Now you can pay all your bills using Chexy — even the ones that aren't payable using credit cards.
We're introducing the Chexy Wallet to expand the types of bills you can pay through Chexy. Payments for Affirm, credit card bills, car, and other loans can now be paid using your Wallet — bills that used to be completely off-limits from credit cards.
This expanded bill coverage is for personal (consumer) accounts only — it does not apply to Business accounts.
Here's what your Wallet gives you
Interest: Earn interest on your balance, just for keeping money there
NSF protection: Get extra time to top up if a payment is overdrawn
More controls over your payments: Approve or reject certain payees from pulling funds out of your Wallet
CDIC insurance: Up to $100,000 CDIC insurance on eligible deposits
Pay any bills, even those you couldn't before
With Wallet, you're no longer limited to the usual bills. You can now pay things like:
Credit card bills
Car and other types of loans and financing products
Buy Now Pay Later providers, like Affirm
Brokerage and investment account payments
These payments can go out through any of Chexy's payment methods — Pre-Authorized Debit, Bill Pay, or e-Transfer — as long as the recipient is eligible. Just load your Wallet the usual way, via Visa Direct (debit) or your linked bank account.
This doesn't change how you already pay your other bills. Everything you currently pay by credit card — rent, utilities, and more — still works exactly the same way. Wallet is additive, not a replacement.
Credit card vs. Wallet: what's the difference?
| Credit card payment | Wallet payment |
Funding source | A credit card on file | Your Wallet balance (loaded via Visa Direct or linked bank account) |
Processing fees | Free processing | A credit card processing fee applies |
Example bills | Rent, utilities, insurance, taxes, childcare, household expenses, telecom, car lease, gym | Any payments: Credit card bills, car loans, Affirm/BNPL, other loans, brokerage/investment accounts |
Accepted payment types | e-Transfer, Bill Pay or PAD | e-Transfer, Bill Pay or PAD |
Account type | Personal and Business | Personal only — not available on Business accounts yet |
Why use Wallet instead of a credit card? Chexy doesn't let you charge a credit card to pay off another credit card, a car loan, or a brokerage account — so for these bill types, Wallet is the only path. It also means any money sitting there earns interest in the meantime, and comes with NSF protection and withdrawal control built in.
The details
1. Interest on your balance
Any money you keep in your Wallet is eligible to earn interest — you don't have to do anything extra to benefit from your funds sitting with Chexy.
Interest APR is quoted annually, calculated daily, and issued monthly.
It's deposited to your Wallet within 2 weeks at the end of each month.
Your rate depends on your membership plan:
Plan | Interest rate |
Free | 2.0% |
Essential | 2.5% |
Plus | 3.0% |
To start earning interest, you need to opt in on the Wallet page and provide your SIN. Without a SIN on file, you won't be able to collect interest due to CRA requirements. Your SIN is encrypted and stored securely.
2. More time to cover a bill if you're short (NSF protection)
If a biller tries to withdraw money from your Wallet and your balance would go negative, Chexy gives you extra time to top up — instead of the payment failing right away. How much time depends on your plan:
Plan | Extra time to pay |
Free | 2 extra days |
Essential | 7 extra days |
Plus | 14 extra days |
3. Control over who can withdraw from your Wallet
When a new biller or payee tries to pull money from your Wallet for the first time, you decide whether to allow it. You can approve or reject the request, and once you've made a choice, Chexy remembers it for that payee going forward. This gives you a layer of protection against billers you don't recognize or no longer want to pay from your Wallet.
If you change your mind later, you can always update this choice for any payee in your Recipient settings.
4. CDIC deposit insurance
Your Wallet balance isn't held by Chexy — it's held in trust for you at Peoples Trust Company, a Canadian financial institution and CDIC member. Because of this, eligible funds in your Wallet may be covered by Canada Deposit Insurance Corporation (CDIC) deposit insurance.
What's covered: Money that has settled into the trust account and is held there for you — your available Wallet balance and any interest that has been credited to it.
What's not covered:
Funds in transit — money you've loaded that hasn't settled into the trust account yet, and money that has left the trust account to complete a payment or withdrawal
Instant Funds, until the underlying load has settled
Chexy Cash
Any shortfall or other amount advanced to you by Chexy
Funds held by a payment processor, card network, or any other third party
Funds that have already been sent to a recipient
A few things to know:
CDIC coverage is currently up to $100,000 per eligible depositor, per insured deposit category, per CDIC member institution — including principal and interest.
Depending on CDIC's rules, your coverage for Wallet funds may be combined with other deposits held by you, or for your benefit, at Peoples Trust Company. Deposits you hold at other CDIC member institutions are insured separately and don't reduce this coverage.
Coverage is determined by CDIC and isn't guaranteed by Chexy. Chexy is not a bank and not a CDIC member institution, and your Wallet is not a deposit account with Chexy.
For more information about deposit insurance, visit www.cdic.ca.
Earn more benefits with your Chexy Membership
Wallet benefits scale with your membership plan — higher interest, more time to handle NSF situations, lower credit card fees, and more linked cards through Chexy Essential and Chexy Plus.