Account Opening
Terms and Conditions on Account Opening
TERMS AND CONDITIONS FOR FINANCIAL SERVICES – PERSONAL
CREDIT UNION
EDF 169.01 (11/09) 1
1. INTERPRETATION – For the purposes of the Financial Services and Account
Opening Agreement – Personal or Financial Services Agreement – Personal and
the Personal Account Opening and Specimen Signature Agreement, as the case
may be, you and the Credit Union shall refer to the Credit Union. I, me, my and us
refer to the Applicant(s). The singular shall be construed as meaning the plural
and vice versa when the context so requires.
2. THESE TERMS AND CONDITIONS – I understand and agree that these Terms
and Conditions will apply to each personal account opened for me at the Credit
Union and that I should read and retain them. They replace all prior Terms and
Conditions of Financial Services for personal accounts. I understand you may
make changes to these Terms and Conditions from time to time. If I am a youth
under the age of 12 or my parent or guardian may also sign on my account(s), I
understand my parent or guardian will be provided with a copy of these Terms and
Conditions.
3. FAIR DEALINGS - The Credit Union is committed to fair dealing and transparency
in its customer relationships. It will provide relevant and meaningful information in
an understandable manner so that I am able to make informed decisions regarding
the products and services the Credit Union offers. To assist the Credit Union in
meeting this commitment, I will identify my financial needs, provide information
relevant to those needs and keep that information current at the Credit Union. To
obtain further details about the Credit Union’s Market Code, please contact the
Credit Union.
4. DEBITING MY ACCOUNT – You may debit my account(s) for all cheques, bills of
exchange, or other instruments and any authorized debit transactions, whether
electronic, voice response, written or otherwise, and may carry out any of my
instructions in connection with my account(s). You may charge and debit my
account(s) for any debt I owe to you, whether it is a joint or sole liability. Should
any instruments received by you for my account(s) be lost or stolen or otherwise
disappear from any cause, other than your negligence, you may charge them to my
account(s).
5. OVERDRAFT PROTECTION – If I wish Overdraft Protection I understand I must
apply and be approved for it. Every account does not come with Overdraft
Protection. If I have been approved for Overdraft Protection with my account, I can
borrow up to the limit set by the Credit Union (the “Limit”). The Credit Union may
change the Limit or terminate the Overdraft Protection at any time, at its sole
discretion, on notice to me. Once terminated, Overdraft Protection is no longer
available to me.
I can use the Overdraft Protection if there are not enough funds in my account(s) to
cover a cheque I have written or a withdrawal I have made up to the Limit. I may
access the Overdraft Protection by writing cheques or by any other debit
transaction I initiate all of which shall be considered an advance or loan to me. All
deposits or credits to my account or a linked deposit account to which the Overdraft
Protection is attached will constitute a payment on the Overdraft Protection and for
the purposes of The Personal Property Security Act shall constitute a debtor
initiated payment.
I will pay the Credit Union interest on all amounts advanced up to the Limit from the
date of the advance, as well after as before maturity, default or judgment at the rate
of interest charged by you from time to time for Overdraft Protection and any
Overdraft Protection charges established by the Credit Union from time to time. If
not paid, the Credit Union may advance on the Overdraft Protection to pay such
interest. I agree to pay the amount owing on the Overdraft Protection including
interest Upon Demand by the Credit Union. If I default on payment, I agree to pay
the charges applicable to Overdraft Protection.
If I overdraw the approved Overdraft Protection Limit or if there is no Overdraft
Protection on my account I promise to pay upon your request any amounts that
overdraw my account(s)(“an overdraft”) which you in your absolute discretion may
permit together with interest on such overdraft at the interest rate charged by you
from time to time and any overdraft charges established by the Credit Union from
time to time. You may transfer from any of my accounts including any joint account
such funds as are necessary to pay any such overdraft.
The Overdraft Protection rate and any overdraft rate, if different, is posted at the
Credit Union and identified in statements or publications made available to me.
Interest accrues daily and is payable monthly.
Any Overdraft Protection is subject to the applicable lending policy on qualification
and approval.
