WEALTHONE ACCOUNT AGREEMENT

This Agreement contains important information about your Account(s) with Wealth One Bank of Canada (WealthONE or the Bank).  By opening and using each Account, you agree to be bound by this Agreement, as well as the terms of any other agreement or document referenced in it. Your agreement extends to any periodic changes or replacements of agreements or documents made by us.

Please review this Agreement carefully, paying specific attention to the sections that apply. As this Agreement covers more than one type of account offered by us, not all sections may apply to you at this time. If there is ever a conflict between the language set out in the section titled “General Terms” and the language applicable to a specific type of account, the language for the specific type of account will govern. Please note that, in cases where your Account is a registered product, the terms and conditions of our Registered Retirement Plan Terms and Conditions or Tax-Free Savings Account Terms and Conditions may apply. Please review these documents in detail where applicable.

We encourage you to contact us if you have any questions. Kindly retain a copy of this Agreement for your records.

This section applies to all Accounts offered by WealthONE.

Account means any and all online bank accounts you have with Wealth One Bank of Canada, including all WealthONE Savings Accounts and WealthONE GICs, as further described in this Agreement;

Account Agreement or Agreement means this WealthONE Account Agreement;

Alert Messages means the automated security alert messages and low balance alert messages that we may send to you securely through Online or Mobile Banking, by regular email to your primary email address or by SMS/text message to your mobile phone number;

Authorized Person means a signing officer, or officers of a business authorized to provide instructions on the business’ behalf;

Beneficial Owners means the individuals who directly or indirectly own or control 25% or more of a corporation or an entity other than a corporation.

Business Day means weekdays only, and excludes Saturdays, Sundays, federal statutory holidays and publicly observed holidays in the province of Ontario;

Client Number means a unique number assigned to you by us when you open your first Account;

Document means any document listed in this Account Agreement under “Consent for the Electronic Delivery of Documents”;

EFT means Electronic Funds Transfer, including any transfer between your Accounts, or transfers between your Account(s) and Linked Account(s);

Electronic Device means any electronic device that we allow you to use to access Online and Mobile Banking applications, for example, personal computers, cell phones, telephones, smart phones, tablets or other similar devices;

External Account means a deposit account that you hold with another Canadian financial institution;

Includes or including means includes or including, as applicable, but not limited to;

Electronic Transaction(s) or Transactions means transactions with respect to an Account, including deposits and withdrawals (which may include bill payments and preauthorized debits and direct deposits), transaction cancellation instructions, transfers (which may include Interac e-Transfers® and EFTs), and other transactions with respect to an Account that we may permit through Online or Mobile Banking or over the telephone;

GIC means a WealthONE guaranteed investment certificate, whether non-registered or purchased within your WealthONE RRSP or TFSA;

GIC Effective Date means the date on which a GIC Term begins, as further explained in this Agreement;

GIC Maturity Date means the date on which your WealthONE GIC matures;

GIC Term means the period during which you earn interest on your GIC, commencing on the GIC Effective Date and running until, but not including, the GIC Maturity Date;

Interac e-Transfer^® means a Canadian funds transfer service between bank accounts at participating financial institutions, offered through Interac Corporation;

Instruction means an instruction by you that is communicated to us, either electronically or by other means, after verifying your identity;

Joint Account means a WealthONE Savings Account or GIC with more than one Account holder;

Linked Account means an External Account in your name at another Canadian financial institution that is linked to your Savings Account;

Login ID is your Client Number used in combination with your Personal Access Code (PAC) to sign on to Online or Mobile Banking;

Mobile Banking means the mobile application, specifically designed by WealthONE or a Third-Party Service Provider, through which you may sign on to the Services via an Electronic Device;

Mobile Cheque Deposit Service means the Deposit Anywhere^© Mobile Remote Capture Cheque service provided by WealthONE for depositing a cheque into a Savings Account remotely using your mobile device;

Online Banking means the Website through which you may sign on to access the Service(s);

PAC means the Personal Access Code that when used with your Client Number, allows you to access your Account;

PAD means a pre-authorized debit/withdrawal from your bank account at a financial institution that is carried out by WealthONE or another financial institution that has your authorization to do so;

Payee or Third-Party Payee means a business or organization to which you owe a payment for a service or product that was provided, for example, telecommunications companies or utilities;

Politically Exposed Persons means a person who currently holds, or has held, a specific office or position in or on behalf of a federal, provincial or territorial and/or municipal government. This may also include certain high level military ranks.

