Why am I being asked to put down a deposit?

The refundable deposit request is a common point of confusion. But it is what allows greatest flexibility for our clients. 

The deposit you put down when opening your secured Mastercard® sets your account spending limit. 

This spending limit is what allows us to report your payment activity to Equifax each month to build your credit history. 

Please note that this deposit is not a fee. It is only held while your account is open. If your account is closed, the deposit is fully returned to you by cheque (minus any outstanding fees).