6. ACCOUNT STATEMENTS – You may send statements relating to the operation of
my account(s) to me by mail with or without instruments at my address or make
such statements available to me in electronic format. If I wish to receive my
statements in electronic format only, I will indicate that to you. When I ask you to
provide statements in electronic format only I understand I will no longer receive
paper statements. Electronic statements will be available online for a limited time
from the statement date. Should I require a permanent record I will print or save a
copy of any statements I require. If I change my residence, I will advise you in
writing within 30 days. Should you not be able to contact me, for the purpose of
communicating with me I consent and agree to you contacting any Alternate
Contact I have provided. I will examine my statements and tell you of any errors,
irregularities or forgeries. Unless such errors, irregularities or forgeries are brought
to your attention in writing or through email if I have electronic access, I understand
and agree that after the 30 days have expired, the statement and the balance
shown on it are considered correct and that all payment and transactions are
genuine and properly charged against my account(s). If I do not contact you within
30 days, I understand I will have no claim against you for reimbursement even if
the instrument charged to my account was forged, unauthorized or fraudulent.
Statements forwarded to me by mail are deemed received by me on the day after
mailing. Statements provided electronically are deemed received by me on the last
day of the month for which the statement applies. Where the account is joint you
may send statements to one of us. You may utilize electronic imaging and
retention in connection with my account transactions and need not provide me with
original instruments.
7. DEPOSITS – I may make deposits to any of my accounts when you are open for
business, through ATM, or electronically if available, and I have agreed to the
terms of any required electronic access agreement. You may decide which of my
accounts to credit any deposit to if I do not indicate the appropriate account. All
deposits credited to my account(s) are subject to clearing and final payment. At
your discretion you may place a hold on a deposit to determine if it will be
honoured when presented for payment. Notwithstanding that a hold may have
been placed on a deposit, if a cheque or other credit item is returned to you unpaid
for any reason, you may charge the amount of the returned cheque or item, plus
any interest which may have accrued and all expenses, fees and charges you may
have incurred in attempting to collect the cheque or other item to my account(s).
8. ASSIGNMENT OF ACCOUNT – No assignment of any account other than to you
is valid or binding upon you.
9. CLOSING MY ACCOUNT – You may close my account(s) without notice to me if I
do not operate my account(s) or conduct my business at the Credit Union in a
satisfactory manner, for example if I maintain an unauthorized overdrawn balance
due to NSF cheques or outstanding service charges or I use the account(s) for
illegal purposes. You may close my account(s) without reason by giving me at
least 30 days’ notice. You may apply any of my funds to any debt of mine to you.
10. INACTIVE ACCOUNTS - My account will be considered inactive if I do not
complete a transaction or request or acknowledge a statement of account for a
period of two years. If my account(s) becomes inactive, you may require me to
visit the Credit Union and present acceptable proof of my identity and my address
in order to reactivate my account(s). You may consolidate my inactive accounts as
you see fit.
11. ACCESSING MY ACCOUNT(S) – I understand I may access my account within
your branches, through designated automated machines (ATMs), Direct Payment
terminals, via telephone or through internet banking. I acknowledge that the terms
of any ATM or member card Agreement and any Electronic Access Agreement
also apply when I access my account through automated machines or
electronically. I acknowledge that you may require me to come to a branch to
conduct a transaction and that you may refuse a deposit to an account or refuse to
accept any item for deposit. You may require up to 30 days’ notice, for me to
withdraw monies from my accounts. Access to my account may be subject to daily
or transaction limits as set by you. You may refuse to release funds in my account
if you are required to do so by any legal authority or if in your opinion there is any
unusual, improper or suspicious activity in the account or where there is a dispute
as to entitlement to such funds. I understand I may appoint a power of attorney
over my account, however, you may require additional verification to process a
transaction.
12. FEES – You may charge your usual fees and charges for the operation of my
account(s) and conducting transactions at the rates established by you from time to
time and you may debit my account(s) from time to time for the amount of such
fees and charges. I understand you will give 30 days’ notice of any change in fees
or charges.
13. DISHONOURED CHEQUES – You may debit my account(s) for all dishonoured
cheques or other items or transactions of any kind which may have been deposited
to my account(s) and which are not paid on presentation. I agree to pay any
service fees or charges in connection with a dishonored cheque. I waive
presentment, protest and notice of the dishonour of each such document where
there is an endorser other than me.