Primary Account Holder means the person we consider to be the main Account holder, including, with regard to Joint Accounts, the first person listed as an Account holder, per our records;

RRSP means a WealthONE Registered Retirement Savings Plan registered with the Minister of National Revenue as a registered retirement savings plan according to section 146 of the Income Tax Act (Canada);

Savings Account means a WealthONE High-interest Savings Account, whether non-registered or opened within your WealthONE RRSP or TFSA;

Service(s) means the WealthONE Services which can be accessed by an Electronic Device via Online Banking or Mobile Banking and via telephone;

Statement means the online monthly account statement accessible through Online Banking;

TFSA means a WealthONE Tax-free Savings Account that is part of a Qualifying Arrangement under section 146.2 of the Income Tax Act (Canada);

Third-Party Service Provider means a party retained by us to act on our behalf to provide or to assist us in providing our Services;

WealthONE, the Bank, Bank, our, we, or us means Wealth One Bank of Canada;

Website means www.wealthonebankofcanada.com; and

you, your, Account holder, client or customer means each and every person who has an Account.

To be eligible to open and maintain an Account with us, you must be a Canadian resident with a permanent Canadian address, and you must be the age of majority in the province in which you reside.  Residents of Quebec are not able to open an Account at this time. You may not open an Account on behalf of another individual. In limited circumstances, you may be able to open an Account on behalf of a Canadian business with a business address in Canada, outside of the province of Quebec.

You are responsible for maintaining a valid email address as part of your profile with us and notifying us of any changes to your email address or any other personal information you have previously provided us. By opening an Account, you agree to receive all communication and documents related to your Account in electronic format.

We are required by federal law to obtain, verify and record information that identifies each person who opens an Account. You agree and consent to such verification as required or permitted by law and agree to provide any documentation necessary for us to complete our verification process. We may also require additional proof of your identity if it cannot be verified through our standard processes. Your Account will become active once we have verified your identity, completed your initial deposit, and have been notified by us that your Account is active.

There may be cases where we need or choose to contact third-party credit reporting agencies or other third parties to help us identify you. You agree and consent to us verifying information provided by you, whether when opening your Account or through use of your Account, using credit bureaus, credit reporting agencies or other third parties, including telecommunication and utility providers. You agree to provide any records that may be required for the opening of your Account with us, and its continued operation under federal and/or provincial law, including those necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including any related regulations and/or guidelines, or other similar legislation, as amended from time to time.

Your Social Insurance Number (SIN) is required when you open an Account for tax reporting purposes. In order to assist in verifying your identity and to help prevent errors and fraud, we may also share your SIN with credit reporting agencies. The sharing of your SIN with credit reporting agencies is optional and not a condition of service. You have the option of requesting that your SIN not be used for purposes other than as required by law.

Should you fail to satisfy any of our account opening requirements, whether as specified in this Account Agreement or otherwise, we reserve the right to not open your Account.

Interest will be calculated for each Account as set out in this Agreement. You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice. We will advise you of changes by posting the new rate and any calculation changes on our Website. Interest on your Account(s) will be reported for tax purposes in the manner required by law. 

All Accounts operate in Canadian currency.

By initiating the account opening process, you consent to the collection, use and disclosure of your personal information in accordance with our Privacy Agreement. Our Privacy Agreement forms part of this Account Agreement, and your acceptance of this Account Agreement indicates that you also agree to the terms of our Privacy Agreement. It is important that you review our Privacy Agreement carefully prior to opening an Account.

We may amend our Privacy Agreement from time to time and will make any amended copy available to you by posting it on our Website. For more information about WealthONE’s privacy practices, please visit our website or contact us.

