Agreement for a Tax-Free Savings Account at EQ Bank
Important information regarding your Tax Free Savings Account (TFSA Savings Account) is included below. Please review this information carefully before opening and using your TFSA Savings Account at EQ Bank.
To the EQ Bank, with warm greetings! This document contains crucial information about your Tax-Free Savings Account (TFSA Savings Account).
You agree to be bound by the following terms and conditions by opening and using your Tax-Free Savings Account. You acknowledge that you have received our disclosure Documents and agree to be bound by the terms of these Documents, including any modifications or replacements made by us from time to time.
This Agreement, along with any other agreements referred to in it, affects your legal rights and imposes certain obligations and requirements on you. You can get in touch with us if you have any inquiries about the contracts.
Save a copy of this Agreement for your files.
The Tax-Free Savings Account
A Tax-Free Savings Account (TFSA) is a tax-deferred savings account (TFSA) that meets the requirements of Section 146 of the Income Tax Act of Canada and is held by a Canadian resident or a Canadian resident who is a non Article 2 of the Canadian Income Tax Act Monthly interest is calculated from the previous month's ending balance and deposited into the Account. No minimal balance is required.
The Tax-Free Savings Account (TFSA) is designed solely for individual use. You acknowledge that your TFSA Savings Account is intended for personal use only and that we reserve the right to terminate your Account if we have reasonable grounds to believe it is being used for business or other purposes.
When you open a Tax-Free Savings Account (TFSA), you consent to receiving all notices and documents related to your Account electronically.
Definitions Used Throughout This Account Agreement
By "Account," I mean your Tax-Free Savings Account;
Referring to this EQ Bank Tax-Free Savings Account Agreement as the "Account Agreement";
We may send you automated security alert messages and opt-in alert messages via the Services' Message Center, via regular email to your primary email address, via text (SMS) message to your mobile phone number, or via any combination of these methods (collectively, "Alert Messages");
Any day that is not a Saturday, Sunday, or a federal or publicly observed holiday in Ontario is considered a "Business Day";
"Documents" means the disclosure documents you received electronically when you opened your account, such as those outlined below in Section 1 under Consent for Delivery of Electronic Documents, and including those relating to interest, fees, privacy, and/or complaints;
To transfer money electronically between your Accounts or between your Account(s) and a Linked Account is known as an "EFT."
"Electronic Communication" refers to any form of telecommunication or electronic transmission, including but not limited to: phone, email, Message Centre, text (SMS), social media, chat, fax, and so on.
"Electronic Device" means any electronic device (such as a personal computer, cellular phone, telephone, smart phone, tablet, or other similar device) that we authorize you to use to access our Services;
Deposits and withdrawals, transaction cancellation instructions, transfers (including Electronic Funds Transfers; EFTs), and any other transactions related to an Account that we may permit through our Services are all examples of "Electronic Transactions";
The term "EQ Bank" refers to Equitable Bank;
A personal deposit account held at another Canadian financial institution is referred to as an "External Account."
The words "includes" and "including" have the same meaning: they encompass but are not limited to the following:
"Instruction" means any instruction you give us through our Online Banking, Mobile Banking, or Customer Care Centre that requires electronic identification and/or security question authentication;
When you link your Account to an external personal deposit account at another Canadian financial institution, this is referred to as your "Linked Account(s)"
When we talk about the "Message Centre," we're referring to the encrypted inbox available via EQ Bank's web and mobile banking platforms.
By "Mobile Banking" or "Mobile," we refer to the mobile application developed by us or a Third Party Service Provider through which you can access the Services;
When we talk about "Online Banking" or "Online," we're referring to the website where you can access the Services.
When we talk about a "Qualifying Arrangement," we're referring to the types of agreements outlined in section 146. Section 2(1) of Canada's Income Tax Act;
A "sender" is the individual who initiates a wire transfer with a financial institution.
For purposes of this article, "Statements" refers to the monthly account statement available through Online Banking;
The term "Service(s)" refers to the use of Mobile and Online Banking via an Electronic Device;
What is a Tax-Free Savings Account (TFSA)?
