Rogers files application to establish “Rogers Bank”

Ian Hardy

September 6, 2011 1:58pm


Rogers has presence in many businesses – cable, internet, wireless, home phone, security, magazines, sports teams and soon to be in banking. Apparently Rogers has sent in their application with federal government to open a bank called “Rogers Bank”, or in French “Banque Rogers”.

According to the official filing on September 3rd the application stated that “Notice is hereby given, pursuant to subsection 25(2) of the Bank Act (Canada), that Rogers Communications Inc. intends to apply to the Minister of Finance for the issue of letters patent incorporating a bank under the Bank Act (Canada) primarily focused on credit, payment and charge card services.”

Rogers spokesperson Carly Suppa stated “We have no plans to become a full-service deposit-taking financial institution… The license, if granted, would give us the flexibility to pursue a niche credit card opportunity to our customers should this make sense at a future date”.

In regards to mobile banking, the latest comScore report had 12.3% of Canadian mobile subscribers accessing banking, credit card, insurance or brokerage account information from their device. There’s currently over 24.5 million wireless subscribers in Canada, Rogers has just over 9 million of those.

Most likely the main reason why Rogers would go into the bank business – apart from making money on the transaction fees – is for the mobile banking/payment aspect of it. Mobile banking and payments is being heavily testing in Canada now, various NFC (Near Field Communications) trials are happening throughout the country. Rogers is also rumoured to officially launch NFC mobile-payments in Canada in early 2012. So this addition of Rogers becoming a financial institution would position them as the leader in the “digital wallet” era, essentially making all basic services available through them.

Update: We’ve heard from Rogers and they stated to us that “While they’re not denying an interest in mobile payments, they insisted this application is only related to the possibility of launching a niche credit card business at some point in the future.”

Source: Canada Gazette
Via: CBC

  • David

    LOL.

    This is going to be funny. I don’t think I would want to give them my banking information.

    • Harris

      Your rogers account IS your banking information…

      I am not going to be surprised when rogers wants money from you if you pay with your phone… how pathetic are you rogers?

      Really Pathetic.

    • lukehard

      me tiehr, I don’t trust them with my money, I’ve seen what they have done to Fido.

      It seems as if they have pissed many people off as 99% feedback I have seen here is no way in hell would they do it, credit card or bank, no thanks!!!

  • choy

    The first bank where deposits have a 3-year contract before you can withdraw your money.

    • lolz

      Hahahaha!

      That was priceless comment!!!

  • Kenypowa

    The circle of life is complete. Robbers open its own bank!!

    • KeiFeR123

      Finally, they don’t need to charge us high to rob us. They can just go directly to our bank accounts.

      I think NOT!

  • di

    O….M….G….

    Can you imagine the monthly service charges??? AHAHAHHAHAHAHA!!!

    • di

      And ROBBERS are opening a bank!!!! LMFAO!!!!!! Only in Canada!!!!!

  • Thai

    Cool. So if I want to make a withdrawal, the teller will make me stand and wait an hour before giving me my money.

  • Stimulator

    Now you’ll be able to take out a loan to pay your outrageous phone bill!

  • Clockwork

    “Need a loan for your new smartphone?”

  • XER

    Isn’t this just great…. First they have cell phone contracts to lock you for 3 years, then internet and cable contract lock your for 2 years and now to ensure they have your money, they just open up their own bank and rob your money!

    Term Deposit: 5 year term! With early termination fee $20 a month, to max of $900.

    Another Rogers first!

    • Ken

      Complain all you want about Rogers but Bell are the biggest crooks. I have way better service with Rogers than i ever had with Bell. If i have a problem with my bill at Rogers i call them and they fix it. Bell just says screw you, pay or else. You don’t need to sign any contracts with Rogers, buy your phone outright.

  • Lexcyn

    You will have to pay a Government Regulatory Recovery Fee for keeping your account open.

    NO THANKS! :)

  • jr67

    New marketing slogan:
    “We’re going to take your money anyway, why not save time and put deposit your paycheque with us”.

  • Jay Jay

    Will they charge a system access fee?

  • JKL

    this must be a joke

  • Skrutor

    Rogers took one look at how much transaction fees they would have to hand over to banks with their new NFC toys and realized “WE could be pocketing that money instead! If only we were a bank. ” and presto, new business idea.

  • Tom

    I guess you’d have to threaten to pull your money out to even get them to tell you what the interest rates were.