We will accept Instructions for the Account from an Account holder only. We are not obligated to recognize anyone other than the Account holder as having any interest in an Account nor are we required to gain permission from another person unless third party access has been expressly authorized by you and we have consented to such access. For clarity, we may act in accordance with instructions from your legal representative, such as a power of attorney or executor, if such person demonstrates legal authority to act on your behalf.

Third party access allows another person, such as your legal representative, to provide us with Instructions related to your Account which we will in turn act upon. Third party access is given to clients who need assistance with managing their Account, or who are physically unable to access their Account. In order to allow a third party to access your Account, you will need to provide the appropriate authorization.

In the event that we are served with a court order which directs us to place a hold on funds in, or to be deposited in, an Account, or which otherwise extends to or deals with such funds or the Account, notwithstanding anything to the contrary in this Agreement, we may take any or all steps we deem necessary to lawfully comply with the court order and, in doing so, will in no way be liable to you.

Where an Account is opened as a Joint Account, or is converted to a Joint Account, each Account holder is responsible, both individually and jointly, for all obligations with respect to the Account as set out in this Agreement. Any Joint Account holder, and any of their legal representatives, may conduct Transactions with respect to a Joint Account and we may accept Instructions from any one Account holder for any Transaction. This includes Instructions for the payment of any principal and interest to any one Account holder. When opening a Joint Account, each Joint Account holder irrevocably appoints all other Joint Account holders as attorney to deal with the Joint Account and to give Instructions to us on their behalf with respect to the Account.

You acknowledge that Account holders of a Joint Account will have access to information about the Account, including tax reporting information and, if applicable, information about the Account prior to it becoming a Joint Account. Each Account holder acknowledges and agrees to the set-off rights described in this Agreement under “Set-Off Rights”.

If a Joint Account holder dies who is not at the time of death a resident of the province of Quebec, any positive balance in the Joint Account may be withdrawn or made payable to the surviving Joint Account holder(s). You hereby assign the balance of any Joint Account to the surviving holder(s) in the event of your death. Where the deceased Account holder is, at the time of death, a resident of the province of Quebec, the Joint Account may be frozen by us and any positive balance will be settled in accordance with the estate of the deceased Account holder.

The request by any Account holder to leave or close the Joint Account will be treated by us as a request to close the Account. The account closure request must be sent in writing. We may also treat the death of an Account holder as a request to close the Account. This is subject to any other provision set out in this Account Agreement and anything else we may require from time to time.

In limited circumstances, you may be able to open an Account on behalf of a business. In such cases, we will ask you to provide us with evidence of your Authorized Persons, which are representatives that will have authority to enter into agreements on the business’ behalf. Each Authorized Person has full authority to transact and provide instructions in relation to an Account, and we are not required to verify the authority of any Authorized Person prior to accepting Instructions. Each Authorized Person will need to confirm their identity with us as part of the account opening process. Each Authorized Person is also responsible for maintaining the security of their identity and security of access to the Account. For certainty, all terms of this Account Agreement apply to Accounts that are business accounts and each Authorized Person must my comply with all applicable terms of this Agreement.

In the case of a limited partnership or trust accounts with partners/trustees who are individuals, only the partners/trustees are permitted to be Authorized Persons, and each Authorized Person must complete the requirements under this Agreement as if they were the Account holder.

We will not allow a business Account to be opened unless we are satisfied that the appropriate due diligence has been conducted in accordance with our policies and procedures. Due diligence is performed prior to the opening of a business Account and will consist of, at a minimum:

• Confirmation of customer/entity identity and/or existence;
• Ascertaining beneficial ownership;
• Third-party determination;
• Politically exposed persons determination; and
• A record of the measures taken to obtain/confirm this information above.

When opening a business Account, you confirm and agree that:

• The business is a legal entity duly organized, validly existing, duly qualified and in good standing under applicable laws;
• The business has all licenses, authorizations, consents, and approvals required under appliable laws, its constating documents, and any by-laws, resolutions, or other applicable obligations, including to enter into and perform its obligations under this Agreement; and
• Any business name or trade name used by the business is solely owned by the business, and the business has all necessary rights, powers, and authorities for any use of a business name or trade name in connection with the Account.

