Terms of Service

Opt+® Prepaid Mastercard® Cardholder Agreement

Please read this agreement carefully and keep for your records. You should sign the back of your new Opt+ Mastercard® card upon receipt.

The Opt+ holder Agreement ("Agreement") includes the Preferred Customer ("Preferred Customer Card"), as well as the personalized version of your Preferred Customer Opt+ Mastercard® card ("Personalized Card"). In this Agreement, the words "you" and "your" and "cardholder" mean the individual who purchased a Preferred Customer or Personalized Card. "We," "us" and "our" mean PACE Savings and Credit Union Limited. A "transaction" means any use of your Opt+ Mastercard® card to make a purchase or obtain cash. The Preferred Customer Card and Personalized Cards may also be referred to collectively as "Card", "Cards" or "Opt+ Mastercard® card" in this agreement. The Mastercard Brand Mark is a registered trademark of Mastercard International Incorporated.

The Agreement

By activating, signing, using, or allowing another person to use the Preferred Customer Card or Personalized Card, you agree to the terms and conditions of this Agreement. If you do not agree to this Agreement, do not use your Opt+ Mastercard® card. Save your activation receipt, and cancel by calling our cardholder support centre toll-free at 1-855-403-8343. We will refund the amount loaded to the Card and any fees you paid if you cancel before any transactions have occurred.

Description of the Opt+ Mastercard® Card

This Opt+ Mastercard® card is issued by PACE Savings & Credit Union Limited pursuant to license by Mastercard International Incorporated. Use of this card is governed by this agreement. The Opt+ Mastercard® card is a prepaid card and not a device that accesses money from an individual chequing or savings account. When you use the Opt+ Mastercard® card, you are redeeming the value of the card and not making a withdrawal from a deposit account. The Opt+ Mastercard® card is not a credit card or charge card and will not enhance your credit rating. You are not permitted to exceed the available balance on your card for any POS or ATM transaction. In the event that any transaction places your card into a negative balance and/or you receive cash or credit in error, you agree to reimburse us upon demand for such amount.

Your Preferred Customer Card

You must choose a Personal Identification Number ("PIN") in order to have access to ATM cash withdrawals.

Your Personalized Card

A personalized card will be sent to you by mail within 1 to 2 weeks of your purchase at no charge. When you receive your Personalized Card in the mail, you will need to activate it by visiting MyOptPlus.ca, or by calling toll-free 1-855-403-8343. Once you activate your Personalized Card, the amount remaining on your Preferred Customer Card will be transferred automatically to your new Personalized Card, and you will no longer be able to use the Preferred Customer Card. It is your responsibility to destroy your old Card.

Reloading Your Preferred Customer or Personalized Card

You may reload additional funds onto your Preferred Customer or Personalized Card over and over again at any Opt+ Authorized Retail Location ("Authorized Retailer"). If you reload your Preferred Customer or Personalized Card at any Authorized Retailer excluding in-network locations, you will be charged a Load Fee of $2.00 plus applicable tax. If you reload your Preferred Customer or Personalized Card at any Cash Money Retail location, you will NOT be charged a fee. To locate an in-network location near you visit MyOptPlus.ca.

Card Limits

Excluding direct payroll deposits from your employer, the maximum amount that may be loaded to a Preferred Customer or Personalized Card in a single reload is $10,000. In no event may the balance of any Preferred Customer or Personalized Card exceed $10,000. Other limits may apply such as number of loads per day, number and dollar amounts of POS purchases per day, number and dollar amounts of ATM withdraws per day. These limits are subject to change and any changes or additions will be posted online at MyOptPlus.ca.

Opt+ Card Limits

(Card Fees & Card Limits are subject to change)

Maximum Balance At Any Time $10,000
Maximum Value Per Cash Load $10,000
Maximum Value Per Cash Unload $2,500
Maximum Value Per EFT/Direct Deposit $10,000
Minimum Value Per Load $10
Maximum Daily POS Purchase $5,000
Maximum Daily ATM Transaction $1,000
Maximum ATM Transaction $300
Total Daily Maximum (POS, Cash Adv, ATM) $6,000
Maximum Daily Cash Withdrawal
(ATM and OTC)
Maximum Loads 3
Maximum Unloads 4

Card Fees

By accepting and using the Opt+ Mastercard® card, you are subject to various fees including card activation, reactivation and deactivation fees, reload fees, monthly maintenance and service fees, ATM and ATM operator fees, point of sale transaction fees, card replacement fees, and other fees as set forth in the chart below or any new fees that may be imposed from time to time. All fees are subject to change and any changes will be updated online at MyOptPlus.ca. You acknowledge that the fees have been and will continue to be disclosed to you, and you agree to pay any applicable fees for use of the card and the services provided. You acknowledge that the fees have been and will continue to be disclosed to you, and you agree to pay any applicable fees for use of the card and the services provided.

