PC Financial - Misleading product marketing contrary to the CDIC Act? | General financial discussion | Discussion forum

Most astute readers and participants of this forum likely know full well President Choice Bank's PC Money Account is essentially a prepaid credit card that operates as a day-to-day banking account and that, thus, it is not insured by CDIC in any way. Many may also have correctly observed that, indeed, President Choice Bank does not not offer any CDIC-insured deposit products directly to consumers via either its pcfinancial.ca website or its in-store pavilions. And yet, on its website, it markets in a bold, large, and prominent fashion, "CDIC protection on eligible deposits." Further, it even uses a variation of the purple CDIC lock to market "security" related to its online banking platform.

I've checked the fine print on the product page, and nowhere do they distinctly say, "The PC Money Account is not a deposit product registered under the Canada Deposit Insurance Corporation Act," or similar, as FIs are normally required to do.

I'd be okay with them having fine print in the footer of their website stating that they're a CDIC member institution, so long as they also said none of the products procured via their website and in-store pavilions are CDIC-eligible deposit products.

In my view, this is misleading product marketing contrary to the CDIC Act, and was wondering if you think it's worth writing a written complaint to the CDIC about?

Cheers,
Doug