Please take a few minutes to review this document – it contains important information about your account(s), as well as customer and Credit Union responsibility and liability.

1. INTERPRETATION – For the purposes of the Financial Services
Agreement – Business and the Business Account Opening Agreement
and other account opening documents, as the case may be, you or
you shall refer to the Applicant. The singular shall be construed as
meaning the plural and vice versa when the context so requires.
These Terms and Conditions shall extend to and be binding on my
estate, heirs, executors, administrators, successors and permitted
assigns. Unless specifically provided otherwise, all contracts and other
dealings between you and the Credit Union will be governed by the
laws of the jurisdiction where the Credit Union's head office is located.
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. ACCOUNT STATEMENTS – The Credit Union may send statements
relating to the operation of the account(s) to you by mail with or without
cheques or other 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 or any other contact information, you will advise the Credit
Union 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 errors, irregularities or
forgeries, including 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
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 from when you are deemed to have received it, 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 release the Credit Union from all claims
in respect to the account(s) and will have no claim against the Credit
Union for reimbursement even if the item charged to your account was
forged, unauthorized or fraudulent. You understand you will be
responsible for all cheques or other items which clear your account
including forged or unauthorized items, even if you have notified the
Credit Union within the 30 days described above, unless you can prove
you took all reasonable precautions to prevent the forgery or
unauthorized items and the resulting loss. You understand you are
deemed to have received each statement 5 days after the mailing date
or the date upon which it was made available to you electronically.
However, you understand that this 30 day period applies even if your
statement is delayed or you do not receive your statement for any
reason. It is your responsibility to ensure you receive your statement
and you will contact the Credit Union if you have not received your
statement for any reason within 10 days of the date upon which you
would normally receive your statement. 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.
4. INTERNAL CONTROLS & SUPERVISION – In the conduct of your
the business you agree to assume a heightened degree of responsibility
for safeguarding your accounts, cheques, and banking access. You
agree to have in place systems, procedures, and controls, effective to
prevent and detect theft of instruments, compromise of controls over
electronic access and banking information or losses due to forgeries or
frauds involving instruments and electronic communications and banking transactions, including without limiting the generality of the
foregoing :
a. ensuring that all instruments, cheque imprinters and facsimile
signature devices and passcodes or other electronic banking
controls are kept secure and that designated individuals are
responsible for them at all times;
b. conducting periodic audits of instruments and electronic banking
controls; and
c. ensuring that the individual responsible for doing statement
the reconciliation shall not be the individual who is responsible for the
security or preparation of instruments or electronic banking
controls.
You will also have a heightened degree of responsibility to monitor the
conduct of all employees and agents having any role in the preparation
of your instruments, statement reconciliation and electronic banking.
You agree that the Credit Union shall have no responsibility or liability
whatsoever for any loss due to a forged or unauthorized signature or
unauthorized electronic banking transaction or communication and you
release the Credit Union from all claims unless you report it to the
Credit Union in accordance with paragraph 3 above and you prove
each of the following: (i) that the forged or unauthorized signature or
unauthorized electronic banking transaction or communication 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
a signature or unauthorized electronic banking transaction or
communication and the loss arising therefrom; and (iv) the loss was not
caused by your negligence, fault or willful misconduct.
You agree you are responsible for verification of the authenticity and
the validity of all cheques and instruments both deposited and drawn on
your account(s). The Credit Union shall have no duty, responsibility or
obligation to review, examine or confirm the payee name,
endorsement, signatures, amount or other information appearing on
any cheque or other instrument and you release the Credit Union from
all claims concerning the number of endorsements or signatures
required on any cheque or other instrument even if the Credit Union did
not verify the information. For clarity, where more than one to sign is
specified, this is for your own internal control purposes only. The
Credit Union does not monitor for multiple signatures and may honour,
rely and act upon only one authorized signature.
5. 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 and/or authenticate identity of the signing authorities; (ii) better
understand your financial situation and your needs and eligibility for
products and services and manage your relationship with the Credit
Union; (iii) open, maintain and administer your account and provide
you with financial services that meet your needs and to conduct
research and surveys to assess your satisfaction with the Credit Union,
its products and services; (iv) obtain credit reports and evaluate your
credit rating and creditworthiness and check references; (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 partners, 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
the purpose you authorize, consent to, and accept this as written notice of
the Credit Union obtaining, gathering, copying, scanning, updating,
using, 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 and including with Credit Union partners, affiliates
or service suppliers for the purposes described in (viii) above. 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.
