bank also offers free online banking services, accessible 24/7 to account holders. Cardtronics Canada prides itself as Canada’s largest ATM operator, with over 11,000 terminals in Canada.
In addition to the ATM and point of sale access, you can access the DC Bank online banking service via its website www.dcbank.ca
A critical look at the security measures put in place by DC Bank reveals that the bank takes strong measures to protect the security and privacy of funds and information of its customers. The bank employs the latest up-to-date security standards and data encryption technology to protect its website and client information.
DC Bank is a regulated Canadian chartered bank operating under the Office of the Superintendent of Financial Institutions (OSFI). Besides, the bank customers enjoy CDIC protection on their deposits, up to $100,000 per account.
Digital Commerce Bank is a member of several Canadian and international financial organizations, including:
- Canada Deposit Insurance Corporation (CDIC).
- Canadian Payments Association
- Interac Association.
- MasterCard International Inc.
- Maestro International Inc.
- Visa Inc.
How to Open an Account
DC Bank’s banking service is available to all its customers.
To open a Personal Bank Account online, download the Personal Bank Account application form (available in PDF format) and submit the completed application form to the bank’s account opening unit.
Deposit-only Personal Account opening is available through DC Bank or H&R Block Canada. Download the application form and submit the completed form to the new account unit via email for verification and processing.
DC Bank Customer Service and Support
For enquiries, feedback, account opening, and other support services, you can reach the DC Bank customer service via:
DC Bank Headquarters
736 Meridian Road N.E.
Digital Commerce Bank (DC Bank) is one of many online and digital banks in Canada. Despite its change of name from Direct Cash Bank, the operations of the bank remain unchanged. As a matter of fact, the new name (Digital Commerce Bank) better reflects its business operations and targeted clients – commercial banking customers, digital business owners, financial product innovators, and fintech companies.
How can I do an e-transfer from DC Bank?
The e-Transfer transaction is accessible on the DC Bank platform. All you need is the recipient’s phone number or email address to execute the funds’ transfer. The transfer recipient can deposit the funds to any Canadian bank account after receiving a notification of transfer.
What are the EFT transaction processing times?
You can initiate DC Bank electronic funds transfer (EFT) on the same day (Priority – 5:00 am, 10:00 am, and 3:30 pm MST) or the next day (Regular 5:00 am MST).
How can I access my DC Bank accounts?
You can access your bank accounts and other Digital Commerce Bank banking services through the DC Bank online web banking portal and mobile app. The service is available 24/7 and accessible from any location.