You further agree that you are not carrying on or are associated with activities that are improper, illegal, unlawful or that you are connected with a business that we may determine, at our sole discretion, is a restricted business. Examples of restricted businesses include:

• Adult entertainment
• Antique/used car, boat or art dealer
• Arms dealer
• Cannabis producer/distributor
• Casino/betting/gaming
• Dealer in precious metals or stones
• Money Service Business (MSB)
• MSB agent or payday lender
• Pawn shop
• Private auction house
• Unregistered charity/not-for-profit
• White label ATM operator

Your Client Number and PAC will be required anytime you want to access your Account. You are responsible for the safe keeping of your Login ID and for not sharing these details with anyone. Please ensure they are kept private and secure.

Instructions concerning your Account may be given to us over the telephone, through Online or Mobile Banking or by any other means accepted by us. Any Instructions given to us by telephone, Online or Mobile Banking or other electronic means will be treated as if such Instructions are written and signed. Instructions will only be accepted by us once your identity has been verified.

We will consider any electronic communication received from you or in your name to be duly authorized by you. A copy of any electronic communication will be admissible in any legal, administrative or other proceedings in the same manner as an original document in writing. You agree to waive any right to object to the introduction of any copy of electronic communications in evidence.

We will make information about your Accounts and Transactions available each month through Online Banking. These details, including Account balances, are also available by telephone once we verify your identity.

You understand and agree that paper copies of your Account statement will not be provided by us. Statements will only be provided by mail upon request, and a fee may apply.

You agree to review your Transaction history and each Account Statement regularly and to confirm that any amounts paid, transferred or invested are valid and duly authorized (at least once every 30 days). You must advise us of any errors, omissions, irregularities or discrepancies within 30 days following the settlement of any Transaction, which includes the purchase of a GIC. If you do not provide such notification to us within 30 days, then it will be finally and conclusively settled between you and us that such posting and the amount of the transaction is valid and correct, and you release us from all claims in connection with such transaction. You will be bound by this section even if your Account Statement is delayed, never received by you for any reason, or if you do not use Online or Mobile Banking to review your Accounts, Transactions and/or balances at least once every 30 days.

If we mistakenly credit an amount to your Account, we can correct that error at any time.

15. Bankruptcy/Incompetency

We will not allow you to withdraw money from your Account or deal with your Account in any way if we discover that you have declared bankruptcy or become the subject of bankruptcy proceedings, or we are given notice that you have been declared mentally incompetent or incapable of managing your own affairs, subject to you having appointed an attorney whose capacity survives your mental incompetency, or a legal guardian being appointed to manage your affairs.

WealthONE is a member of the Canada Deposit Insurance Corporation (CDIC). Deposit Products are eligible for CDIC coverage, subject to CDIC rules and regulations. Visit www.cdic.ca or call 1.800.461.2342 for details.

We retain the right to set-off/right of compensation against any amounts in an Account to pay any debt, compensation or other obligation you may owe to WealthONE. You agree to allow us to use some or all of the money in your Accounts to pay any debts that you owe us without prior notice to you.

The following terms and conditions apply to the electronic delivery of Documents to you relating to your Account.

Giving Your Consent

You consent to the electronic delivery of Documents and other information through Online or Mobile Banking, SMS/text message or email using the most recent information we have on file relating to your Account.  Documents include:

• Statements;
• Notifications containing legal disclosures, including disclosures prescribed by the Bank Act, all provincial and federal securities, privacy and tax statutes and regulations and all Voluntary Codes of Conduct and Public Commitments applicable to the financial industry;
• Notifications concerning changes to any interest rates, fees, and any other items mentioned in the Documents we send you;
• Notifications concerning changes to this Account Agreement and related agreements or documentation;
• Communications about the terms and conditions of this consent, including changes and confirmations; and
• Any other confirmation, notice or information that We are required by law or regulatory authority to provide you in writing relating to your Account or any other product or service.

When Your Consent Takes Effect

This Consent applies to your Account and shall take effect immediately upon your agreement to the Account Agreement when opening your Account.