These fees will be deducted from your card balance. In the event that your card balance is not sufficient to cover any applicable fees, you agree to submit payment to us on demand or reload your card with an amount equal to or greater than the fees owing.

Opt+ Card Fees

(Card Fees & Card Limits are subject to change)

Personalized Card Cost No Fee
Monthly Service Fee (after 30 days) $7.00
Card Replacement $5.00
Load Fees
Out-of-Network Reload Fee $2.00
In-Network Reload Fee (Cash Money) No Fee
Direct Deposit Reload, where applicable No Fee
Spend Fees
Point Of Sale (POS) Transaction (Signature, PIN, Online, Phone ) No Fee
International POS Transaction Fee 3%
Card to Card (per $500) $3.00
ATM Cash Withdraw Fee $2.00
International ATM Withdraw Fee $3+3%
ATM Decline or Balance Inquiry Fee No Fee
International ATM Decline $0.50
International ATM Balance Inquiry No Fee
Customer Service Fees
Online Statement No Fee
Paper Statement (upon request, per statement) $5.00
Live Customer Support No Fee
Automated Customer Care No Fee
Online Change PIN Fee No Fee
Text / Email Alerts No Fee
Miscellaneous Fees
Negative Balance Fee $1.99
Cancellation Processing Fee if cheque refund necessary $10.00
Additional Cards, if applicable $10.00
Monthly Dormancy Fee
(after 60 days inactivity)

No Interest. No CDIC or DICO Insurance

Funds loaded onto the Preferred Customer or Personalized Cards through any means are not considered deposits and do not establish an individual deposit account for the Cardholder. Funds do not qualify for insurance by the Canadian Deposit Insurance Corporation or the Deposit Insurance Corporation of Ontario. Cardholders will not receive interest on the prepaid balance of their Opt+ Mastercard® card.

Use of Card

You may use your Opt+ Mastercard® card for the following transactions:

To make purchases everywhere Mastercard® is accepted electronically. For Preferred Customer or Personalized Cards, to obtain cash from participating ATMs that accept Mastercard or Cirrus network cards, or from participating financial institutions. Note that ATM operators may charge an additional fee for any service including balance inquiries outside of this agreement. Use of an Opt+ Mastercard® card is subject to all rules and customs of Mastercard, and any other clearinghouse or network involved in a transaction, load, or reload.

Additional Personalized Cards (where applicable)

You can ask us to issue an additional Personalized Card at a cost of $10.00, which will be debited from your card balance. This card can be in the name of a person identified by you, and will be linked to your Personalized Card. We may ask for information about the person to whom you want us to issue an additional Personalized Card and reserve the right to not approve your request for an additional Personalized Card. Up to 2 Personalized Cards may be linked together. Any value loaded to any linked Personalized Card may be accessed by the other linked Personalized Cards. All linked Personalized Cards are governed by this Agreement, and all reloads and transactions on linked Personalized Cards will be considered together for purposes of the transaction and reload limits. The persons to whom we issue linked Personalized Cards are responsible individually and together for all obligations under the Agreement for all cards. We may only honour instructions from the primary cardholder and any notices regarding linked Personalized Cards may be provided only to primary cardholder.

Cardholder Responsibilities

The Cardholder is responsible for:

Always knowing your card balance and maintaining adequate value on your Opt+ Mastercard® card to pay for each transaction and all applicable fees. If you attempt to make a transaction for more than the value available on your Opt+ Mastercard® card, the transaction may be declined. You can check your card balance anytime online at MyOptPlus.ca, or by calling 1-855-403-8343; Obtaining paper records of each POS or ATM transaction for which you use your Card and ensuring that the transaction record is accurate; Obtaining paper records of each activation or reload transaction and ensuring that the transaction record is accurate; Agreeing that we may deduct the amount of your transactions and applicable fees, and any other amount owed to us in connection with any Preferred Customer or Personalized Card, directly from the balance of your Opt+ Mastercard® card; Paying us immediately on demand if, for any reason, your Opt+ Mastercard® card does not have a sufficient balance to cover the amount of a transaction and amounts owed to us; Not authorizing anyone else to use your Opt+ Mastercard® card, or transfer your card to anyone. You are not permitted to resell your Opt+ Mastercard® card; Not using your Opt+ Mastercard® card in an illegal reload or transaction; Refer to "Lost or Stolen Cards; Your Liability for Unauthorized Use of Your Card or PIN. Taking reasonable steps to always protect the security and confidentiality of the Card number and PIN you select for your Opt+ Mastercard® card; Agreeing to cooperate with us in our investigation of any possible unauthorized use of your Opt+ Mastercard® card.