    But then they’d inform you that your money was locked in for 3 years.

  • Mark

    I can see it now:

    Credit Limit of up to $1,000,000,000!*

    * Limit may vary

  • Bigdad

    Sooner we will have Bank of Bell Canada and Bell Finicial services Canada.

  • choy

    Oh, and you can’t close your account, ever. Unless you want to pay the Early Termination Fee. :P

  • BILLA

    Always looking for ways to rob people out of there money..Dirty Rogers..

  • Anonymous

    Thumbs up if you’ve noticed that Alex Perrier always gets lots of thumbs down!

  • DJM

    You know your paying too much for your cellphone when………….

  • Logicknot

    Bundles bundles bundles.

  • j1gggz

    You can save 15% if you bundle it with other rogers products (fine print says for the first year mind you). Annnnnd you can add other family members to your account for $14.97. Dumb Rogers

    • Alex Perrier

      The Bank Account Share Plan.

      One bank account for all your family members.

  • DomToretto

    Can I add my kids in for 18 bucks?

  • Jim

    Good Lord! Don’t even want to think about how high the fees are going to be!!

  • TH8MA3

    YAY ! More money for Rogers, less for everyone else. I’m getting excited here …

  • laridae

    They’ve already taken all our money – might as well make it official!

  • teee

    Robbers bank :p

  • billo

    I’d rather put my money in the Bank Of Telus. Its a good deal, instead of them paying me interest on my funds, I pay them for keeping it safe…

  • Andy

    They are never going to open a brick-mortar site. It will be credit cards.

  • captain67

    Would be cool if they start handing out credit cards to people who pay their bill on time. I can’t get one right now because of my tiny income, despite the fact I pay everything on time. I wouldn’t wanna open a chequing account with them though.

  • DIE ROGERS DIE

    If rogers goes ahead with this, I will be canceling ALL my services with them.

    In my lifetime Rogers has demonstrated that they are an evil, incompetent, greedy company. On their clock, they have made the Canadian telco infrastructure the laughing stock of the entire world. For these good reasons, I WILL NOT SUPPORT THEIR BID TO MOVE INTO FINANCIAL SERVICES.

    Really should have boycotted them a long time ago, but this clinches it.

  • ways/means

    Isn’t that something? The banking industry has been raping us for years with unnecessary service charges for example ATM’s. The cell phone (media) companies have been gouging us as well with more unnecessary fees. So wouldn’t it be great to just find another way to people blind. Rogers again demonstrates their great business sense completing lacking conscience and soul sucking sensibility.

  • ways/means

    Isn’t that something? The banking industry has been raping us for years with unnecessary service charges for example ATM’s and service fees. The cell phone (media) companies have been gouging us as well with more unnecessary fees. So wouldn’t it be great to just find another way to rob people blind. Rogers again demonstrates their great business sense completely lacking conscience and soul sucking sensibility

  • Aaron

    Great…more statements I won’t understand.

  • ToniCipriani

    Strangely this reminds me of “Jim’s Bank” from Family Guy.

  • GTAmissions1

    I think I might stick with PC Financial where I can get their Mastercard and collect points towards free groceries.

    • ToniCipriani

      Screw PC Financial. MBNA Smart Cash is where it’s at. 3% cash back at groceries store vs the meager 1% you can only claim from Loblaw supermarkets.

  • John

    Is everyone here retarded, It’s a way to make money. I supposes the credit cards you have now are angel lenders. People here Rogers and have spaz attacks. Rogers is so evil, Rogers kills puppies.

    • Alex Perrier

      No they bought Fido! :O

  • WirelessBoy

    Wow, you guys kill me, I bet if Wind said they were doing this your comments would ALL be different. Maybe you should read the article from CBC.ca and you will see they do not intend on becoming a full service deposit type bank, it is more for credit cards and mobile payments. Plus, all this crap about 3 year contract etc make me laugh, is there a more heavily regulated industry like the Banks? Rogers would have to follow all these rules…I think it makes sense, Canadian Tire does it along with alot of other companies so why not, maybe I will wait to see if Wind does this so I can put some negative comments here :)

  • Sven

    Paragraph three clearly states that it’s not a bank… Did ANYONE read the article? Like really.

