STANDARD TERMS AND CONDITIONS This document contains the Standard Terms and Conditions (“Terms”) for operating your Credit Union Account (as defined below) with Monspace Credit Union & Trust (“Credit Union”). Please take the time to read this document carefully. By using the Account, you accept and agree to follow these Terms. These Terms replace any existing agreement(s) between you and the Credit Union relating to an Account, except as otherwise provided for in these Terms. These Terms may cover more Account services than you are currently using but once you are accepted for and use those additional services; your use of those services is your acceptance of and agreement to be bound by the Terms that govern such services in these Terms and any other agreements that may apply to that Account service. In exchange for the Credit Union agreeing to provide the Account and offer services related to the Account, you agree as follows:
“Account” means each personal deposit account that you already have and each Account that you ask the Credit Union to open for you when you sign the Personal Membership and Financial Services Agreement and each Account that you subsequently open under this membership.
“Account Access Device” means any device used to access any Account including without limitation an ATM, a computer, a telephone, a Mobile Device, and any other such device the Credit Union may from time to time permit you to use to access the Account.
“Agreement” means the Standard Terms and Conditions, along with the Personal Membership and Financial Services Agreement.
“ATM” means an Automated Teller Machine.
“Contaminant” means a computer virus, worm, lock, mole, time bomb, Trojan horse, rootkit, spyware, keystroke logger, or any other malicious code or instruction which may modify, delete, damage, disable, or disrupt the operation of any software or hardware on any Account Access Device
“Debit Card” means a plastic card that provides the cardholder electronic access to his or her Account at the Credit Union.
“Deposit Anywhere™” means the remote deposit capture service provided by the Credit Union, and accessed through Online Banking that allows you, using a Mobile Device or any other means authorized by the Credit Union in its sole discretion from time to time, to create, transmit, and receive to the benefit of the Credit Union, an Official Image for deposit to the Account.
“Direct Services” means the services offered by the Credit Union from time to time that let the account holder access to the Account using an Account Access Device. However, Direct Services do not include card services such as Debit Cards or smart cards, including those provided by a Third Party.
“Eligible Item” is a deposit item that is an Official Image of a paper based Instrument, complete and immediately payable to you as payee, and is a cheque in US Dollars and drawn on a US branch of a financial institution operating in United States. For the purposes of these Terms, stale-dated Instruments, post-dated Instruments, third party Instruments (is a cheque that is made payable to someone other than the account holder and is signed over to you), or any Instrument that has been altered after it has been completed shall not qualify as Eligible Items.
“Estate Account” means an Account that will be opened to settle the affairs of a deceased person. “Instrument” means, among other things, a cheque or other bill of exchange, promissory note, money order, order for payment, bill payment remittance, bankers’ acceptance, coupon, or item of deposit or withdrawal of a similar nature and its electronic equivalent, including electronic debit or credit instructions or other similar payment Instruments, whether negotiable or non-negotiable.
“Joint Account” means that more than one person has signing authority on the Account.
“Mobile Device” means any Account Access Device that is a portable hand-held device or tablet, mobile telephone and any other similar portable device that the Credit Union may permit to be used to access an Account.
“Notification” means a written notification generated by or on behalf of the Credit Union that provides, to you notice of a pending or completed transaction or a summary of the balance of the Account, including notifications issued by email or SMS text messages to any of your email addresses or cellular devices on record with the Credit Union.
“Official Image” means an electronic image of an Eligible Item, either created in accordance with the provisions of these Terms or otherwise complies with the requirements to permit negotiation and clearing of that Eligible Item in accordance with the by-laws, standards, or Rules of the United States Payments Association.
“Online Banking” means all of the services available from time to time made available online via the internet by the Credit Union or through the Credit Union’s mobile banking apps, using an Access Account Device through the use of a Password that let the account holder access their Account.
“Online Service Agreement” means the agreement that governs the use of all Online Banking services including the terms and conditions that are contained in the Direct Services Agreement-Personal Accounts.
“Partner Organizations” means co-operative companies and/or other similar organizations that support credit union goals and values and provide useful and valuable products and services to our members.
“Password” means the personal access code (PAC) or word used to access your Account.
“PIN” means personal access number used to access your Account with a Debit Card.
“Privacy Code” means the Credit Union Code for the Protection of Personal Information.