Electronic Delivery of Documents

When we deliver a Document electronically, we will do so by delivering it through one or more of the following means: (i) sending it by email or SMS/Text message using the most recent information we have on file relating to your Account, (ii) making it available on our Website, or (iii) providing it to you through Online or Mobile Banking. We may also send you Alert Messages, notifications or other communications electronically, including:

• Alerts and requests for information in relation to identity theft and other fraud or security-related activities;
• Requests for information that may be required in connection with our obligations under anti-money laundering rules, know your client rules or other legal obligations;
• Communications that deliver information on collections;
• Communications arising from all manner of legal actions, causes of action, complaints, claims, applications to administrative tribunals, or legal demands;
• Notifications of corporate actions that require your attention;
• Alerts providing you with reminders or Account-related instructions; and
• Other Account-related alerts requested by you.

You agree that receipt of these notifications, alerts and other communications by electronic means as determined by us is a mandatory and integral part of your Account. Please refer to our Online and Mobile Banking Terms and Conditions for more information on alerts and electronic communications.

Retention Period

Statements are available for seven years after the end of the period to which they relate. We will keep a copy of all other Documents provided to you for the entire time you maintain your Account with us and for a minimum period of five years after you cease to maintain your Account with us.

Your Obligations

You agree to review the Documents and other information we send you electronically within 30 days of receipt. You confirm that you have the necessary technical ability and resources to do this, acknowledging that technical and security requirements for access to our Website, our Services or to your email may change from time to time. You further confirm that, once a Document is delivered to You electronically, the obligation to retrieve, review and retain that Document is yours. You agree to notify us immediately of any changes to your contact information (including phone number and email address).

Paper Documents

We reserve the right to provide you with Documents by paper delivery if we are unable to provide electronic delivery, have reason to believe you may not have received the Document, or if we, in our sole discretion, otherwise consider it appropriate. Any paper delivery will be provided to you at the most current mailing address that we have on file for your Account.

Revoking Consent

You may revoke your consent for the electronic delivery of Documents at any time by closing your Account.

Changing This Consent

We may change the terms and conditions of this consent from time to time by providing you with notice of change through electronic or paper delivery. You agree that your subsequent use of your Account or our Services means that you agree to and accept the revised terms and conditions.

Limitation Of Liability (Related to Electronic Delivery of Documents)

You agree that notifications and delivery of Documents electronically may be delayed, not delivered or inaccurate due to a variety of factors, including technical problems. To the extent permitted by the laws of Ontario and the laws of Canada, we will not be liable for any direct or indirect damages arising out of your use of or inability to use the notifications and Documents, regardless of the cause, including negligence, even if we are advised of the possibility of such damages. For SMS/text message and e-mail transmissions, you accept the risk that certain notifications and Documents may be lost, intercepted, reviewed or altered by others and may incur charges from the service provider.

We are committed to delivering a high standard of service to our customers. If you have a concern or a complaint about your Account or any product or service we provide, we want to hear from you so that we can try to make things right as quickly and efficiently as possible. Our Resolving your Complaint sets out full details of our process and are available on our Website and in our office.

Head Office:

Wealth One Bank of Canada

18 King Street East, Suite 1002,

Toronto, ON Canada M5C 1C4

Toll Free Phone: 1.866.392.1088
Email: help@wealthonebank.ca
Website: www.wealthonebankofcanada.com

If there is any conflict or inconsistency between the terms of the Account Agreement and the terms in any other agreement between you and us, the terms of this Account Agreement will prevail for the purposes of the Account and the parties shall take any necessary steps to conform the inconsistent terms to the terms of the Account Agreement for such purposes.

We are not responsible for any losses, costs, damages or any failure to obtain any profit in connection with your use of an Account or with any of our other products or services, without limitation and however caused, unless we were grossly negligent. If we were grossly negligent, you will not hold us liable for any indirect, special or consequential damages (including loss of profits). You will be responsible for any loss, cost or liability (including reasonable legal charges) incurred by us as a result of your failure to comply with this Account Agreement.

You agree to indemnify us, our officers, directors, employees, agents and affiliates against any claims, costs or liabilities incurred by us in connection with any services provided by us to you or any other dealings between you and us, including any claim or liability resulting from our endorsement on any negotiable instrument, arising out of a forged, altered or unauthorized signature on such negotiable instrument or otherwise.