14. STOP PAYMENTS – If I ask you to “stop payment” on a cheque or other
instrument whether in writing, orally or electronically, I understand you will use
reasonable diligence to meet my request, however, you cannot guarantee the stop
payment will be effective. If I ask you to stop payment I will provide you with as
much information as possible to identify the cheque including my account number,
the amount, date, payee and number of the cheque or instrument. I understand my
instructions must be received in sufficient time for you to act on my instructions. If I
ask you to stop payment on a cheque or other instrument, I agree to indemnify you
and hold you harmless for all expenses, costs, damages and liability which may
arise from the stop payment request, whether it is effective or not, including without
limitation any expenses, costs, damages or liability for:
a. refusing to pay the cheque or instrument;
TERMS AND CONDITIONS FOR FINANCIAL SERVICES – PERSONAL
CREDIT UNION
EDF 169.01 (11/09) 2
b. making payment of the cheque or instrument contrary to the stop payment
request whether as a result of timing, notice, inadvertence, accident,
equipment failure or otherwise.
15. COLLECTION AND USE OF INFORMATION – In providing financial services to
me, I understand you will be collecting and gathering personal, financial and credit
information from me (Information) to: (i) to verify my identity; (ii) understand my
needs and eligibility for products and services; (iii) open, maintain and administer
my account and provide me with financial services that meet my needs; (iv) obtain
credit reports and evaluate my credit rating and credit worthiness; (v) to administer
and manage security and risk in relation to my account and the financial services
provided to me; (vi) comply with legal and regulatory requirements; (vii) assist in
dispute resolution; (viii) offer and provide me with the other products and services
of the Credit Union and of its affiliates and service suppliers.
I understand that you require and may use my Social Insurance Number as an aid
to identify me with credit bureaus and other financial institutions for credit matching
purposes and for income tax reporting purposes on interest bearing or investment
accounts. I understand that the provision of my Social Insurance Number for credit
matching purposes is optional and not a condition of service.
I understand that you need my consent to collect, use and disclose Information
gathered about me except when the law allows you to do so without my consent.
For that purpose, I authorize, consent to, and accept this as written notice of your
obtaining, gathering, copying, scanning, updating, disclosing, sharing or
exchanging such Information about me at any time for the purposes described
including from or with any credit bureau, credit grantor or other entity in connection
with my account and any relationships between us or those which you or I wish to
establish. You may use this Information for so long as it is needed for the purposes
described. I understand that I can ask you to stop using my Information to offer me
other products or services at any time. I also understand that I may request that
you stop using my Social Insurance Number for credit matching purposes at any
time.
I understand it is necessary to keep my Information current and I agree to notify
you of any changes in my Information.
For the purpose of this authorization, your affiliates and service suppliers mean
Credit Union affiliates and service suppliers that are engaged in the business of
providing services or products to the public in Canada including but not limited to,
deposits, financing arrangements, credit, charge and payment card service, trust
and custodial services, securities and brokerage services, insurance services,
electronic services, information and technology services, education and consulting
services.
To assist in providing financial services, the Credit Union may use service
providers located in the United States. In the event that a service provider is
located in the United States, Information may be processed and stored in the
United States and United States governments, courts or law enforcement or
regulatory agencies may be able to obtain disclosure of the Information through the
laws of Canada and the United States.
16. PRIVACY – Credit Union and Privacy legislation prescribe and restrict the use of
personal, financial or credit information (Information) without consent. To obtain
details about Credit Union policies and procedures for protecting privacy of
Information and Customer rights please contact the Credit Union, Attention:
Privacy Officer.
17. SPECIMEN & ELECTRONIC SIGNATURE – My signature on the Financial
Services and Account Opening Agreement – Personal or the Personal Account
Opening and Specimen Signature Agreement, as the case may be, may be taken
by you as a specimen signature for the purposes of dealing with my account(s).
You may require me to complete other specimen signature cards as may be
necessary. Where an electronic signature is available, by signing a signature pad I
am adopting such signature and authorize the signature to be applied to the
document.
18. FACSIMILE – All Agreements and any Attachments may be signed and sent by
facsimile and executed in counter-parts and shall be as effective as if signed and
delivered as an original document.
19. CANADIAN PAYMENTS ASSOCIATION – You may use clearing arrangements
made pursuant to the Bylaws and Rules of the Canadian Payments Association as
amended or adapted from time to time in all dealings with my account(s). You are
not responsible for any loss occasioned by using such clearing arrangements nor
for any delay or failure to exercise your rights or powers under such clearing
arrangements.