“Shares” mean common shares issued by the Credit Union.
“SIN” means Social Insurance Number.
“Telephone Banking” means banking services available from time to time by telephone;
“Third Party” means any person, firm, corporation, association, organization, or entity other than the Credit Union.
“Trust Account” means an Account that has been opened for the benefit of another and managed by an individual called a trustee.
“You” and “Your” means each person who has signed the Personal Membership and Financial Services Agreement and “all of you” means both or all such persons as applicable.
“We”, “our” and “us” means the Credit Union.
These Terms apply to your Credit Union Account, whether existing or future, operated or to be operated by you (whether solely or with others) unless any specific terms and conditions applicable to an Account provide otherwise. These Terms replace the general terms which may have previously applied to your Account; however, they do not apply to any product offered by any related entity of the Credit Union.
By operating your Account with the Credit Union you acknowledge that you accept these Terms.
Unless the Credit Union consents, you agree that your Account is to be used as a personal account only and not for business or other no personal uses. If you use your Account for business or other no personal uses, the Credit Union may charge you fees for business banking services.
The Credit Union may permit you to access an Account and conduct transactions through Account services, including services that require an Account Access Device or a Debit Card. These services may be subject to the terms of the relevant agreements governing such access, including the Online Service Agreement and the Debit Card/Personal Identification Number Agreement. The Credit Union does not represent or warranty that any particular Account feature, service or means of Account access is available or will be available or remain available at any time in the future.
The Credit Union may from time to time add or delete from types of use permitted by Account Access Devices or Debit Cards and any particular Account feature or service offered for the Account and shall not be liable to you for any loss or change in such services.
The Credit Union may from time to time set one or more limits that apply to your use of Account Access Devices or Debit Cards, Account transactions and services.
The Credit Union may change these limits at any time, sometimes without notice. These limits may include restrictions on amounts or types of transactions that may be conducted as the Credit Union may determine.
Relationship with specific terms and conditions:
These Terms are to be read in conjunction with the specific terms and conditions of any Account or service provided with an Account. If there is a conflict between any specific terms and conditions and these Terms, then the specific terms and conditions will prevail.
Applicable law and jurisdiction:
Any Account that you hold with the Credit Union; your membership with the Credit Union; and these Terms are governed by the laws of the Province in which the Credit Union is located and the laws of Canada, and the Courts in that province shall have jurisdiction to hear and determine disputes in respect of the above.
For your membership, you acknowledge that you are required to purchase and maintain the prescribed number of Shares in the Credit Union and to pay the purchase price in cash.
Rules and By-laws:
Your ownership of the Shares will be subject to the Rules and by-laws of the Credit Union and applicable provincial statue and regulations passed under it.
You acknowledge that the Shares represent ownership in the Credit Union and that the value of the Shares is neither guaranteed nor insured. You acknowledge that Shares may not be eligible for redemption until you have closed each Account under this membership and ceased using all services. You further acknowledge that the timing of the redemption of Shares and the payment of their value is at the sole discretion of the Credit Union.
Verification of identity:
The Credit Union may from time to time require proof, to its satisfaction, of your identity and that of any person authorized to operate your Account.
Instructing the Credit Union:
The Credit Union may in its sole discretion and subject to conditions allow you to give instructions in respect of your Account by cheque, telephone, facsimile, card or computer or by any other written, electronically communicated or verbal method acceptable to the Credit Union. Except as otherwise required by law, the Credit Union may give effect to operations on an Account authorized by a deceased person prior to his or her death. You are responsible for any loss or damage if money is paid or transferred to the wrong person, company or account pursuant to your instruction and the Credit Union is not required to retrieve or return the money to you. Once we have processed a transaction pursuant to your instruction, you cannot cancel it. The Credit Union may require you to provide further written indemnities before making any instruction method listed above available to you.
Any person you wish to authorize to instruct the Credit Union in writing with respect of your Account must complete and sign the Agreement and must provide the Credit Union with a specimen signature. You may be required to use the Credit Union’s standard forms (which are available at Credit Union branches) when instructing it.
Except as provided in the specific terms and conditions of any Account, an Account may be operated by deposits, withdrawals, transfers, direct credits, direct debits, automatic payments, or any other type of payment authority acceptable to the Credit Union. Specific terms and conditions may apply.