You acknowledge that 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. You undertake and agree to ensure all signing authorities
are aware and have consented to such disclosure.
For the purpose of this authorization, Credit Union partners, affiliates
and service suppliers mean Credit Union partners, 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
cloud providers or other service providers located outside of Canada.
In the event, a cloud provider is used or a service provider is located
outside of Canada, Information may be processed and stored outside
of Canada and foreign governments, courts or law enforcement or
regulatory agencies may be able to obtain disclosure of the Information
through the laws of Canada and the foreign jurisdiction.
If you are a US citizen or you are a tax resident of the United States or
another foreign jurisdiction, you understand the Credit Union may be
required to disclose your information to the Canada Revenue Agency
(“CRA”) and CRA may share and exchange your information with
government, tax or other regulatory authorities of the foreign
jurisdiction.
6. 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 the privacy of Information and Customer rights, please
contact the Credit Union, Attention: Privacy Officer.
7. ELECTRONIC COMMUNICATION - If you provide the Credit Union
with a fax number, email address, cell phone number or contact
information for any other electronic communication medium, you are
consenting to and authorizing the Credit Union to communicate with
you electronically via that medium and to accept and act upon the direction
received via that medium. You recognize such electronic
communications may not be completely secure and you agree to
accept that risk and to take such steps you deem necessary to ensure
the medium is secure. You acknowledge and agree that the Credit
The union may, in its sole discretion, require additional instruction,
documentation and/or verification before accepting or acting upon any
electronic communication from you. You acknowledge and agree that
the Credit Union may not be responsible for any damages you may
incur in the event that: (i) a third party obtains access to confidential
information via the electronic communication exchange; or (ii) the Credit Union acts upon an unauthorized electronic banking transaction
or communication received via that medium.
8. 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 posting on the Credit Union’s website (if
applicable) AND either by mail OR electronically if you bank
electronically. Use of any of the account(s) after the effective date of
the changes is your acceptance of the changes.
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 other debit items or outstanding service charges or if, in the
Credit Union’s opinion, there is illegal, unusual, improper or suspicious
activity in your account(s). 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. 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.
11. STOP PAYMENTS – If you ask the Credit Union to “stop payment” on
a cheque or other debit item 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
the 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 or other item including your account number, the
amount, date, payee and the number of the cheque or item. You
understand your instructions must be received insufficient time for the
Credit Union to act on your instructions. If you ask the Credit Union to
stop payment on a cheque or other item, 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 item;
b. making payment of the cheque or item contrary to the stop
payment request whether as a result of timing, notice,
inadvertence, accident, equipment failure or otherwise.
12. 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), whether single or jointly owned, 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’s negligence, the Credit Union may charge the same to your
account(s).
13. 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.
14. 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 honored 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).
15. ASSIGNMENT OF ACCOUNTS – No assignment of any account other
than to the Credit Union is valid or binding upon the Credit Union.
16. 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.
17. 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 or other electronic and mobile banking services or mediums.
The terms of any ATM, member or debit card agreement or any
electronic services agreement or the like will also apply when you
access your account through the services or mediums described in
such agreements. 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 or the ownership of the
account. The Credit Union may also apply to court for directions or pay
the funds into court. The Credit Union will be entitled to fully recover
any costs or expenses incurred by it arising from any such dispute over
the funds in your account.
18. APPOINTING AN ATTORNEY - If you are an individual, you may
appoint a power of attorney to act for you in respect of your account.
However, the Credit Union, in its sole discretion, may require additional
documentation and/or verification before accepting a power of attorney
or acting upon the instruction of any attorney or processing any
transaction by the attorney. You consent to your attorney having the
same right of access to your account(s) as you do, including to any
joint account(s) and including to any previous account history. You
agree to indemnify and save the Credit Union harmless from any
claims associated with or arising from the actions of your attorney in
respect of your account(s).