You will be responsible for any and all losses that result from your own use of your Account. You will also be responsible for any losses that result from any use of an Account by a third party authorized by you to use your identity, personal verification questions, or password. You will not be responsible for losses which occur after you advise us that, due to circumstances beyond your control, someone else knows or may know your identity or the answers to your personal verification questions.

Changes to this Account Agreement (including replacing it with another agreement) may be made by us at any time, without prior notice to you, unless advance notice is required by law. When changes are made, notice of the change will be communicated via Online or Mobile Banking or posted on the Website. You agree that if you access or have funds on deposit in any Account, you will be deemed to accept the change. You can obtain a copy of the current Account Agreement by visiting our Website. You may refuse the change by terminating this Account Agreement and closing your Account without cost, penalty or cancellation indemnity by notifying us within 30 days of the effective date of the change.

You acknowledge that we may, from time to time, make special offers or promotions available to some or all of our customers with or without notice. You acknowledge that we reserve the right to amend, withdraw, suspend or terminate such special offers or promotions in our sole discretion without notice.

It is the express wish of the parties that this Account Agreement and any related documents and communications be drawn up and if execution is required, to be executed in English. Les parties convenient que la présente convention de compte et tous les documents et communications connexes soient rédigés et, si une exécution est requise, soient exécutés en anglais.

This Account Agreement will be governed by the laws of the Province of Ontario and the laws of Canada. You hereby agree and confirm that this Account Agreement is subject to the exclusive jurisdiction of those laws and the courts of Ontario.

This section applies to High Interest Savings Accounts offered by WealthONE. Opening a personal Savings Account is the first step to opening any other Account with us. Additional Savings Accounts may be opened by you, including as part of a WealthONE RRSP or TFSA. There are no minimum fees for our Savings Account. By opening and using your Savings Account, you will be bound by the terms of this section of the Account Agreement.

Interest begins to accrue on every dollar in your Savings Account the day it becomes active. The interest payable by us on a Savings Account shall be calculated daily on the closing balance and paid monthly at the rates per annum, as offered. Interest will be paid into the Savings Account on the first Business Day of the following month.

The current interest rates applicable to WealthONE Savings Accounts are available on our website or by emailing us at help@wealthonebank.ca.

Service fees in respect of our Savings Accounts are outlined in the WealthONE Savings Account Service Fees And Features document available on our Website. You authorize us to charge any fees incurred by you directly to your Account. If a fee is increased or a new Account fee is introduced, we will provide notice of any such change to in writing, including at our option through electronic means, which may include posting a notice through Online or Mobile Banking or on the Website or by any other method allowed by law at least 60 days before the change comes into effect.

Electronic Transactions may be made through Online or Mobile Banking, over the telephone, or by any other method made available by us from time to time. You acknowledge and agree that, when making an Electronic Transaction:

• Deposits made after 11:59pm ET will have a transaction date of the next day and will be processed on the next day.
• You are responsible for ensuring that there are sufficient funds in your Account to cover any Transactions you initiate. You will be accountable for any Transaction that is not processed due to insufficient funds.
• In cases where an EFT cannot be processed with a Linked Account, the Electronic Transaction request will be reversed.
• We do not allow a negative balance for any Account. Additional fees may be charged in cases where there is a negative balance.
• The ability to perform Electronic Transactions may be more limited for Savings Accounts that are part of an RRSP or TFSA.
• You take full responsibility for your Electronic Device and anybody using it and have reviewed and accept the Online and Mobile Banking Terms and Conditions.

All Transactions involving a Linked Account must be initiated, amended or cancelled through Mobile or Online Banking or via telephone. It typically takes one to three Business Days for funds to arrive in the designated account after a Transaction is initiated. Funds transfer arrival dates are not promised or guaranteed and, even after funds have arrived in your Account, they may be subject to a hold period. This includes funds which may have arrived via direct deposit. Please see the “Holds on Your Account” section in this Agreement for further information.