20. JOINT ACCOUNTS – If I apply to open a joint account with one or more other
persons:
a. The account(s) shall be issued and held jointly as joint tenants with right of
survivorship unless otherwise designated;
b. If the account has a right of survivorship, then if any one or more of the
signors die, any monies standing to the credit of the account are to be subject
to withdrawal by the survivor or, if more than one, then by the survivors.
Where there is a separate agreement in connection with a specific deposit,
the survivorship designation in that agreement shall apply;
c. I am jointly and severally liable for all charges and overdrafts imposed or
payable with respect to my accounts;
d. Unless otherwise designated on any other signing authority document any
signor or the survivor may withdraw or write cheques or instruments, stop
payment or process other authorized debit transactions, whether electronic,
voice response, written or otherwise, on any account. Such withdrawal or
payment is valid and shall release and discharge you from any liability. I
understand that such other signing authority document needs to be signed by
all joint account holders or survivors;
e. I also understand and agree that for the purposes of ascertaining and
recording identity on and providing specimen signatures that my personal
information may be recorded with and disclosed to other joint account
holders;
f. Unless otherwise designated, the survivor is entitled to any and all insurance
on the account.
21. INDEMNITY – If my statements, instruments, debit memos and vouchers are lost,
stolen or destroyed, I shall accept your records as conclusive proof of the
correctness and authenticity of the items or entries so recorded therein and agree
to hold you free from all liability and to indemnify and save you harmless from any
loss, claim or demand made upon you as a result of such loss, claim or demand.
22. CHANGES TO THE AGREEMENT – You may make changes to this Agreement to
correct clerical errors without notice to me. You may make other changes to the
Terms and Conditions if you notify me of such changes. You may give me this
notice by mail OR electronically and by posting notice of such changes at the
Credit Union. My use of any of my account(s)after the effective date of the
changes is my acceptance of the changes.
23. RECORDS – You may create and retain such records as necessary to comply with
legal and regulatory requirements including retention of telephone or electronic
instructions.
24. TRUST ACCOUNT – If a trust account is designated in the Financial Services and
Account Opening Agreement – Personal or the Personal Account Opening and
Specimen Signature Agreement, as the case may be, the Applicant is Trustee.
The Trustee is legal owner of the account and the beneficiary, as designated in the
Trust Account Attachment, is beneficial owner of the account. I understand that the
Credit Union is not required to recognize anyone other than the Applicant as having
an interest in the account. Where the Credit Union opens an account which has
been designated as a Trust Account or similar designation, whether for a specified
party or not, the Credit Union will continue to accept all instructions respecting the
account only from the Applicant and is not obliged to obtain any consent from or
see to the execution of a trust for any other person absent a specific written
agreement by the Credit Union to the contrary.
25. ESTATE ACCOUNT – If an estate account is designated in the Financial Services
and Account Opening Agreement – Personal or the Personal Account Opening and
Specimen Signature Agreement, as the case may be, the Applicant is the executor
or personal representative of the estate in that capability. The deceased is
identified in the Estate Account Attachment.
26. YOUTH ACCOUNT – Youth account includes FAT CAT and HEAD START
accounts and any other account for youths or students. If a youth account is
designated in the Financial Services and Account Opening Agreement – Personal
or the Personal Account Opening and Specimen Signature Agreement, as the case
may be, the youth is the applicant and owner of the account and entitled to deposit
and withdraw from the account. If a parent or guardian is to have withdrawal or
investment privileges such privilege shall be designated in the Youth Account
Attachment or by such other lawful order or direction to the Credit Union.
27. ATTACHMENTS – These Terms and Conditions apply to any attachments to
account opening documents.
28. ASSIGNMENT OR SALE BY CREDIT UNION – The Credit Union may transfer, by
way of assignment, arrangement, sale or otherwise, any or all of its rights under
this Agreement.
29. RELATIONSHIPS AND THIRD PARTY TRANSACTIONS –The Credit Union will
disclose to me any relationships with intermediaries or affiliates that are relevant to
a product or service offering prior to product acquisition. If a product supplied is
acquired from a third party, the Credit Union will disclose the relevant relationship
at the time of product inquiry and/or product acquisition. The Credit Union may
receive compensation from the sale of third party products or services to me.