When we refer to a "Third Party Service Provider," we mean an outside organization that we have hired to perform some aspect of our business.
By "website," I mean eqbank. ca; and
Those who have an Account are referred to as "you," "your," "client," "customer," or "Account holder."
Accessibility for Customers
If you want to open and keep a Tax-Free Savings Account (TFSA) with us, you need to be a citizen or permanent resident of Canada, have a physical address in Canada, and be at least the age of majority in your province or territory.
If your email address or any other piece of information in your profile changes, it is your responsibility to let us know so that we can update our records.
Disclosing Information Form
Your application for an account with us constitutes your agreement to the collection, use, and disclosure of your personal information as described in the EQ Bank Privacy Agreement. We reserve the right to update this Privacy Agreement at any time, and when we do, it will be posted on our website or in the Message Center.
By agreeing to the terms of this Agreement, you also agree to the terms of the EQ Bank Privacy Agreement, which is an integral part of this Agreement. Please read our Privacy Agreement in its entirety before creating an Account.
To the extent required by applicable federal, provincial, or territorial law or a valid court order, we may be required to disclose information about your Account to a third party. Our compliance with any such third-party demands or court orders issued on or against your Account will not result in any liability to you.
You understand that rates of interest and the means by which they are calculated may be altered at any time and without notice. We will let you know about the change in interest rate and how it will be calculated by posting a notice in the client-only section of our website or in the private Message Center.
Every dollar in your Account will start earning interest the moment it is opened. Each day, interest is added to the closing balance at the annual percentage rates specified. Monthly interest payments are due.
Regardless of the foregoing, interest on a deposit may be delayed until the following month if your Account is activated and the deposit is made on the last business day of the month. On the day of deposit, however, interest will begin to accrue on the amount.
No regular service charges are applied to the Account. Our potential charges for this Account are detailed in the TFSA Savings Account Fees & Features document. By providing your Account information, you consent to having charges made there. If we decide to increase an existing fee or implement a new one for your Account, we will let you know via email. in any manner permitted by law, which may include posting a notice on the Message Centre or the Website, at least 60 days before the change becomes effective.
Financial records can be viewed online.
Online Banking gives you instantaneous access to your most recent statement, as well as your account's transaction history and current balance.
You agree that we will not send you a paper copy of your monthly account statement.
You concur to inform EQ Bank
You agree to look over your financial records thoroughly at least once every 30 days to make sure:
- All balances and transactions are accurate;
- No invalid or unauthorized Instruments have been used to withdraw funds from the Account;
- The charges to your Account are accurate.
If you find an error, omission, irregularity, or discrepancy in your Account records, you must notify us within 30 days of the transaction record. Even if you don't check your Account transactions and balances via Mobile Banking or Online Banking at least once every 30 days, you'll still be held to the terms of this section.
We reserve the right to reverse any erroneous credits to your Account.
Funding Your Tax-Free Savings Account
You agree and recognize that
- Any funds deposited after 11:59 p.m. Eastern Time will be processed the following business day.
- You have read the EQ Bank Mobile and Online Banking Terms and Conditions in their entirety, and you agree to be responsible for your electronic device and its use.
- If you want to make a purchase, you need to make sure your Account has the money to back it up. If a payment is attempted but cannot be settled because there are insufficient funds, the loss will be your responsibility.
- Your TFSA Savings Account can receive deposits from your Savings Plus Account, your External Accounts, or a transfer from another TFSA at another financial institution.
- You agree to and accept all terms of the EQ Bank Tax-Free Savings Account Agreement.
- You understand that payments must be made in accordance with subsection 146. 2 of the Income Tax Act (Canada) to be eligible for any tax exemptions that may be available to you. When it comes to this TFSA Savings Account, you are solely responsible for keeping track of deposits. In order to determine whether or not deposits into your EQ Bank Tax Free Savings Account would result in an "excess TFSA amount" as defined in section 207 of the Income Tax Act, you must take into account all of your financial accounts, including those held with us and with other financial institutions. Any time a taxpayer is required to file a return under Schedule 1, Income Tax Act (Canada), they are required to do so in accordance When you have an "excess TFSA amount," you know that you have to pay tax every month.
