Rogers Applies to Become a Canadian Bank

Rogers has various diversified investments, and the next giant leap forward might be its plans–to become a bank. The company plans to incorporate under Canada’s Bank Act, once it applies to the Minister of Finance.

As for the name, it will be known as Rogers Bank and Banque Rogers in French, with headquarters to be in Toronto. The plan is to deal primarily with credit and mobile payment services, similar to the separate financial entities other companies like Canadian Tire, HBC, Loblaws have created. There will be no physical locations.

Rogers Public Affairs Manager Carly Suppa:

“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.”

The timeline for Rogers Bank to be approved could take up to a year. One possible intention of Rogers Bank coming into fruition would be to dominate the early adoption of mobile payments, given that most mobile devices are quickly adopting NFC technology.

What do you think? Is Rogers Bank something you would consider being a part of?

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • Nick

    Hell no, they rip me off enough on my phone bill. 

  • Anonymous

    That’s kind of a misleading headline. It makes people think “TD, BMO, CIBC, Rogers, etc…” when really it’s more like “Best Buy, Future Shop, Rogers, etc..”. You need to become a “bank” to offer credit cards or financing through credit cards, which is what they are planning on offering instead of constantly sending everything directly to collections, something they are notorious for.

    I also don’t think it’s going to be like PC Financial or the Canadian Tire cards, which are different because they are partnerships with existing banks or institutions (Loblaws/PC Financial is CIBC, Canadian Tire is MasterCard). From the looks of it it’s financing through a store/corporate credit card, much like what Best Buy offers you if you want to buy something with financing.

  • Anonymous

    That’s kind of a misleading headline. It makes people think “TD, BMO, CIBC, Rogers, etc…” when really it’s more like “Best Buy, Future Shop, Rogers, etc..”. You need to become a “bank” to offer credit cards or financing through credit cards, which is what they are planning on offering instead of constantly sending everything directly to collections, something they are notorious for.

    I also don’t think it’s going to be like PC Financial or the Canadian Tire cards, which are different because they are partnerships with existing banks or institutions (Loblaws/PC Financial is CIBC, Canadian Tire is MasterCard). From the looks of it it’s financing through a store/corporate credit card, much like what Best Buy offers you if you want to buy something with financing.

  • Steve

    Personal I’ve had only good things to say about my Rogers experiences so if they do to through with a banking system I’d be most likely to join

  • Steve

    Personal I’ve had only good things to say about my Rogers experiences so if they do to through with a banking system I’d be most likely to join

  • Ex

    Misleading yes. But after I read the article, a sigh of relief indeed.

  • Ex

    Misleading yes. But after I read the article, a sigh of relief indeed.

  • Actually, it’s not.

    The name itself will be ‘Rogers Bank’, and they do require an application through the Federal BANK ACT to get approval. Their services offered will still be classified as that of a bank.

  • Ex

    We stand corrected sir.

    Thank you for informing us.

  • Ex

    We stand corrected sir.

    Thank you for informing us.

  • Anonymous

    > Actually, it’s not.

    …Actually, it is.

    > The name itself will be ‘Rogers Bank’, and they do require an application through the Federal BANK ACT to get approval. Their services offered will still be classified as that of a bank.

    Which would be a great point if I said the headline was incorrect or wrong. I didn’t. I said it was misleading, because it causes people to draw the wrong conclusion about what is happening before reading the article. Considering one of your writers replied in agreement, I don’t think I’m just pulling that out of my ass.

  • Trevor Lerner

    it’s for NFC kids.  “In the future it will make sense”

  • I think our traditional notion of what we perceive as a ‘bank’ brings to mind those you mentioned. But still, this Rogers initiative is still falls under the definition as a bank. 

    Regardless of what happens, Rogers is going to own us all.

  • K3

    Unggh..

    Eyes hurt after reading this, is there a new Rogers optometrist included for handling fee discrepancies?

  • Ex

    Last sentence = sad face

  • Stop giving them ideas!

  • K3

    Wait a minute so that was a Rogers branded stripper pole last night! Whats next Rogers Superstore… RogMart “where we roll forward the prices every day to get you the highest price garaunteed!”

  • K3

    ahh Gary but I had another one involving all future billing printed directly on the role of toilet paper.
    Mc.D’s hide your Hamburlgers Roger’s got game for your area next.

  • Keziahamber

    yes, i am a happy rogers customer.

  • K3

    ok last one…Rogers Communications: “Where vibrate now means your chequing account is being deducted.”

  • Ex

    lol!!

    More!
    More!

  • Ex

    lol!!

    More!
    More!

  • K3

    Well there is also the other “type” of bank….. It involves The Winchesters being too busy to stop the Mayan Calendar next December. Rogers: “Where we have your continuation covered”.

  • K3

    Well there is also the other “type” of bank….. It involves The Winchesters being too busy to stop the Mayan Calendar next December. Rogers: “Where we have your continuation covered”.

  • K3

    Well there is also the other “type” of bank….. It involves The Winchesters being too busy to stop the Mayan Calendar next December. Rogers: “Where we have your continuation covered”.

  • Anonymous

    You are scaring me to much. Rogers already owns media and wireless. The last thing is them having credit cards.

  • xxJDxx

    Got to be a money grab for NFC. My guess is Rogers will try to require you to use “Rogers Bank” to use NFC services on your Rogers phone

  • xxJDxx

    Got to be a money grab for NFC. My guess is Rogers will try to require you to use “Rogers Bank” to use NFC services on your Rogers phone

  • Anonymous

    This is simply a way for them to make more money without having to share with other partners.

  • Anonymous

    3.50 chequing account activation fee,  15.00 administration fee, Unlimited Chequing Account for 40.00 a month includes 10 debits anything over 10 debits is 1.50/debit, detailed monthly statement for an extra 1.50/month, 911 fee just because we can HAHA

  • Anonymous

    3.50 chequing account activation fee,  15.00 administration fee, Unlimited Chequing Account for 40.00 a month includes 10 debits anything over 10 debits is 1.50/debit, detailed monthly statement for an extra 1.50/month, 911 fee just because we can HAHA

  • Anonymous

    3.50 chequing account activation fee,  15.00 administration fee, Unlimited Chequing Account for 40.00 a month includes 10 debits anything over 10 debits is 1.50/debit, detailed monthly statement for an extra 1.50/month, 911 fee just because we can HAHA

  • Anonymous

    3.50 chequing account activation fee,  15.00 administration fee, Unlimited Chequing Account for 40.00 a month includes 10 debits anything over 10 debits is 1.50/debit, detailed monthly statement for an extra 1.50/month, 911 fee just because we can HAHA

  • Anonymous

    3.50 chequing account activation fee,  15.00 administration fee, Unlimited Chequing Account for 40.00 a month includes 10 debits anything over 10 debits is 1.50/debit, detailed monthly statement for an extra 1.50/month, 911 fee just because we can HAHA

  • That’s just mean.

  • That’s just mean.

  • asd

    fk rogers… they can suck my D

  • asd

    fk rogers… they can suck my D