30. LIABILITY OF THE CREDIT UNION – The Credit Union is not liable for any delay,
loss, damage or inconvenience which results from providing or failing to provide a
service except where such loss results from technical problems, errors, system
malfunctions for which we are solely responsible. The Credit Union is not
responsible for any failure, error or delay by any third party. Under no
circumstances is the Credit Union responsible for any indirect, consequential,
special, aggravated or punitive damages, however, caused to me or suffered by
me regardless of how caused. The Credit Union is not responsible for any errors
which result from me incorrectly providing any account number, dollar amount or
other information required for the operation of my account(s).
TERMS AND CONDITIONS FOR FINANCIAL SERVICES – BUSINESS
CREDIT UNION
EDF 179.01 (11/09) 1
1. INTERPRETATION – For the purposes of the Financial Services and Account
Opening Agreement – Business or the Financial Services Agreement – Business
and the Business Account Opening Agreement, as the case may be, you or your
shall refer to the Applicant. The singular shall be construed as meaning the plural
and vice versa when the context so requires.
2. THESE TERMS AND CONDITIONS – These Terms and Conditions apply to each
business account opened at the Credit Union. They replace all prior Terms and
Conditions of Financial Services. You will be provided with a copy when the
account is opened. You should read and retain them. The Credit Union may
make changes to these Terms and Conditions from time to time.
3. DEBITING THE ACCOUNT – The Credit Union may debit your account(s) for all
cheques, bills of exchange or other instruments and any authorized debit
transactions, whether electronic, voice response, written or otherwise, and may
carry out any of your instructions in connection with this account(s). The Credit
Union may charge and debit your account(s) for any debt owed to it, whether it is a
joint or sole liability. Should any instruments received by the Credit Union for your
account(s) be lost or stolen or otherwise disappear from any cause whatsoever,
other than the Credit Union negligence, the Credit Union may charge the same to
your account(s).
4. OVERDRAFTS – You shall pay on demand any overdraft which the Credit Union
in its absolute discretion may permit against the account(s) together with interest
thereon at the interest rate charged by the Credit Union from time to time for
overdrafts and any overdraft charges established by the Credit Union from time to
time. The overdraft rate is posted at the Credit Union and identified in statements
or publications made available to you. The Credit Union may transfer from any of
your accounts including any joint account such funds as are necessary to pay any
such overdraft.
5. ACCOUNT STATEMENTS – The Credit Union may send statements relating to
the operation of the account(s) to you by mail with or without instruments at your
address or make such statements available to you in electronic format. If you wish
to receive your statements in electronic format only, you will indicate that to the
Credit Union. When you ask us to provide statements in electronic format only you
will no longer receive paper statements. Electronic statements will be available
online for a limited time from the statement date. Should you require a permanent
record you should print or save a copy of any statements you require. If you
change your mailing address, you will advise the Credit Union in writing within 30
days. You will examine your statements and inform the Credit Union of any errors,
irregularities or forgeries. You will give the Credit Union notice in writing of any
unauthorized or forged endorsement on any instrument immediately after you have
acquired knowledge of it. Unless such errors, irregularities or forgeries are brought
to the attention of the Credit Union in writing or through email if you have electronic
access, you understand and agree that after the 30 days have expired, the
statement and the balance shown on it are considered correct and that all
payments and transactions are genuine and properly charged against the
account(s). If you do not contact the Credit Union within 30 days, you understand
you will have no claim against the Credit Union for reimbursement even if the
instrument charged to your account was forged, unauthorized or fraudulent.
Statements forwarded by mail are deemed received by you on the day after
mailing. Statements provided electronically are deemed received by you on the
last day of the month for which the statement applies. Where the account is joint
the Credit Union may send statements to one of you. The Credit Union may utilize
electronic imaging and retention in connection with the operation of your account
and is not obliged to provide you with original instruments.
6. PREPARATION OF INSTRUMENTS & INTERNAL SUPERVISION – In the
conduct of your business you agree to have in place systems, procedures and
controls, effective to prevent and detect thefts of instruments or losses due to
forgeries or frauds involving instruments, including without limiting the generality of
the foregoing those:
a. ensuring that all instruments, cheque imprinters and facsimile signature
devices are kept in a secured locked receptacle, vault, safe, etc. and that
designated individuals are responsible for them at all times;
b. conducting periodic audits of instruments; and
c. ensuring that the individual responsible for doing statement reconciliation
shall not be the individual who is responsible for security of instruments or
their preparation.
You will monitor the conduct of all employees and agents having any role in the
preparation of your instruments and statement reconciliation.
