With more than 80 banks operating in Canada, it’s hard to find the financial institution right for you and your business.
Digital Commerce Bank (DC Bank) offers its customers unique services to keep their businesses operating smoothly.
I did my research on the company and found they offer original products and services that keep up with the demands of any business.
Considering working with this financial institution?
Here’s all you need to know in this comprehensive DC bank review.
Digital Banking Solution
It offers innovative financial products, including payment and banking solutions that allow businesses to grow.
- Many products and services are available, including bank accounts, payment solutions, and digital wallets.
- Many services like digital wallets and lending software are customizable.
- High monthly fees on bank accounts, especially compared to other online banks.
- Customizable services will come at a higher cost.
What Is DC Bank?
Originally founded as DirectCash Bank in 2007, DC Bank has since changed its name to Digital Commerce bank and expanded its services as a diversified financial provider.
Its focus is on providing innovative payment and banking solutions to its clients.
The company is domestically owned and offers business and personal accounts, including prepaid cards, wire transfers, and other services.
Features and Benefits
DC Bank is an online-only bank targeting commercial banking customers and digital business owners.
The company offers a wide range of services in the hopes of helping its clients build solid financial portfolios for themselves and their businesses.
Bank Accounts
In keeping with its mission, DC Bank offers personal and corporate accounts. Here are the details on both.
Personal Account
DC’s personal account doesn’t include a minimum balance requirement or bill payment fees.
In addition, all deposits up to $100,000 are insured by the CDIC. Customers can get the usual debit card or choose between a prepaid Visa or Mastercard when they sign up.
While many online banks tout a free chequing account, DC’s personal account comes with a monthly fee of $9.95.
Other charges range from $1 per approved ATM transaction fee to $1.50 Interac e-Transfer fees. Here’s a breakdown of other expenses:
The company offers another personal account – its Direct Deposit Only account. For the same $9.95 monthly fee, you can get unlimited transfers with no transaction fees, as well as no minimum balance requirements.
Corporate Account
The corporate account is designed with flexibility in mind. Users pay $49.95 per month. There is no minimum account balance required. Customers will have access to a safe deposit and comprehensive business solutions.
While web and mobile banking are free, there are hefty fees for domestic and international wire transfers. In addition, charges of $1.50 per transaction exist for Interac e-Transfer fee.
DC Bank Payment Solutions
DC’s Payment Solutions helps businesses integrate payments and fund transfers while moving money securely and quickly. The platform aids companies, both large and small, manage and process payments in a timely and efficient manner.
You can expect
- Same-day payment processing
- Access to popular payment networks like Visa Direct and Interac e-Transfer
- Bulk transfers
- The ability to set up recurring payments
DC offers three different pricing models, mainly based on the transaction amount.
- Basic includes 5,000 transactions and a $500 monthly minimum.
- Pro includes 100,000 transactions and a $3,000 monthly minimum.
- Enterprise includes over 100,000 transactions with custom solutions and individual support.
Card Services
DC Bank offers custom prepaid cards used for transaction processing or popular Visa or Mastercards because of its membership of Interac.
The company’s customers can integrate with DC’s platform to enable funding and payments or customize their own card programs to provide flexibility and meet their needs.
Because the company is PCI Compliant, there is a high level of security safeguarding client data and keeping cardholder information secure.
Customers can use cards in-store, online, or for ATM cash withdrawals.
Digital Wallets
DC Bank allows its customers to build customizable digital wallets that will integrate payments from multiple sources. You can receive real-time balances and have access to detailed reports.
Digital wallets are a good choice for companies looking to operate their own payment networks. DC provides three different platform choices:
- Basic includes 10,000 wallets and a $1,500 monthly minimum.
- Pro includes 25,000 wallets and a $2,500 monthly minimum.
- Enterprise includes over 25,000 wallets.
Identity
DC Bank offers customers AI or manual-based verification options to keep data secure. The ID and account verification can easily integrate into the customer’s own software.
Once again, DC Bank offers three different options for customers – Basic, Pro, and Enterprise.
Lending Services
DC’s lending platform lets customers gather information, verify identity, and manage their loans. It integrates with DC Bank’s other services, namely the Identity platform, to ensure streamlined benefits.
The platform allows customers to collect and manage loan applications while providing multiple payment options like Interac e-Transfer and EFT.
There are three different plan options based on the size of your business and the number of transactions.
Security
Because DC Bank has access to personal information, they take security measures very seriously. According to their website, the company uses strong encryption technology to ensure information exchange is secure.
In addition, they use firewalls and digital certificates from third parties to promote the safety of their website and products.
DC Bank Vs Cliq
Cliq was formed in the mid-2000s as a payment processing company in 2007. Since then, it’s grown and expanded to include its own ACH system and custom technology solutions for multiple industries, including hospitality, insurance, and retail.
Cliq is similar to DC Bank because it features payment solutions. However, Cliq does not offer corporate or personal bank accounts, and according to its website, it doesn’t provide the same identity and lending services as DC Bank.
Instead, Cliq provides more focus on its payment processing solutions and program management to offer a smooth process for customers.
The bottom line is that both companies provide solid payment processing choices and each offers additional services the other doesn’t. To figure out which is right for you and your business, do your own research.
Customer Reviews
There are limited reviews for DC Bank on the usual websites like Reddit and Trustpilot. The ones I did find were mixed. Most reviewers did mention that they found fees too high.
One user noted that the company’s prepaid card fees were much too high, especially for its lack of customer service.
However, on the opposite end, another reviewer commented that DC Bank’s customer service was helpful and knowledgeable.
Ultimately, there aren’t enough reviews to skew public opinion one way or another. Instead, each individual will have to make up their own mind regarding the financial institution’s services.
How To Open an Account
Opening a personal account is easy and requires potential customers to fill out an application and mail, email, or fax it to their new accounts department.
Corporate accounts have an application as well but need to submit additional documentation, including articles of incorporation, a list of owners, financial statements, and references.
Final Verdict
If you’re looking for payment processing solutions, as well as platforms for Identity and Lending Software, DC Bank is a solid option.
In addition to those services, you can also open up a personal or corporate bank account. The downside is that both accounts have pretty high monthly fees.
If you’re looking to open other accounts, check out these top online banks in Canada.