Limits and Deals
Requests for Electronic Transactions may be submitted through Mobile or Online Banking, by calling our Customer Care Centre, or through any other channel that we may enable from time to time. Our EFT processing at our customer service center can handle transactions in the thousands of dollars.
Your requests for electronic fund transfers (EFTs) to or from your Linked Accounts made via Mobile Banking, Online Banking, or over the phone will be processed immediately. If your request is being handled over the phone, you may be asked for identification details before any further action is taken. EQ Bank's Online Banking, Mobile Banking, or our Customer Care Center is where you'll need to go to initiate, modify, or cancel any transactions involving an External Account.
You can expect the funds to be deposited into your Account or transferred to your External Account one or two Business Days after the EFT request has been made. No promises or guarantees can be made regarding the timely arrival of wired funds. You should know that there may be a hold placed on money even after it has been deposited into your Account. The section titled "Holds on Your Account" below will provide additional details.
When an External Account is unable to complete an Electronic Funds Transfer, the transaction request is canceled. Cash deposits are not accepted, and we cannot be held liable for cash that is lost in the mail. Checks drawn on U.S. banks or issued in U.S. dollars are accepted, but we cannot accept travelers' checks. S Money from other countries, like the dollar,
Deposits sent via wire transfer are not accepted.
A transaction may be deemed fraudulent or counterfeit at our sole discretion. If this happens, your transaction request won't go through, and your money won't be returned to you unless required by law.
Customers may be subject to individual spending, transaction, and/or account balance thresholds as well as other restrictions related to their accounts. These restrictions are subject to change at any time without notice. We reserve the right to decline a transaction if it is attempted in excess of the limits set forth herein. For more information on the dollar, transaction, account balance, and other account-related limits for various transactions, please refer to our Tax Free Savings Account Fees & Features.
With some restrictions, you can connect multiple external accounts to your account. All Linked Accounts after the first one that can be set up at Account activation can be established through Digital Banking channels such as Mobile Banking and Online Banking.
Upon confirmation that you are the account holder of the External Account, a new Linked Account will be created. Linked Accounts may not be activated for five to seven business days.
We reserve the right to decline to process a request to link an External Account or to require a check be mailed in order to complete the process, at our sole discretion.
Transfers to and from an outside account on a predetermined schedule
Repeated or regularly scheduled transfers can be made between your Account and your Linked Account(s). When you set up a recurring payment, you give us and your other financial institutions permission to move money between your Account(s) and your External Accounts on a regular basis and in accordance with your instructions. Your payment plan can be adjusted at any time per your request. Depending on when the adjustments were made, the timing of the adjustments may not be guaranteed.
Inhibitions placed on your funds
When you make an EFT deposit to our account, we reserve the right to hold the funds until we receive confirmation that sufficient funds are available at the sending financial institution to cover the deposit.
Your Account balance will increase immediately, but you won't be able to withdraw the full amount until the hold period is over. If you have funds in escrow, you will not be able to withdraw or transfer them. Depending on the size and type of deposit, funds may be held for anywhere from five to eight Business Days.
In exceptional cases, the hold period may be prolonged. Please see our Hold Funds Policy for more information, including instructions for returning a canceled check.
Access to one's account
We require that all Account instructions come directly from an Account holder. Unless you have specifically authorized a third party's access to your Account and we have consented to such access, we have no obligation to treat anyone other than the Account holder as having any interest in the Account or to seek permission from anyone else. However, if your legal representative (such as a Power of Attorney or Executor) shows legal authority to act on your behalf, we may follow their instructions instead.
A third party can gain access to your account if they: e appoint a representative (e.g., a lawyer, guardian, or other authorized person) to communicate with us and give us instructions for your Account, and we will follow those instructions Clients who require assistance managing their Accounts or who are unable to access their Accounts themselves may grant third parties access to their Accounts. Authorization from you is required before a third party can access your Account(s).