If the Credit Union makes a mistake in complying with your instructions or otherwise affecting your Account, the Credit Union will either return the amount including service charges or withdraw the amount from your Account including interest, whichever may apply in the circumstance(s).
If the Credit Union processes or has cause to have processed an Instrument with a forged or unauthorized signature, you must notify the Credit Union within 30 days from the date on your statement and if you fail to do so then you agree that you are responsible for the amount of the Instrument and the Credit Union shall have no responsibility or liability to you whatsoever for any loss due to a fraudulent, forged or unauthorized signature regardless of negligence, fault or wrong doing by the Credit Union or any person the Credit Union is responsible.
You agree that you have authorized the Credit Union to act in accordance with your instructions in respect of an Account. You acknowledge that the Credit Union may decline to so act where the Credit Union considers it has good reason, in its sole discretion, to do so, in particular, the Credit Union will not be obliged to act in accordance with your instructions where:
You agree that the Credit Union may accept and act according to the instructions of a legal representative demonstrating legal authority to act on your behalf where such authority may include by way of power of attorney or notarized copy of a will.
Any legal representative will have access to the previous Account history and transaction details for the Account and all joint account holders (if applicable) agree to this access being provided.
Offset and combination:
You authorize the Credit Union at any time and without notice, to combine the balance of one of your Accounts with the balance of any other of your Accounts, so as to treat all of your Accounts with the Credit Union as a single balance; there will be no implied agreement to the contrary. If you owe any money to the Credit Union which is due but unpaid, whether it is owed alone or with others, you authorize the Credit Union, without prior notice, to apply any credit balance in any Account, or any other amount the Credit Union owes to you howsoever that debt is noted, towards the unpaid amount. For this purpose, you authorize the Credit Union to transfer funds from one Account to another (including any Joint Account that you can operate individually), to use funds in one currency to buy another currency and to break any term deposit. The Credit Union may do this without prior notice and in the order, and as often, as the Credit Union determines in its sole discretion.
You authorize the Credit Union to record any telephone calls between you and the Credit Union and to retain such recordings.
The Credit Union may agree that in certain circumstances you may authorize one or more persons individually to operate your Account by completing the relevant sections of the Agreement. You must ensure that any authorized person operates each relevant Account in a proper manner and you agree that the Credit Union owes neither you nor any other beneficiary of the Account any fiduciary obligation or standard of care.
These Terms will continue to apply until the Credit Union gives you notice of any changes to them. Notice of any changes will be given to you within a reasonable period before the changes become effective, either at your most recent address as shown on the Credit Union’s records, by posting notice at the Credit Union’s premises, by personal delivery, or by any other means the Credit Union, acting responsibly, considers appropriate to bring the change to your attention. You are responsible for regularly reviewing the Terms. If you use the Account after the effective date of an amendment of the Terms, it will mean that you agree to the amendment and adopt and are bound by the newer version of the Terms.
The Credit Union is not liable to you or any person for any delay, loss, lost profit, lost business or any loss, damage or inconvenience claim relating to the Account or arising or resulting from the Credit Union’s actions, activities or processes pursuant to this Agreement regardless of any negligence, fault or wrongdoing by the Credit Union or any person the Credit Union is responsible.
Deposit holds and verifications:
You acknowledge and agree that the Credit Union has the right to place a “hold” on all or part of the proceeds of any Instrument deposited to the Account, and to defer your right to withdraw funds represented by such a deposit. All deposits are subject to verification and acceptance by the Credit Union and, if not accepted, or if accepted but subsequently determined to be in error, unauthorized, or worthless, the Credit Union may reverse them from the Account. Verification may take place at a date later than the date you authorized the deposit, which may affect the deposit date. We have the option to send any negotiable item on collection rather than hold the proceeds.
The Credit Union may adjust a deposit to an Account at any time (even if the adjustment creates an overdraft or results in an Account being overdrawn in excess of your Overdraft Protection limit) if an Instrument is dishonoured, not paid or paid but subsequently returned for any reason whatsoever. The Credit Union may also adjust an Account to correct amounts credited to an Account by mistake or that we suspect could be the result of any fraudulent, unlawful or improper activity or to correct amounts paid to you in cash for an item that was subsequently returned to us as unpaid. You waive presentment for payment, notice of dishonour, protest and notice of protest on all Instruments requiring such action. Ownership of funds: Unless you instruct the Credit Union otherwise in writing, you acknowledge that you are solely entitled to the funds in your Accounts, that they belong to you and do not belong to any other person and that no other person has any legal or beneficial interest in them.