19. PRE-AUTHORIZED DEBIT ARRANGEMENTS – You may make
arrangements with a third party to have payments withdrawn from your
account and sent directly to that third party on a regular basis. You
recognize that such arrangements are separate arrangements between
you and the third party and that you must ensure that the account
the information which you provide to the third party is accurate and that
you are responsible to notify the third party of any relevant changes to
your account information. You also acknowledge that the Credit
Union's role with respect to any claim you may make for
reimbursement of any pre-authorized debit is solely to forward the complaint to the proper authority under the Canadian Payments
Association Rules related to such arrangements.
20. DISHONOURED CHEQUES OR DEBIT ITEMS – The Credit Union
may debit the account(s) for all dishonored cheques or other debit
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 or other item. You waive, presentment, protest and notice of
the dishonor of each such document where there is an endorser other
than you.
21. SPECIMEN AND ELECTRONIC SIGNATURE – Signatures on the
Signing Authorities and Specimen Signature Document Agreement or
on identification or other documentation presented to the Credit Union
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. Account opening
documents may be signed and delivered electronically or by other
similar means and may be executed in counterparts, all of which shall
be as effective as if signed and delivered as one original document
with original signatures.
22. DIGITAL IMAGES OR ELECTRONIC REPRESENTATIONS –
REMOTE CHEQUE CAPTURE - You acknowledge that digital images
or electronic representations of cheques or other instruments may be
made or captured and used by financial institutions involved in the
exchange or clearing of payments, in which case the original paper
item may be destroyed and not returned to you. The Credit Union is
entitled to act upon such images or representations for all purposes as
if they were paper items. The Credit Union may reject any cheque or
other instruments that does not comply with the Credit Union’s policies
and standards. If you have cheques printed by a vendor not approved
by the Credit Union or use security features or otherwise complete the
cheque or other instruments in a manner that causes critical data to
disappear or obscure upon imaging, you agree to bear the risk of any
loss, damage or expense.
23. 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.
24. 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.
25. 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.
26. FOREIGN CURRENCY TRANSACTIONS - Any foreign currency
the transaction will result in the foreign currency being converted to
Canadian dollars at the exchange rate in effect on a date determined
by the Credit Union, which may be different from the date you request
the transaction. If a foreign currency transaction must be reversed, for
any reason, you will be responsible for any loss or cost associated with
the currency exchange and the Credit Union may charge this loss or
cost to your account. The Credit Union is not responsible for any
increase or reduction in the value of your account due to changes in
foreign currency exchange rates or for the unavailability of funds due to
foreign currency restrictions.
27. ATTACHMENTS – Any attachments form part of the account opening
documents and these Terms and Conditions apply.

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. 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).
30. JOINT ACCOUNTS – If the Applicant(s) has a joint account, this is
your joint instruction and the account operated under this instruction
shall be a joint account, regardless of how it may be named. Also:
a. Unless otherwise designated on any other signing authority
the document, any signor 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 other 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. Where there is a separate agreement in
connection with a specific deposit the survivorship designation in
that agreement shall apply.
If the account is owned jointly without survivorship, upon the death
of one of you, the account shall be paid upon joint direction from
the remainder of you and the legal representatives of the estate of
the deceased. If the account is owned jointly with right of
survivorship that means that if one of you dies, all money in the
account automatically becomes the property of the survivor(s) and
after your death, the Credit Union will only have obligations with
respect to the account to the survivor(s), and anyone else making a
claim against the account must deal with the survivors(s). Despite
the above, if one of you dies, the Credit Union, in its sole discretion,
may refuse to release funds in your accounts until it receives joint
direction from the survivor(s) and the legal representatives of the
deceased. The Credit Union is authorized to release any
information related to your joint account(s) or other joint dealings
with the Credit Union to the legal representative or the deceased
joint owner up to the date of death. You indemnify and hold the
Credit Union harmless from any responsibility, claim or loss
whatsoever arising from or relating to the payment of funds from
your joint account;
e. Any one of you may sign receipts for vouchers and
acknowledgments of the correctness of the account, the authenticity of
vouchers and release as required by the Credit Union

31. TRUST ACCOUNT – If a trust account is designated in the account
opening documents, the Applicant is Trustee. The Trustee is legal
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
trust for any other person absent a specific written agreement by the
Credit Union to the contrary.