We will not accept cash for deposit, nor will we disburse cash, and we will not be responsible for funds lost in transit or in standard mail. Travellers cheques will not be accepted for deposit. We will not accept cheques payable in U.S. dollars or other foreign currencies nor will we accept wire transfer deposits.

We, in our sole discretion, may deem a deposit or withdrawal to be fraudulent or counterfeit. If this occurs, the Electronic Transaction request will not be processed, and funds may not be returned to you.

We may establish dollar amount limits or limit the number of Electronic Transactions allowed. These limits may change at any time and without prior notice to you. We may reject attempted Electronic Transactions that are in excess of our limits. Please refer to our WealthONE Savings Account Service Fees And Features document available on our Website for further information on limits. We may change the requirements for, limits to, and manner of transferring funds into and out of your Savings Account at any time.

You may provide us with an encoded personal or business cheque, as applicable, from an External Account to allow us to create a Linked Account. We may limit the number of Linked Accounts and, in our sole discretion, may refuse to process a request for a Linked Account. We will only process transactions to and from Linked Accounts with identical ownership details. For example, Electronic Transactions cannot be completed between an account owned by an individual Account Holder and an account that is a business account. In the case of a Joint Account, a Linked Account may be owned by only one of the Account Holders.

A new Linked Account will be activated upon verification that you are the Account holder of the External Account. It typically takes five to seven days for Linked Accounts to be set up.

Interac e-Transfer® services can be used to send money electronically to a recipient who has a bank account at any Canadian financial institution. To send an Interac e-Transfer® via Online or Mobile Banking you must provide the email address or Canadian mobile telephone number of the recipient, the amount to be sent, and a security question and answer needed by the recipient to authenticate the funds transfer. In order for the recipient to receive the Interac e-Transfer® they must correctly answer the security question. Only the instructions for retrieving the money are transferred by email or text; the funds are transferred directly between accounts or financial institutions. As the originator of the Interac e-Transfer®, you agree that it is your responsibility to:

• provide the accurate email address or Canadian mobile telephone number of the recipient;
• use an effective security question and answer that is only known by you and the recipient;
• keep the answer to all security questions confidential and only disclose them to the recipient of the transfer, and not use email or any optional message that may accompany the transfer to send the recipient the answer to the security question.
• You agree and understand that we are obligated to pay the transfer to anyone who claims it, providing they are able to correctly answer the security question even if the person was not the intended recipient of the transfer.
• If you are the recipient of a transfer, you agree to keep the answer to the security question confidential and disclose it only as required to claim the Interac e-Transfer®.

We will not be liable for any losses as a result of the sender or recipient’s misuse of, or improper communication or disclosure of, the answer to a security question.

When you initiate an Interac e-Transfer®, we will immediately withdraw the amount of the transfer from your Account and within 30 minutes the recipient is notified of the transaction. We will hold the transfer amount until we are advised that the recipient has claimed or declined the transfer, or you advise to stop the payment on the transfer, whichever occurs first.

The recipient has 30 days from the date the transfer was initiated to claim the funds. After 30 days the transfer will expire and, if unclaimed, the money will be deposited back into your Account (minus any applicable charges).

Transfers can only be made in Canadian dollars.

Autodeposit is an Interac e-Transfer® feature that allows you to register to have Interac e-Transfers® automatically deposited to your Account or your recipient’s account without answering a security question.

If you have registered your email address or Canadian mobile telephone number for Autodeposit to your Account, any Interac e-Transfer® Autodeposit sent to you will be deposited into your Account automatically without further action from you. 

When you send an Interac e-Transfer® to an Autodeposit recipient, you are responsible for providing a correct and functional email address or Canadian mobile telephone number and the amount to be sent.  If the email address or Canadian mobile telephone number entered is registered for Autodeposit the amount will be automatically deposited into the Autodeposit recipient’s account.  Once sent, you cannot stop, cancel or recall the transaction.  If the email address or Canadian mobile telephone number is not registered for Autodeposit you will need to enter a security question (see section above: Interac e-Transfer®).

You agree that you are responsible for providing the Autodeposit recipient’s correct and functional email address or Canadian mobile phone number and that you have permission to use them.  You agree that we are not responsible to verify the accuracy of the information you provide to us, and that we may rely solely on the information provided by you to effect the transaction.   We will not be liable for any losses resulting from your failure to provide accurate information.