When you wish to stop a cheque or other payment you must notify the Credit Union, which will advise you of any further requirements. The Credit Union will use its best efforts to honour your stop payment request; however, we cannot stop payment if the amount has already been deducted from your Account. If the stop payment is not made, you are responsible for the full amount of the payment and the Credit Union is not liable to you.
Deposits instructed to be applied for specific purposes:
The Credit Union is not obliged to act on or verify compliance with an instruction to apply a deposit for a specific purpose or subject to any condition and the Credit Union will not be responsible for applying a deposit contrary to any instruction.
Fees and interest calculated on a foreign currency account will be charged or credited to that Account in that currency. Foreign currency cash withdrawals, transfers or point of sale transactions on a Canadian Account will be made using the exchange rate that is in effect on that day for that currency. Foreign currency accounts do not qualify for deposit insurance.
Fees and charges:
You will pay the fees and charges that the Credit Union established for the Account. You authorize the Credit Union to debit your Account with all fees and charges that are payable in respect of your Account and any services provided to you by the Credit Union. You also authorize the Credit Union, to debit your Account with any governmental fees or charges, recovery costs and any other amount owed to the Credit Union by you. The Credit Union may from time to time modify the fees and charges for the Account or introduce new fees or charges and post notice of such changes in branches or on the Credit Union’s website. The Credit Union may, on 30 days’ prior notice to you, change any of our fees and charges. If you use your Account or services after the change in the fees and charges, you are deemed to have agreed and consented to the change. Current fees and charges for the Account may be obtained by contacting the Credit Union.
You will pay the fees and charges imposed by a Third Party. You acknowledge that a Third Party, including but not limited to internet service providers, mobile phone companies, wireless carriers and other financial institutions may also charge fees for their services that you may use to access the Account and conduct transactions at the Credit Union. You agree that any such Third Party service fees must be paid by you and are in addition to any fees the Credit Union may charge to conduct transactions or perform any Account services under these Terms.
You must pay, on demand, amounts due and any costs associated with collection or attempted collection of amounts due whether in respect of an Account or the Credit Union’s costs in enforcing its rights under this Agreement including collection agent’s costs and actual out of pocket legal costs.
Account operation – costs and legal fees:
You agree to pay the Credit Union for any cost the Credit Union may incur relating to the administration or operation of the Account, including costs incurred:
The above costs include legal fees (on a solicitor and client basis), fees for administrative time, communication costs, transmission or delivery costs, and costs for retrieval and copying of documents. The Credit Union may charge these costs to any Account you hold with the Credit Union.
You agree that the Credit Union may debit from your Account any amounts authorized by law and that this deduction may be made at a rate specified by legal authority. For non-residents the Credit Union may deduct a non-resident withholding tax.
Use and return of forms:
Cheque forms and other forms encoded by the Credit Union with an account number must not be used to access or operate any other Account. Where you would be entitled to the return of any form, the Credit Union may at its discretion provide you with a copy instead of the actual form.
The Credit Union may determine in its sole discretion the order of priority of payments from any Account.
The Credit Union will pay interest on interest bearing Accounts at the rate and payment frequency that applies to that Account. This information will be posted on the Credit Union’s website and in Credit Union branches however, the Credit Union can change this information from time to time upon notice.
If the Credit Union receives or holds any property, items or documents for you for any purpose you agree and grant the Credit Union a security interest over the property, item or document as security for any amount you owe to the Credit Union (whether alone or with any other persons) under any Account.