You agree that the Credit Union shall have no responsibility or liability whatsoever
for any loss due to a forged or unauthorized signature unless you prove each of
the following: (i) that the forged or unauthorized signature was made by a person
who was at no time your employee or agent; (ii) that the loss was unavoidable
despite your having had in place the systems, procedures and controls to
supervise and monitor your employees and agents; (iii) that the loss was
unavoidable despite your having taken all feasible steps to prevent the forgery or
unauthorized signature and the loss arising therefrom; and (iv) the loss was not
caused by your negligence, fault or willful misconduct.
7. DEPOSITS – You may make deposits to any of your accounts when the Credit
Union is open for business, through ATM, or electronically if available and you
agreed to the terms of any required electronic access agreement. The Credit
Union may decide which of your accounts to credit any deposit to if you do not
indicate the appropriate account. All deposits credited to your account(s) are
subject to clearing and final payment. The Credit Union may place a hold on a
deposit to determine if it will be honoured when presented for payment.
Notwithstanding that a hold may have been placed on a deposit if a cheque or
other credit item is returned to the Credit Union unpaid for any reason, the Credit
Union may charge the amount of the returned cheque or item, plus any interest
which may have accrued and all expenses, fees and charges the Credit Union may
have incurred in attempting to collect the cheque or other item to your account(s).
8. ASSIGNMENT OF ACCOUNTS – No assignment of any account other than to the
Credit Union is valid or binding upon the Credit Union.
9. CLOSING ACCOUNTS – The Credit Union may close your account(s) without
notice to you if you do not operate your account or conduct your business at the
Credit Union in a satisfactory manner, for example if you maintain an unauthorized
overdrawn balance due to NSF cheques or outstanding service charges or you use
the account for illegal purposes. The Credit Union may close your account(s)
without reason by giving you at least 30 days’ notice. The Credit Union may apply
any of your funds to any debt of yours.
10. INACTIVE ACCOUNTS – Your account(s) will be considered inactive if you do not
complete a transaction or request or acknowledge a statement of account for a
period of two years. If your account(s) becomes inactive, the Credit Union may
require you to visit the Credit Union and present acceptable proof of identity and
address in order to reactivate the account(s). The Credit Union may consolidate
inactive accounts as it sees fit.
11. ACCESSING ACCOUNTS – You may access your account(s) within the Credit
Union branches, through designated automated machines (ATMs), Direct Payment
terminals, via telephone or through internet banking. The terms of any ATM or
member card Agreement and any Electronic Access Agreement also apply when
you access your account through automated machines or electronically. The
Credit Union may require you to come to a branch to conduct a transaction and
may refuse a deposit to an account or refuse to accept any item for deposit. The
Credit Union may require up to 30 days’ notice, for you to withdraw monies from
your accounts. Access to your account may be subject to daily or transaction
limits as set by the Credit Union. The Credit Union may refuse to release funds in
your account if it is required to do so by any legal authority or if in the Credit
Union’s opinion there is any unusual, improper or suspicious activity in the account
or where there is a dispute as to entitlement to such funds. You may appoint a
power of attorney over your account, however, the Credit Union may require
additional verification to process a transaction.
12. FEES – The Credit Union may charge its usual fees and charges for the operation
of the account(s) and conducting transactions at the rates established by it from
time to time and may debit the account(s) from time to time for the amount of such
fees and charges. You understand the Credit Union will give 30 days’ notice of
any change in fees or charges.
13. DISHONOURED CHEQUES – The Credit Union may debit the account(s) for all
dishonored cheques or other items or transactions of any kind which may have
been deposited to the account and which are not paid on presentation. You agree
to pay any service fees or NSF charges in connection with a dishonored cheque.
You waive, presentment, protest and notice of the dishonor of each such
document where there is an endorser other than you.
14. STOP PAYMENTS – If you ask the Credit Union to “stop payment” on a cheque or
other instrument whether in writing, orally or electronically, you understand the
Credit Union will use reasonable diligence to meet the request; however the Credit
Union cannot guarantee the stop payment, will be effective. You agree any one
signing authority or other individual you have authorized may provide a stop
payment direction to the Credit Union. If you ask the Credit Union to stop payment
you will provide the Credit Union with as much information as possible to identify
the cheque including your account number, the amount, date, payee and the
number of the cheque or instrument. You understand your instructions must be
received in sufficient time for the Credit Union to act on your instructions. If you
ask the Credit Union to stop payment on a cheque or other instrument, you agree
to indemnify the Credit Union and hold the Credit Union harmless for all expenses,
costs, damages and liability which may arise from the stop payment request,
whether it is effective or not, including without limitation any expenses, costs,
damages and liability for:
a. refusing to pay the cheque or instrument;
b. making payment of the cheque or instrument contrary to the stop payment
request whether as a result of timing, notice, inadvertence, accident,
equipment failure or otherwise.
