New free digital banking service puts dollars back in the pockets of Canadian shoppers

Start saving today with Price Drop!

TORONTO, Nov. 14, 2019 /CNW/ - Just in time for the holiday season, Price Drop is rolling out across the country for new and existing motusbank and Meridian Members. Price Drop promises to put real dollars back in the pockets of Canadian shoppers by automating the traditionally time-consuming process of price matching for retail purchases. The free digital banking service is the first of its kind offered by a financial institution.

"We're excited by how easy and convenient it is to use Price Drop, not to mention the savings it offers, especially at a time of year when shoppers are looking for the best deals," says David Baldarelli, COO of motusbank and SVP of Digital Banking & Analytics at Meridian. "We're especially delighted that we can now extend this free value-add feature to more Canadians to offer a solution that eliminates stress and hassle in their every-day lives."

While 150 of the top retail chains in Canada offer price matching, research shows that only five to eight per cent of shoppers take advantage of these price-matching guarantees. Many shoppers don't know they exist while others are put off by the legwork involved in price-matching manually, on their own.

HOW PRICE DROP WORKS

The Price Drop feature is available – with no obligation or cost – to new and existing motusbank and Meridian Members by simply downloading the mobile banking app they use and opting in for the service. Price Drop automates the process in three easy steps:

• After making a purchase, users simply snap a photo of the receipt of the item (if bought in-store) or obtain the digital receipt (if bought on-line) and send to Price Drop via email;
• Price Drop then searches for better prices on electronics, furniture, toys, apparel, and other eligible items from price-matching retailers;
• Price Drop will send an email or in-app notification if it finds a better price. It will also provide proof required to claim the difference in cost from the retailer.

There is no limit to the number of receipts that can be submitted or refunds received. 

PROVEN PRICE DROP SAVINGS

We worked with Winnipeg-based fintech company PriceRazzi in helping to develop and test the digital service. More than 2000 Price Drop users participated in the successful pilot phase, revealing that:

• 52% of people who submitted eligible receipts saved money through Price Drop
• 23% of users who saved money by using Price Drop saved 30% or more on their purchase
• Savings ranged from $2 - $500 for purchases for small household products to big screen TVs
• The average saving per purchase through Price Drop was $25

"Consumers never have to waste another second searching for lower prices again," says Baldarelli. "We invite all Canadians to have a chance to save money and experience the fresh approach to banking we make available to Members. We see the introduction of this service as yet another example of how we constantly focus on helping Canadians live simpler, easier lives."

To learn more about this value-add feature and find out how to save dollars, visit motusbank or Meridian.

About Meridian:
With more than 75 years of banking history, Meridian is Ontario's largest credit union and the third largest in Canada, helping to grow the lives of more than 350,000 Members. Meridian has $22.9 billion (as at September 30, 2019) and delivers a full range of financial services online, by phone, by mobile and through a network of 92 branches across Ontario, and commercial banking services in 14 locations. Meridian Members also have access to THE EXCHANGE^® Network, with 3,700 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: www.meridiancu.ca.

About motusbank:
motusbank, where banking feels good. We are a full-service digital bank, offering Canadians everything they need for day-to-day banking, including no-fee savings and chequing accounts, unlimited free Interac e-transfers, loans and lines of credit, investments, mortgages and more. motusbank offers access to one of the largest no-fee ATM networks across Canada and around the world and security you can bank on. motusbank is a fully owned subsidiary of Meridian with headquarters in Toronto. We are 100 per cent accountable to our members. When it comes to rates, we'll always aim to please. Our goal is to be fully transparent. No hoop jumping. No fine print. For more information, please visit: www.motusbank.ca.

About PriceRazzi:
PriceRazzi is a Winnipeg-based fintech that integrates directly into a financial institution's mobile app to automatically get users' money back on their purchase by finding a better price, tracking price adjustments and helping them get back the difference. PriceRazzi helps users take advantage of price protection policies offered by major retailers in store and online. For more information, please visit: www.pricerazzi.com.

SOURCE Meridian Credit Union

Media Contact: Teresa Pagnutti, Senior Manager, Public Relations, Meridian, 416-597-4444 Ext. 2667