Rights to your accounts:
You may not assign, mortgage, charge or declare a trust of any rights to your Account, including any credit balances, without prior written consent of the Credit Union. Bill payments: Whether you use an Account Access Device, a Debit Card or an in branch transaction to pay a bill, you acknowledge and agree that:
Service, account and system disruption risk:
You acknowledge that the availability of Account services, including services requiring an Account Access Device or a Debit Card depends on telecommunications systems, computer hardware and software, and other equipment, including equipment belonging to the Credit Union and Third Parties, and as a result the Credit Union cannot guarantee the provision of uninterrupted Account access and service. The Credit Union is not liable for any cost, loss, damage, injury, inconvenience, or delay of any nature or kind whatsoever, whether direct, indirect, special, or consequential, that you may suffer arising from non-continuous or interrupted Account service or the Credit Union providing or failing to provide any particular service, or from the malfunction or failure of telecommunication systems, computer hardware or software, or other equipment, or other technical malfunctions or disturbances for any reason whatsoever, nor is the Credit Union liable for any lost, incomplete, illegible, misdirected, intercepted, or stolen messages, or failed, incomplete, or delayed transmissions, or online failures (collectively, “Interruption Claims”), even if you have advised the Credit Union of such consequences. You release and agree to hold the Credit Union harmless from any and all Interruption Claims.
Liabilities for Unauthorized Transactions – Online Banking Security Guarantee
Procedures for addressing unauthorized transactions:
In the event of a problem with a Direct Services transaction or an unauthorized Direct Services transaction, you will report the issue immediately to the Credit Union. The Credit Union will investigate and respond to the issue on a timely basis. The Credit Union will not unreasonably restrict you from the use of the Account subject to dispute, as long as it is reasonably evident that you did not cause or contribute to the problem or unauthorized transaction, has fully cooperated with the investigation, and has complied with these Terms and the Online Service Agreement. You agree and acknowledge that any and all expenses related to the investigation are your responsibility. The Credit Union will respond to reports of a problem or unauthorized transaction within 10 business days and will, within a reasonable period of time thereafter, indicate what reimbursement, if any, will be made for any loss incurred by you. Reimbursement will be made for losses from a problem or unauthorized transaction in this time frame provided that you have complied with these Terms and the Online Service Agreement and on the balance of probabilities it is shown that you took all reasonable and required steps to:
We are not responsible for and we will not reimburse you for losses to your Account(s) if:
Access Device Security:
If Direct Services are made available through the Internet or a telephone service provider, you acknowledge that, although the Credit Union uses security safeguards to protect against loss, theft, and unauthorized access, because of the nature of data transmission, security is not guaranteed and information is transmitted at your risk. You acknowledge and shall ensure that any private Account Access Device used to access Direct Services is auto-locked by a password to prevent unauthorized use of the Account Access Device, has a current anti-Contaminant program, and a firewall, and that it is your personal responsibility to reduce the risk of Contaminants or online attacks and to comply with this provision. You further acknowledge that to reduce the risk of unauthorized access to the Account through the Account Access Device, you will sign out of Direct Services and, where applicable, close the browser when finished using it. You further acknowledge that you will not use public or shared computers, Account Access Devices, open Wi-Fi or shared Bluetooth portals to access Direct Services
Cheques and cheque imaging:
You acknowledge that the Credit Union has implemented a cheque imaging program and that the physical cheques and other Instruments are not returned. The Credit Union may provide in its discretion copies of images of cheques and other Instruments, with the statement of account. In addition, Online Banking may permit you to view and print images of cheques and other Instruments drawn on your Account. You acknowledge that such copies or images may be made available before the Credit Union has determined whether the cheque or other Instrument will be honoured or accepted. You acknowledge and agree that such copies or images are made available by the Credit Union as a service to you and the provision of such images does not mean the cheque or Instrument has been processed or in any way oblige the Credit Union to honour or accept the cheque or Instrument.
The Credit Union will provide you with an account statement with or without copies of imaged cheques, notices and other items to your last known address which shows the value and activity on your Account for a given time period. The Credit Union may in its discretion, change the frequency or method of distribution of account statements. If the Account is a Joint Account, each joint account holder agrees that the Credit Union may mail the statement of Account to the account holder first named on the Account as the applicant as sated on the Agreement. It is this account holder’s responsibility, as between joint account holders, to distribute Account statements to the remaining joint account holders.
If you do not notify the Credit Union of any irregularity, omission or error in your account statements within the time periods specified in these Terms, then you agree that the entries, charges, Instruments paid on your Account are proper and correct as noted in the account statement and you release and indemnify the Credit Union from any claims in respect of the Account.
You may request that no account statement is to be mailed by the Credit Union to you. If you request no account statement, the Credit Union may where have permitted by law; discontinue mailing statements of account to you. In such event, you acknowledge that it is thereafter your responsibility to verify, by use of Online Banking, or by other means available by the Credit Union, that there are no errors, omissions or irregularities with respect to the entries posted to the Account. You agree to conduct such verification on a regular (not less than monthly) basis.