    “Rogers spokesperson Carly Suppa stated “We have no plans to become a full-service deposit-taking financial institution… The license, if granted, would give us the flexibility to pursue a niche credit card opportunity to our customers should this make sense at a future date”

    • choy

      Of course it does make sense that Rogers won’t be a “deopist taking financial institution”. Because with deposit-taking financial institutions, you get your money back through withdrawals. But with Rogers once they take your money, you’ll never get it back.

  • JL

    All contract/ fee jokes aside and there are so many more that can be made, why is this such a bad thing? A Rogers branded credit card probably has incentive on lowering your bill the more you use it (like getting free movies with a Scene Visa/ PC card for groceries). Yes tons of people are i****s with their credit cards and that’s why they make so much money and why Rogers wants in. But for responsible people who happen to be Rogers customers this could be a nice way to lower your bill.

  • Dsimp

    You have to pay a early cancellation fee of $500 to cancel your credit early , and the government regulation fee on too of the interest lol

  • M.A

    Define irony

  • Steven Schwartz

    This is a way for Rogers to control the “NFC” payment business. If this happens, and it will, you will only be able to use NFC on Rogers at major retailers. They have found a way to hold, take and use your money more than they already do.
    I do not want Telecos in the Financial biz. It just reeks of huge fees.

  • Dsimp

    $20 for only 5 transaction a month,

  • JOHN WU

    VERY SOON, IT WONT BE JUST NDP TO BE IN HOUSE OF COMMON, ROGERS WILL BE THE NEXT OR EVEN IN CHARGER GOVERMENT OF CANADA, WHAT A PITE!

  • Scaz

    Its sad that there isn’t a single serious comment in these entire 3 pages.

    If you actually read the application, its for credit services. Thinks like a Rogers credit card, and ultimately a Rogers NFC payment system. Rogers is just trying to bypass other banks and integrating the NFC system right into their own services. This could actually be a very useful idea and gives rogers a leg up over every other carrier on the planet in NFC tech. In turn it will mean that we wont get left behind like Canada normally does in technology like this (chip+PIN tech and NFC-style payment systems have been used the world over for decades)…

    Back to crazy ranting and LOLs…

    • WirelessBoy

      Well said Scaz, finally a sensible comment about this post, it makes total sense to bypass the banks and run the payment system in house but people here don’t see it that way, it has Rogers on it so they must say something negative.

      Alot of the talk on this website is about innovation, well I see Rogers coming out with innovative products(let’s forget price and term etc for a second)like their Smart Home Monitoring and now the Bank idea,I haven’t see the newbies come out with anything innovative or New, I just recycling and tweaking of ideas that have existed for quite a while in this industry.

  • Meany

    I guess it makes sense, when you think about the fnl svc’s industry:
    1. Regulated oligopoly, check.
    2. Weak consumer protections, check.
    3. High margins due to price signalling and lack of competition, check.
    4. Regulatory capture over regulators and policy makers, check.
    5. Barriers to foreign competition, check.

    Yup. Rogers will do just fine here at ripping us off.

  • 2pacs tshirt

    dumb jokes over and over

    has to be a record.

    The first few jokes WOULD be good if they were opening a BANK for daily use. They aren’t.

    you guys just gotta relax

  • james

    what will follow would be a rogers credit card…which you could use to pay your wireless bill. So: Overpriced wireless plans with crappy customer service; a bank to keep our money, earn interest, gouge us on service charges, numerous statement errors, also with crappy customer service; and a credit card with sky high interest rates to pay bills that are sky high to begin with and of course really crappy customer service. That sounds about right for rogers.

    • WirelessBoy

      Learn to read James, where does it say that “Rogers Bank” is going to keep your money, earn interest and gouge you on service charges????????? Read the article and then comment.

      This is very interesting, most of the people that post on here are rather hypocritical, they complain that Canada is way behind the world but when a company like Rogers tries to bridge the gap by trying to make Near Field Communications a reality you all b***h and complain, why? Because it is Rogers or because Wind isn’t doing it?

  • laridae

    Canada, bend over! We’re here to do for your Banking Industry what we did for your Mobile Industry.

  • laridae

    The venom in these posts says a lot about public perception of Rogers, and the level of contempt for Rogers and their fellow oligarchs. Do the people who issue banking licenses consider this a relevant factor?
    We’ll see.

  • ABC

    Banks want to rape us, telecom want to rape us, but problem is we got one hole. So rogers got smart and try to be bank as well. One hole for two.