Amendments to Fees and Terms of This Agreement

We reserve the right at any time to amend, change, delete or add to this Agreement and to apply any such modification to an Opt+ Mastercard® card that has been issued to you and to the value on your Opt+ Mastercard® card. We will provide you notice of any such modification as required by applicable law. If any changes are made for security purposes, we reserve the right to implement such change without prior notice. Any amendments to this agreement and the fees and services charges will be updated online at MyOptPlus.ca from time to time. If we decide not to enforce our rights or charge a fee in one situation, we are not giving up our right to enforce it or to charge the fee in a later situation.

Refunds and Merchant / ATM Provider Disputes

If you are entitled to a refund for any reason, you agree to accept a credit to your Opt+ Mastercard® card instead of a cash refund, if the merchant does not provide cash refunds. You will settle all disputes regarding purchases you make using your Opt+ Mastercard® card directly with the merchant who honoured the card. We are not responsible for the delivery, quality, safety, legality or any other aspect of any goods or services that you purchase from merchants with your Opt+ Mastercard® card. We are not responsible for any disputes arising out of the purchase of goods or services using the Opt+ Mastercard card or the failure of any merchant to honour the Opt+ Mastercard® card or the failure of any ATM machine to dispense cash.

When Value on Your Card is Available

Our policy is to make value that you load at an Authorized Retailer to your Preferred Customer or Personalized Card available for you to use immediately after you complete the transaction unless the retailer informs you otherwise.

Authorizations and Authorization Holds

When you use your Opt+ Mastercard® card to pay for goods or services, certain merchants may ask us to authorize the transaction in advance and may estimate its final value. When we authorize the transaction, we commit to make the requested funds available when the transaction finally settles and may place a temporary hold on your Opt+ Mastercard® card available funds for the amount indicated by the merchant. Some merchants may also add an amount to ensure that sufficient funds will be available to cover the final transaction (such as an estimated tip). If the amount of the authorization request exceeds the value on your Opt+ Mastercard® card, the transaction may be declined. Transactions at certain merchants that authorize high dollar amounts, especially rental car companies and hotels, may cause an "authorization" or a "hold" on your available balance for up to 90 days. Until the transaction finally settles or we determine that it is unlikely to be processed, the funds subject to the hold will not be available to you for other purposes. We will however, only charge your Opt+ Mastercard® card for the correct amount of the final transaction, and will release any excess amount only when the transaction finally settles. Please note that we may not manually release authorizations without a certified letter or fax from the merchant. In addition, if you commence a purchase and the merchant obtains an authorization, and then you cancel the purchase without completing it, the authorization may still result in a temporary hold for that amount of funds for 10 days, or longer in some cases.

Sharing Information About You

We will disclose information to third parties about your Opt+ Mastercard® card or the transactions, loads, and reloads you make: Where it is necessary for completing transactions, loads, or reloads; In order to verify the existence and condition of your Opt+ Mastercard® card for a third party, such as a credit bureau or merchant; In order to comply with government agency or court orders; If you give us express permission; and as otherwise provided in our Privacy Policy Please refer to our Privacy Policy that accompanies this Agreement. You hereby agree to our collection, use, and sharing of information about you and your Opt+ Mastercard® card as provided in our Privacy Policy, which is made a part of this Agreement.

Statements or Transaction History

You can view your account information and transaction history online at MyOptPlus.ca.

No Liability

We will not be liable (a) if, through no fault of ours, you do not have enough money available on your Opt+ Mastercard® card to complete a transaction; (b) if the ATM, bank, or merchant where you are trying to obtain cash does not have enough cash; (c) if the system, ATM or POS terminal was not working properly; (d) if circumstances beyond our control (such as fire or flood) prevent or delay a transaction, load, or reload from being completed, despite reasonable precautions that we have taken; (e) if you attempt to use a Opt+ Mastercard® card that has not been properly activated or; (f) if the Opt+ Mastercard® card has been reported as lost or stolen, has been suspended by us, or we have reason to believe a transaction was not authorized by you.