You acknowledge that it is your responsibility to check your account statements every 30 days to ensure their accuracy and advise the Credit Union within 30 days of the statement date of any error, omission or irregularities with respect to the entries posted to the Account.
If you have requested and receive an account statement at a frequency other than monthly or you have requested and use a passbook, you acknowledge that it is your responsibility to verify, by use of Online Banking, or by other means available by the Credit Union, that there are no errors, omissions or irregularities with respect to the entries posted to the Account. You agree to conduct such verification on a regular (not less than monthly) basis.
Records of Credit Union conclusive:
The records of the Credit Union shall be conclusive for all purposes in respect of any instructions given by you in respect of the Account.
Closure of Accounts:
You may close an Account at any time, subject to any specific terms and conditions which apply to that Account including service charges. The Credit Union may close or suspend an Account, in the Credit Union’s sole discretion at any time on reasonable notice being given if:
in which case you will be required to reimburse the Credit Union for any expenses which are incurred in connection with any of these matters. In either case, you will continue to be liable for any outstanding debts or obligations in respect of an Account up and until the date of suspension or closure of the Account and agree to repay any amount due or likely to be due immediately without further demand from the Credit Union, and such debt or obligation will continue until it has been satisfied. The Credit Union will not be liable for any consequences of the suspension or closure of any Account and you indemnify the Credit Union for all costs, damages and charges if it does in respect of suspending or closing an Account or not suspending or closing an Account when it could have done so.
Deposit Anywhere allows you to make deposits to Accounts by taking a picture of the front and back of cheques and certain other Instruments using a Mobile Device and delivering to the Credit Union an Official Image together with associated deposit information.
Solely for the Deposit Anywhere service, the Credit Union appoints you as its agent, to act on behalf of the Credit Union in the creation and transmission of an Official Image to the Credit Union. In addition, you agree, at the specific request of the Credit Union, to perform any other related duties that may be required by the Credit Union, under the rules of the United States Payments Association. As the Credit Union’s agent, transmission to and actual receipt by the Credit Union of the Official Image will have the same effect as if the negotiable Instrument was delivered to a branch of the Credit Union for negotiation and clearing. You acknowledge and agree that this role as agent cannot be further delegated by you. On first use and on each subsequent use of Deposit Anywhere, you, personally, and on behalf of all joint account holders agrees to the terms and conditions of use of Deposit Anywhere as set forth in these Terms and the Online Service Agreement as it may be amended from time to time.
You agree to only image and seek to deposit items that qualify as Eligible Items. Specifically, you may image and seek to deposit only original paper cheques drawn on a financial institution located in Canada and payable in United States Dollars.
You agree not to image and seek to deposit:
You agree to immediately after imaging and transmitting the Instrument using the Mobile Deposit Service, you will mark the front of the Instrument with the word “DEPOSITED” and will retain the cheque for at least 90 days, but no more than 120 days after the deposit.
Password or PIN:
Where you are able to access an Account by Password or PIN, you will be responsible for keeping your Password or PIN secure. In particular, you must:
Subject to complying with its duty to exercise reasonable care and skill but otherwise irrespective of anything else stated in these Terms, the Credit Union:
The Credit Union will not be liable for:
The additional specific terms and conditions in this clause 9 apply to each Account held jointly.
Where you are a party to a Joint Account and the Credit Union receives a deposit (whether by cheque, draft, bill of exchange or other Instrument or payment authority) in your favour, the Credit Union may credit it to your Joint Account, unless instructed in writing to pay it into a separate Account in your name.
Operating Joint Accounts:
Any one joint account holder can operate and instruct the Credit Union to act in respect of the Joint Account separately, unless all account holders have given the Credit Union written instructions to the contrary. This means, without limiting the generality of the foregoing, that any one of the joint account holders may withdraw all of the money credited to the Joint Account or incur maximum debt allowed against the Account. The Credit Union may in its discretion require all joint account holders to sign any instructions or other documents.
If any joint account holder dies; the remaining account holder(s) automatically become(s) the holder(s) of all funds in the Joint Account and have full authority to operate the Account. The Credit Union will treat any credit balance in the Joint Account as payable and belonging to the surviving joint account holder(s) and the Credit Union will incur no liability in paying or delivering such funds to such person(s).