TERMS AND CONDITIONS FOR FINANCIAL SERVICES – BUSINESS
CREDIT UNION
EDF 179.01 (11/09) 2
15. COLLECTION AND USE OF INFORMATION – In providing financial services to
you the Credit Union will be collecting and gathering personal, financial and credit
information from you (Information) to: (i) verify identity of the signing authorities; (ii)
understand your needs and eligibility for products and services; (iii) open, maintain
and administer your account and provide you with financial services that meet your
needs; (iv) obtain credit reports and evaluate your credit rating and credit
worthiness; (v) administer and manage security and risk in relation to your
account and the financial services provided to you; (vi) comply with legal and
regulatory requirements; (vii) assist in dispute resolution; (viii) offer and provide
you with the other products and services of the Credit Union and of its affiliates
and service suppliers.
You understand that the Credit Union requires and may use your Social Insurance
or Business Number, as may be applicable, as an aid to identify you with credit
bureaus and other financial institutions for credit matching purposes or for income
tax reporting purposes on interest bearing or investment accounts. You also
understand that the provision of a Social insurance Number for credit matching
purposes is optional and not a condition of service.
You understand that the Credit Union needs your consent to collect, use and
disclose Information gathered about you except when the law allows the Credit
Union to do so without your consent. For that purpose you authorize, consent to,
and accept this as written notice of the Credit Union obtaining, gathering, copying,
scanning, updating, disclosing, sharing or exchanging such Information about you
at any time for the purposes described including from or with any credit bureau,
credit grantor or other entity in connection with your account and any relationships
between us or those which the Credit Union or you wish to establish. The Credit
Union may use this Information for so long as it is needed for the purposes
described. You understand that you can ask the Credit Union to stop using
Information to offer you other products or services at any time. You also
understand that you may ask the Credit Union to stop using the Social Insurance
number for credit matching purposes at any time.
You understand it is necessary to keep your Information current and you agree to
notify the Credit Union of any changes in your Information.
For the purpose of this authorization, Credit Union affiliates and service suppliers
mean Credit Union affiliates and service suppliers that are engaged in the
business of providing services or products to the public in Canada including, but
not limited to, deposits, financing arrangements, credit, charge and payment card
services, trust and custodial services, securities and brokerage services, insurance
services, electronic services, information and technology services, educational and
consulting services.
To assist in providing financial services, the Credit Union may use service
providers located in the United States. In the event that a service provider is
located in the United States, Information may be processed and stored in the
United States and United States governments, courts or law enforcement or
regulatory agencies may be able to obtain disclosure of the Information through
the laws of Canada and the United States.
16. PRIVACY – Credit Union and Privacy legislation prescribe and restrict the use of
personal, financial or credit information (Information) without consent. To obtain
details about Credit Union policies and procedures for protecting privacy of
Information and Customer rights please contact the Credit Union, Attention:
Privacy Officer.
17. SPECIMEN SIGNATURE – Signatures on the Signing Authorities and Specimen
Signature Document Agreement may be taken by the Credit Union as specimen
signatures for the purposes of dealing with the account(s). The Credit Union may
also require you to complete other signing authorities and specimen signature
documents to operate the account.
18. FACSIMILE – All Agreements and any Attachments may be signed and sent by
facsimile and executed in counter-parts and shall be as effective as if signed and
delivered as an original document.
19. CANADIAN PAYMENTS ASSOCIATION – The Credit Union may use clearing
arrangements made pursuant to the Bylaws and Rules of the Canadian Payments
Association as amended or adopted from time to time in all dealings with your
account(s). The Credit Union is not responsible for any loss occasioned by using
such clearing arrangements nor for any delay or failure to exercise Credit Union
rights or powers under such clearing arrangements.