Notwithstanding anything to the contrary contained herein, if we are served with a court order that requires us to freeze funds in, or to be deposited into, an Account, or that otherwise extends to or deals with such funds or the Account, we will do so in accordance with that order. We may take whatever action is required to legally comply with the court order, and in doing so, we will not be responsible to you in any way.
Financial transactions, including clearing and settlement
Through Third Party Service Providers, we may make available instruments used for payment, clearing, collection, receiving, or otherwise, such as EFT and payment features and tools. We are not responsible for any mistakes made by these third parties or for the loss, theft, destruction, or delay in delivery of any instrument while it is being processed by or in the possession of another bank or third party. You will remain liable to us for the amount of the instrument deposited with us if payment instruments presented on your behalf by us or a third party to another financial institution are refused or the other financial institution does not provide payment.
You are free to cancel your Account whenever you like without any penalties. If payments are made after the Account has been closed, they may be rejected. Even if the transaction arrives after your Account has been closed, you are still responsible for it. In the event that you close your Account, you will not receive any deposits that would have been made had the Account not been closed. This includes any discounts or bonuses, as well as any money that was sent back because a payment or transfer was declined. We will try to get in touch with you to arrange for the return of funds after a failed transaction, but if we are unable to do so, we may give those funds to a charity or deposit them at the Bank of Canada.
If you close your Account and have a balance, we will either electronically transfer the funds to one of your Linked Accounts or mail you a check at the address we have on file. minus any past due balances or other obligations
Account or Service Suspension / Cancellation
You agree that we have the right to restrict, suspend, or terminate your Account or your access to your Account at any time and for any reason. If your Account or access to your Account is suspended or terminated, we will send you an email to the address associated with your Account.
If your Account is closed for any reason, we will pay you the remaining balance, minus any fees or other charges you owe us. Following the closure of your Account, we will not be responsible for any payments that are returned as unpaid. We will try to get in touch with you after your Account has been closed to arrange payment of any funds that have been returned due to an unsuccessful or returned transfer or payment, but if we are unable to do so, we reserve the right to make a charitable donation in your name. or to remit any such returned funds to the Bank of Canada despite our best efforts to do so.
In the event of your death or incapacity, we may take whatever action is necessary or restrict Account transactions as we see fit. In the event of your death or incapacity, we will transfer any remaining funds to your legal representative and close your Account once we receive the appropriate and required legal documents. You (or your estate) are fully responsible for any activity on the Account at all times. Unless we agree otherwise, your personal representative will assume all of your rights and duties as Account holder under this Agreement upon your passing.
If you decide to cancel your Mobile Banking or Online Banking services, you will not be charged any fees.
Once 24 months have passed with no activity in your Account, it will be marked as "dormant." "Activity" means (i) a deposit, withdrawal, or electronic funds transfer (EFT) that you made, or (ii) a log in to your Online or Mobile Banking account.
Your Account will be closed without prior notice if it has been inactive for a period of time and does not contain any funds.
You will get a Dormant Account Notice if the money in your inactive account is more than zero dollars. After the first two, five, and nine years of inactivity, the system will send a notification to the address you provided when creating your profile.
Inactive accounts with unclaimed funds after 10 years will be closed and held in custody by the Bank of Canada. The Bank of Canada receives annual transfers of all balances on December 31. You must submit a claim with the Bank of Canada in order to retrieve a transferred account balance. After nine years of inactivity, a notice will be sent out with instructions on how to retrieve the money. Up until the Account is closed, interest will be paid.
Variations to this Agreement
Without your consent or prior notice (except where such consent or notice is required by law), we reserve the right to modify or replace this Agreement at any time. Notice of any modifications will be published in the Message Center or on the Website. To the extent that you have funds in any Account or access to such funds, you acknowledge and agree that you are bound by the amended terms. Visit our site to view the current version of the Agreement. If you don't agree with the modification, you can cancel this Agreement and close your Account within 30 days of the modification's effective date without incurring any fees, penalties, or cancellation indemnity.
You understand that we may, with or without advance notice, from time to time offer promotional discounts or other benefits to some or all of our customers. You understand that we may make changes to, or even completely revoke, suspend, or cancel these promotions at any time and for any reason.