Foreign Transactions

If your Opt+ Mastercard® card is used in a transaction that is submitted to the Mastercard networks in a currency other than CDN dollars, Mastercard will convert the transaction amount into CDN dollars using its currency conversion procedure. Under the currency conversion procedure that Mastercard currently uses, the non-CDN dollar transaction amount is converted into a CDN dollar amount by multiplying the transaction amount in the non-CDN dollar currency by a currency conversion rate. The currency conversion rate that Mastercard typically uses is either a government-mandated rate, or a wholesale rate provided to Mastercard. The currency conversion rate that Mastercard uses for a particular transaction is the rate VISA uses for the applicable currency when the transaction is processed. This rate may differ from the rate in effect when the transaction occurred or when it was posted to your Opt+ Mastercard® card, and may be higher than the rate you could have gotten if you had converted CDN dollars into cash. If a transaction initially in a foreign currency is converted to CDN dollars before it is entered into the Mastercard network, the conversion rates and fees of the company that did the conversion will apply. We charge a fee of 3% of the dollar amount of each transaction that you make in a country other than Canada, whether or not the transaction was in a foreign currency.

Termination, Expiration or Cancellation

We may, at any time, suspend your Opt+ Mastercard® card and your ability to use your Opt+ Mastercard® card, for any reason allowed by law, such as if we suspect possible fraud or suspicious activity, or for security reasons. We may, at any time and for any reason, terminate a Opt+ Mastercard® card and your use of the Opt+ Mastercard® card. Your Opt+ Mastercard® card will expire on the expiration date on the card. Upon termination or expiration, we may stop accepting reloads to and/or transactions from your Opt+ Mastercard® card and we may decline to authorize a transaction made to the Opt+ Mastercard® card. If we terminate your Opt+ Mastercard® card Preferred Customer or Personalized Card or it expires and we do not provide a substitute or replacement card, we will return to you any value remaining (unless prohibited by law), less the processing/service fee for termination. If you would like to cancel your card, call us at 1-855-403-8343. At which time we will refund to you the balance on the card less the cancellation processing fee and any other fees which you have incurred. You remain responsible for any use of your Opt+ Mastercard® card even after the card is terminated, cancelled or expires. To the extent permitted by law, you agree to pay attorneys' fees and collection costs we incur in collecting amounts you owe us and enforcing our rights under this Agreement.

Discontinuance of Service

If we cease to provide services for the card(s) and if you have a positive balance at the time your card becomes deactivated, we may arrange for a new card to be issued to you by a different supplier whereby your card balance will be transferred to the new card or we may issue a payment directly to you for the amount of the card balance subject to certain terms and conditions that may apply at that time.

Lost or Stolen Cards

Your Liability for Unauthorized Use of Your Card or PIN

Notify us immediately if you believe your Opt+ Mastercard® card or PIN has been lost or stolen by calling 1-855-403-8343 24 hours a day, 7 days a week. Under the Mastercard Zero Liability Protection for Lost & Stolen Cards, you will not be liable for any unauthorized POS transactions made with your lost or stolen card provided you have exercised reasonable care in safeguarding your card from any unauthorized use and have not been grossly negligent or have engaged in fraud. This policy does not apply to ATM transactions where the PIN is used. You are responsible for the full amount of all activity and unauthorized or fraudulent activity resulting from the use of your Card when the PIN is used. Once you report your Card lost or stolen, we will immediately cancel your Card and issue a replacement Card and transfer the remaining balance from your cancelled card after all transactions have been processed. A replacement card fee will apply.

Notice of Error Resolution Rights for Your Opt+ Mastercard Card®

In case of errors or questions about your Opt+ Mastercard® card, call us at 1-855-403-8343 as soon as possible if you think an error has occurred on your Opt+ Mastercard® card. We must allow you to report an error until 60 days after the earlier of the date you electronically access your Opt+ Mastercard® card, if the error could be viewed in your electronic history, or the date on which the error appeared. You will need to inform us of: Your name and Opt+ Mastercard® card number. / Why you believe there is an error, and the dollar amount involved. / Approximately when the error took place.

If you tell us verbally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we may credit your Opt+ Mastercard® card within 10 business days for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your Opt+ Mastercard® card. For errors involving new cardholders, point-of-sale, or foreign-initiated transactions, loads, or reloads, we may take up to 90 days to investigate your complaint or question. For new cardholders, we may take up to 20 business days to credit your Opt+ Mastercard® card for the amount you think is in error. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

Governing Law

This Agreement and all aspects of your relationship with us with regard to your Opt+ Mastercard® card are governed by and construed in accordance with the laws of the Province of which you first obtained your Opt+ Mastercard® card.

Entire Agreement

This Agreement constitutes the entire agreement between you and us relating to the Opt+ Mastercard® card and supersedes any other prior or contemporaneous agreement between you and us.


This agreement or the obligations in this agreement is not assignable by the cardholder. We may assign this agreement to another party at any time. The Preferred Customer and Personalized cards are provided to the cardholder only. The cardholder may not assign, sell, transfer or lend the card(s) to others.


If any provision of this Agreement is determined to be void or unenforceable, all other provisions of this Agreement shall remain valid and enforceable.