Lots of businesses are like that. Hudson's Bay Company used to lose money 3/4 of each year. The money they made in the last quarter of the year more than covered the losses in the first three quarters.

TeraKaktos said
How does Chexy make money? Wouldn't it still often lose money especially on premium card cardholders with its surcharge charged to users that is lower than the highest card processing fees borne by merchants to the best of my knowledge?  

just like all fintech, they don't make money at the get go. look at how much money youtube, whatsapp etc lost every quarter at the beginning, while offering a free to use product ! yet they survived and does well now (and they make money on their own, not just cuz they get bought out by stronger competitors)

everhopeful said
[…]

The one instance I can see this being useful is if your Aeroplan points are about to expire, you can pay a small bill with this to preserve them for another year. (I really miss Home Hardware for doing this)  

An easier (as in no registration for new service) alternative to the Chexy method for this use case if anyone is in that situation is to use Aeroplan eStore, which is an affiliate link portal to shop online normally at all of your favourite retailers, to get a few Aeroplan points on an online shopping transaction even if it is not an Aeroplan partner.

https://newsroom.wise.com/en-N.....in-canada/

I have multiple attempts over the weekend up to Monday morning … even talked to Scotiabank customer service to no avail. After sending screenshots to Chexy to proof that my billing name and address entered matched the same on my CC statements, Chexy told me to turn on diagnostic steps on a Chrome browser and send them new screenshots. I did that Monday afternoon and it succeeded this time.

I know it's not the network. I tried thru their app on mobile data. I tried Firefox on Windows 10 from home ISP.

In hindsight, I don't really know the cause. It may be that the browser has to be Chrome. It may be simply the timing. But then I also added the EQ bank card over the weekend.

BTW, I think Momentum VI also has a name change over the weekend to VI plus

Hope this helps.

hwyc said
Onboarding with mobile was smooth but I had a glitch on adding my Scotia Momentum. Chexy support is fair but only chat-basis.

Hope this helps.  

May I ask how you resolved the issue with the Scotia momentum? I can't seem to add it.

This may change since Rogers has introduced a new credit card with a fee, so they may downgrade their free cards in the future, so hop on the Chexy bandwagon with Rogers before it's too late !

They have a nice reward calculator here which shows the breakeven point based on your monthly spend and credit card charged.

I found out there is also an app launch promo on referrals … only in hindsight. It's enough to offset their transaction charge for someone who wants a tryout.

Limited-time offer until May 15, 2026: Refer a friend and earn $20 with the Chexy mobile app launch. To qualify, your friend must complete their payment by May 15, 2026.

Onboarding with mobile was smooth but I had a glitch on adding my Scotia Momentum. Chexy support is fair but only chat-basis.

Hope this helps.

https://www.highinterestsaving.....arch-2026/

https://mywfcu.ca/personal/inv.....t-special/

They have a branch here in Kingston, so that will make it easier if I decide to investigate further.

COIN said
Am I reading this correctly?

EQ is funding the purchase of PC entirely with debt?  

Actually, it doesn't look like there is any debt issuance at all, it is mainly equity in EQB:

EQB will acquire PC Financial for 1.15x book value at closing, excluding excess capital above a 13% CET1 ratio, for consideration estimated at $800 million, subject to adjustment pursuant to the terms of the Transaction Agreement. The consideration will be satisfied by the issuance to one or more subsidiaries of Loblaw of 7.2 million common shares of EQB, representing approximately 16% of EQB's issued and outstanding common shares as at the date hereof on a pro-forma basis, and the remainder in cash. In addition, prior to the closing of the transaction and subject to regulatory approval, Loblaw will release and receive approximately $500 million of excess capital and other value from PC Bank, for estimated total value of $1.3 billion to Loblaw. Pursuant to and subject to the terms of the Transaction Agreement, Loblaw will own a minimum of 17% of EQB's issued and outstanding common shares on closing of the Acquisition. Closing is expected to occur within calendar 2026, subject to customary closing conditions and regulatory approvals.

They are issuing a bunch of new EQB stock, and will pay whatever cash is necessary to top that up to the set price (that 1.15x book value of PCF at closing). Loblaws also gets to keep about $500 million of "excess capital" from PCF, above regulatory minimums. At the current price of $112.70, 7.2 million shares would actually be about $811 million, so there may not be any cash shipped over from EQB, depending on the share price at closing and however they calculate the PCF book value. It was $86.85 before the deal was announced, jumped to $98 that day, and has been as high as $126 briefly before retreating a bit.

Aside from that $500M in retained cash, Loblaw will wind up with around a 17% stake in EQB - they have to hold that for 4 years, and are prohibited from going over a 25% stake.