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