20. JOINT ACCOUNTS – If the Applicant(s) applies to open a joint account:
a. (i) this is your joint mandate;
(ii) the account opened or maintained under this mandate shall be a joint
account, howsoever it may be named;
(iii) each of the above clauses shall be deemed to have been appropriately
changed; and
(iv) unless otherwise designated, on any other signing authority document
any signor or the survivor may withdraw or write cheques or
instruments, or process other authorized debit transactions, whether
electronic, voice response, written or otherwise, on any account. Such
withdrawal or payment is valid and shall release and discharge the
Credit Union from any liability.
b. The Credit Union is authorized to credit to the account any deposit made by
any one or more of you including all monies and the proceeds of any
instrument. The Credit Union is also authorized to credit to the account any
like deposit made by any other person for the credit of any one or more of
you. The Credit Union may endorse any instrument for any one or more of
you, and the Credit Union may charge to the account any instrument credited
as aforesaid that is returned unpaid;
c. You jointly and severally agree to pay any overdraft or other indebtedness or
liability to the Credit Union arising out of the operation of the account as
provided in this agreement;
d. In the case where the account involves two or more sole proprietors, the
account shall be without survivorship unless otherwise designated. In the
case of a partnership the survivorship shall be dictated by the partnership
agreement or partnership signing authorities document and in the absence of
any other designation shall be deemed to be without survivorship. In the
case of an entity and an individual or sole proprietor the account shall be
without survivorship unless otherwise designated.
If the account has a right of survivorship then if any one or more of the
applicants die, any monies standing to the credit of the account are to be
subject to withdrawal by the survivor or, if more than one, then by the
survivors. Where there is a separate agreement in connection with a specific
deposit the survivorship designation in that agreement shall apply; and
e. Any one of you may sign receipts for vouchers and acknowledgments of the
correctness of the account, authenticity of vouchers and release as required
by the Credit Union;
f. For the purpose of ascertaining and recording identity and providing
specimen signatures the personal information of Signing Authorities may be
recorded with and disclosed to other signing authorities.
21. INDEMNITY – If your statements, instruments, debit memos and vouchers are lost,
stolen or destroyed, you shall accept the Credit Union records as conclusive proof
of the correctness and authenticity of the items or entries so recorded therein and
agree to hold the Credit Union free from all liability and to indemnify and save the
Credit Union harmless from any loss, claim or demand made upon the Credit
Union as a result of such loss, claim or demand.
22. CHANGES TO THE AGREEMENT – The Credit Union may make changes to this
Agreement to correct clerical errors without notice to you. The Credit Union may
make other changes to the Terms and Conditions if they notify you of such
changes. The Credit Union may give you this notice by mail OR electronically and
by posting notice of such changes at the Credit Union. Use of any of the
account(s) after the effective date of the changes is your acceptance of the
changes.
23. RECORDS – The Credit Union may create and retain such records as necessary
to comply with legal and regulatory requirements including retention of telephone
or electronic instructions.
24. TRUST ACCOUNT – If a trust account is designated in the Financial Services and
Account Opening Agreement- Business or the Business Account Opening
Agreement, as the case may be, the Applicant is Trustee. The Trustee is legal
owner of the account and the beneficiary as designated in the Attachment for Trust
Account is beneficial owner of the account. You understand that the Credit Union
is not required to recognize anyone other than the Applicant as having an interest
in the account. Where the Credit Union opens an account which has been
designated as a Trust Account or similar designation whether for a specified party
or not, the Credit Union will continue to accept all instructions respecting the
account only from the Applicant and is not obliged to obtain any consent from or
see to the execution of a trust for any other person absent a specific written
agreement by the Credit Union to the contrary.
25. ATTACHMENTS – These Terms and Conditions apply to any attachments to
account opening documents.
26. ASSIGNMENT OR SALE BY CREDIT UNION – The Credit Union may transfer, by
way of assignment, arrangement, sale or otherwise, any or all of its rights under
this Agreement.
27. LIABILITY OF THE CREDIT UNION – The Credit Union is not liable for any delay,
loss, damage or inconvenience which results from providing or failing to provide a
service except where such loss results from technical problems, errors, system
malfunctions for which it is solely responsible. The Credit Union is not responsible
for any failure, error or delay by any third party. Under no circumstances is the
Credit Union responsible for any indirect, consequential, special, aggravated or
punitive damages, however, caused to you or suffered by you regardless of how
caused. The Credit Union is not responsible for any errors which result from you
incorrectly providing any account number, dollar amount or other information
required for the operation of your account(s).