Joint and Several Liability:
Each joint account holder is jointly and severally liable for the obligations of each joint account holder under these Terms and the whole of the amount owing to the Credit Union in respect of a Joint Account and for any losses, damages suffered by the Credit Union or claims, demands, or actions against the Credit Union in respect of the operation and use of the Joint Account. This means, without limiting the generality of the foregoing, that the Credit Union can require each joint account holder to pay either a part or all of such amount. If you or the other joint account holder(s) die, any liability to the Credit Union will not be discharged as a result of that death. Notice given to one joint account holder is deemed to be sufficient notice to all joint account holders.
Joint Account Information:
If the Account is a Joint Account, each account holder acknowledges and agrees that any joint account holder is entitled to access all previous Account history.
Suspension or closure of joint Account:
The Credit Union may suspend the operation of or close a Joint Account without prior notice if:
Continuing and Limited Liability:
Each joint account holder will continue to be jointly and severally liable for any outstanding debt or obligations on the Account up and until the date of suspension or closure of the Account and such debt or obligation will continue until it has been satisfied; and the Credit Union will not be liable to any joint account holder for any consequences of the suspension or closure of the Joint Account and the Credit Union will also not be liable to any joint account holder if it does not suspend or close a Joint Account when it could have done so.
When jointly owned assets are provided as security for borrowing, independent legal advice may be required regarding individual liability for debts incurred now and in the future and the implications of this for the assets given as joint security.
Closure of Joint Accounts:
Unless you have specified that two or more signatories are required to operate your Joint Account, your Joint Account may be closed by any one of you so instructing the Credit Union. In such a case, the Credit Union will not be liable to the other joint account holder(s) for any consequences arising from the closure.
Notwithstanding the foregoing, if a joint account holder, which includes a person under the age of majority, requests that the Credit Union remove another joint account holder from the Account, the Credit Union shall have the sole discretion to refuse the request except with the consent of all the joint account holders.
The additional specific terms and conditions in this clause 10 apply to each Estate Account or Trust Account.
There is an implied warranty that all trustees, executors and administrators have authorized the Account to be opened and operated in accord with these Terms, the Agreement and all terms and conditions applicable to the Account and that such opening and operation of the Account comply with the relevant provisions of the trust deed, will or other authority.
Every trustee/executor/administrator as at the date on which the Account is opened, and every person who is thereafter appointed as such, agrees or on being appointed will be deemed to agree to be bound by these Terms and the Agreement.
All trustees of any trust or all executors or administrators of any estate holding an Account shall have joint and individual liability to the Credit Union for any amount owing and for the performance of all obligations imposed under these Terms or the general law in relation to the Account.
Operating Trust Accounts:
The authorized signatories and limited users operating in accordance with these Terms and the Agreement may conduct an Estate Account or Trust Account as fully and freely as all trustees, executors, administrators could if they all acted jointly. All trustees, executors, administrators to the Estate Account or Trust Account undertake to ratify and confirm all transactions undertaken in conformity with these instructions. If the Credit Union receives contradictory instructions from any persons authorized to operate a Trust Account, the Credit Union may refuse to act on any or all such instructions or may act on any one of such contradictory instructions.
Changes in trust or estate:
The Credit Union must be immediately notified in writing of the resignation, replacement or appointment of any trustees, executors or administrators and ensure that any such person(s) appointed agree(s) to be bound by these Terms and the Agreement. Until released by the Credit Union in writing, the liability of a trustee, executor or administrator in respect of a Trust Account or an Estate Account shall remain.
The additional specific terms and conditions in this clause 11 apply to each Account with cheque access.
The Credit Union may mail a cheque book to you at the most recent address noted on its records.
Instructions as to special purpose:
The Credit Union is not obliged to verify compliance with any notice or instruction to apply the proceeds of a cheque for a specific purpose or subject to any condition.
The Credit Union may refuse to pay out on a cheque in its reasonable discretion (including without limitation where the cheque has been incorrectly completed, not signed in accord with these Terms or the Agreement or where there are, insufficient funds in the Account). A dishonour charge may apply.
Post-dated and stale cheques:
Cheques presented before the date of the cheque or more than six months after the date of the cheque may be dishonoured. Stopped cheques: If you provide the Credit Union with a written request to stop payment on a cheque issued on your Account, the Credit Union will make reasonable efforts to stop payment on that cheque. It will, however, not be liable if payment on a cheque is not prevented: charges may apply.