Inconsistency of Use
In the event of any inconsistency or conflict between the terms of this Agreement and the terms of any other agreement between you and us, the terms of this Agreement shall govern and control. For the purposes of the TFSA Savings Account, the terms of this Agreement will control, and the parties will take whatever action is necessary to bring the TFSA Savings Account into compliance with the terms of this Agreement.
You agree that we will not be held liable for any damages, including but not limited to damages for loss of profit, resulting from your use of, or any malfunction, cancellation, or interruption of, our services. account termination or limitations that prevent you from using the service You understand and agree that we will not be responsible to you in the event that we take any action that is permitted or authorized by this Agreement and that action results in loss to you.
You agree to indemnify us and hold us, our officers, directors, employees, agents, and affiliates harmless (innocent) from and against any loss, liability, or damage that may be incurred as a result of any claim, action, suit, or cost or expense of any kind incurred by any of the aforementioned parties as a result of your use of any product or service we provide to you or as a result of any dealings between you and us, including any claim or liability for payment of a forged or altered item.
In addition to the foregoing, you agree that we shall have no liability to you for any loss arising from:
i) an instrument with a forged or unauthorized endorsement, impersonation, or material alteration; or
ii) Instructions we follow, unless you can prove to our satisfaction that the disputed item was not yours, that you took all necessary precautions to prevent the forgery or impersonation and the resulting loss, and that despite your best efforts, the loss was inevitable.
You agree to provide us with any and all information requested during any investigation, including any investigation by law enforcement. A maximum liability equal to the amount of the disputed item, as well as the rules established by Payments Canada at the time applicable to the forgery or material alteration, including a 90-day limitation on disputes arising from material alteration, will govern any liability that we may agree to.
Canadian regulations on financial transactions
Payments Canada is tasked with creating, running, and maintaining systems for the clearing and settlement of payments between its member financial institutions on behalf of their customers (individuals, businesses, and governments). For a quick overview of your legal protections and obligations, please refer to the Payments Canada regulations outlined below. These are meant to supplement the language of the underlying Payments Canada regulations, not replace it.
The First Step: Your Permission
Your authorization for us to process electronic funds transfers (EFTs) to and from your Account in accordance with Payments Canada regulations is deemed given at the time of Account opening. You promise us that you are an authorized signer on any and all External Accounts you have at other banks.
If you want us to process debits or credits against your designated External Account(s) in accordance with this Account Agreement, you have to give us and the other designated financial institution(s) permission to do so. This approval is solely related to the means by which you will be paying us and will not affect any other agreement or service we provide. Your External Account financial institution is not responsible for confirming that debit transactions are drawn in accordance with this authorization.
Before making any EFT requests, please let us know if your External Account information has changed. You have the right to revoke this authorization at any time by contacting us. Your request to cancel will be processed within three days. This authorization is independent of any other agreement you may have with us, and its cancellation will not affect that agreement.
The use of your electronic identification (login ID and password) constitutes authorization for us to process debits to your Account(s) as requested.
Second, EFTs (or electronic fund transfers)
A electronic funds transfer (EFT) is a transfer of funds to or from your Account at one financial institution to another. To move money between accounts at different banks held by the same customer (you), these transfers can be used. Your requests and instructions regarding the amount, frequency, and timing of these transfers will be followed to a T. Simply submit an electronic funds transfer (EFT) request online by using either our Mobile Banking or Online Banking services. It is your responsibility to supply accurate information for the transfer to be completed. Transfer requests will be handled in accordance with Payments Canada regulations and the terms of this Account Agreement. Visit Payments Canada at payments.ca for more information on your legal protections and obligations in regards to PADs.
Notifications of Amendments
You concur to keep us updated on any adjustments to the External Account details before any requests are made to transfer funds. You've given us permission to withdraw money from your External Account(s) held at other financial institutions; now you'll need to provide us with the information necessary to access those accounts.
4. Details for Contacting You
Equitable Bank's headquarters are located at 30 St. West St. Clair Avenue, Apartment 700
Canada, Ontario, M4V 3A1 Toronto
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