Alteration of a cheque:
Alteration increasing the amount payable on a cheque must have the drawer’s full signature next to the alteration, in accordance with these Terms and the Agreement. All other alterations must be initialled by the drawer in accordance with these Terms and the Agreement.
This statement relates to information about you which you are now or will provide to the Credit Union and/or its related Partner Organizations.
Security and disclosure of information:
Your Board of Directors has adopted the Credit Union Code for the Protection of Personal Information (“Privacy Code”). We have policies and procedures in place to protect your privacy and your right to control the collection, use, and disclosure of your personal information. The Credit Union will not disclose your personal information to any person, except for the purposes described in this Agreement or as authorized by you or when required or authorized by law.
The information we collect:
The information we collect may include, but is not limited to your address, telephone number, email address, date of birth, gender, income, marital status, employment history, financial records, SIN or other government issued identification numbers, and credit history.
We only collect what we absolutely need:
We collect this information from you directly, with your consent, and according to the terms of the product and service arrangements you have made with or through us. Information is also obtained with your consent from credit bureaus, other financial institutions, and from the references you provide to us. Your personal information is collected for one or more of the following purposes:
The law requires us to ask for your SIN when you open an interest bearing account or when you obtain products or services that require reporting to certain government agencies. We also may use it to identify you with credit bureaus and other financial institutions for credit matching purposes and other purposes related to your ongoing relationship with us. However, providing your SIN is not a condition of service.
Other use of information:
We use trusted, reputable suppliers to provide services such as, but not limited to the following; cheque and statement printing, data processing, member research and surveys, and payment clearing services. We provide suppliers with only the information necessary to perform the required services. To ensure confidentiality, personal information is removed from market research and survey reports provided to the Credit Union.
We ensure our suppliers implement security standards for information handling that are equal to our own, and we require them to protect your information in a manner that is consistent with our Privacy Code. In the event our suppliers are located outside of Canada, they are subject to the laws of the foreign jurisdiction and may be required to disclose personal information in accordance with those laws.
Your information is sometimes shared with our Partner Organizations that include co-operative companies and/or other similar organizations to ensure we offer you a full range of financial products and services. Our Partner Organizations are also required to protect your information in a manner that is consistent with our Privacy Code.
In respect of opening an Account, loan applications and reviews, you authorize the Credit Union and any Credit Union Partner Organization to make credit references and other enquiries within normal procedures. For this purpose, the Credit Union may seek from any such source information concerning you. In the event that you are in default under any loan or facility from the Credit Union, the Credit Union is authorized to disclose all relevant personal information to and for the use of credit reference agencies, debt collection agencies and law firms.
We collect, use and disclose your information only with your consent, unless we are obliged to disclose your information by law. You can refuse to consent to our further collection, use or disclosure of your personal information at any time in the future by giving the credit union written notice. However, withdrawal of your consent may limit the credit unions’ ability to provide products or services to you. As a result, in order to use certain products and services of the credit union or maintain an ongoing relationship with us, you cannot refuse our collection, use and disclosure of personal information required by the credit union and Partner Organizations that provide essential services to the credit union
You may withdraw your consent at any time by completing the Credit Union’s Withdrawal of Consent form and returning it to your Credit Union.
You have the right to access, verify and update your personal information at any time. For more information, contact your Credit Union.
The Credit Union may if it wishes allow an overdraft to be noted against your Account and each such overdraft is a loan payable upon demand and you authorize the Credit Union to charge your Account service fees and interest at the rate as revised from time to time in respect of overdrafts. If you have entered into an Overdraft Protection Agreement, this paragraph will be read subject to those terms.
You agree to indemnify, defend and hold the Credit Union and its directors, officers, employees, representative agents and all connected parties (collectively the “Indemnitees”) harmless from and against any and all liabilities and costs, including without limitation reasonable legal fees and expenses, incurred by any of the Indemnitees in connection with any claim or demand arising out of or connected to your Accounts or your use of any service. This indemnity shall survive indefinitely after the closure of any Account or termination of this Agreement.
The operation of your Account and these Terms may be affected by over-riding laws of general application.
Headings in these Terms do not affect interpretation