If the Interac e-Transfer® amount cannot be deposited into the Autodeposit recipient’s account, the funds will be re-deposited into your Account.

We may decline to fulfill an Autodeposit without liability at any time before the Interac e-Transfer® amount has been deposited if we have reason to believe you, the sender or the Autodeposit recipient is engaging in fraudulent, unlawful or improper activity, or that an error or mistake has occurred or in the event of a breach of this Account Agreement.

By using our bill payment services and by providing Instruction to process payments to third parties, you authorize us to withdraw funds from your Account to pay the third-party bills/invoices. Payment transaction types can include one-time payments or recurring payments.

Withdrawals will take place on the date the Instructions are given or on specified dates provided by you for post-dated and/or recurring payments. You understand and agree that the Third-Party Payees may not acknowledge payments as being received on the date(s) the Instruction is given, therefore it is your responsibility to ensure your obligations will be paid on time. You should allow for several (three to six) days for your payment to be effective. You assume full responsibility for late payments, charges or actions that may be imposed by the third party as a result of late payment.

It is your responsibility to ensure that the billing information (e.g. Payee name and billing account number) you provide to us is accurate and up to date at all times and the amount of the bill payment is correct. You consent to us exchanging billing information with your Payees to ensure that your billing information is accurate and up to date. We have no obligation to seek updates to your billing information from any Payees and we are not liable to you for any loss or claim that may arise as a result of us not having obtained or received your accurate and up-to-date billing information.

We will not process payments if the required transaction information is not complete, sufficient funds are not available, the billing account number is inaccurate, or there is a change in the status of the Third-Party Payee.

We are not responsible for any losses as a result of issues or disputes with a Third-Party Payee. You agree to settle any dispute directly with the third party. We will not be accountable for delays or failures of any third party to act on your Instruction or for any costs or penalties that may result from a Third-Party Payee’s failure or delay.

We are required by law to notify you when the balance of your Savings Account falls below $100, or other amount specified by you. You will be automatically enrolled in this alert when you open a new Account. You can opt out at any time. For more information on this alert, refer to our Online and Mobile Banking Terms and Conditions.

For the purposes of this Hold Funds section, “cheque” also includes Electronic Funds Transfers (EFT), certified cheques, bank drafts, money orders and other instruments. 

When you deposit funds with us, we will place a hold on all or a portion of your deposit until we have verified that the funds are available from the other financial institution to cover the deposit.

Although the deposit will be reflected in your Account balance immediately, your ability to access the entire amount of your deposit may be limited until the hold period has expired. You will be unable to withdraw, transfer or pay bills using the funds that are being held. This means that you will be unable to withdraw, transfer (EFT or Interac e-Transfer®) or pay bills using funds that are being held.

Subject to the exceptions below, the normal length of time we will hold funds is 5 business days after the date of deposit.

The expiry of the hold period means that you can access the entire amount of your deposit, but it does not guarantee that the cheque cannot be returned to us unpaid. You are financially responsible for any items that you deposit, and if a cheque is returned unpaid at any time (for example, due to insufficient funds, a stop payment order or a forged signature) either during or after the expiry of the applicable hold period, we have the right to charge the amount of the cheque or item to your Account.  

In general, up to $100 of each cheque you deposit to your Account will be available for withdrawal on the business day following the day of deposit when you contact us. If the deposit is made by EFT, access to the first $100 will not apply.

Exceptions: We may extend the maximum hold periods, or we may refuse to accept a cheque or give access to first $100 in some circumstances, including (but not limited to) the following:

• We have reasonable grounds to believe that the cheque has been deposited for illegal or fraudulent purposes.
• The cheque:
  • has been endorsed more than once;
  • is deposited six (6) months or more after the date of the cheque;
  • is not encoded with magnetic ink character recognition or is not readable by clearing and processing systems (e.g. has damaged or mutilated encoding).
• When we receive new or updated Personal Information concerning your account while we verify such information.

In addition, the first $100 of each cheque may not be available for withdrawal if your account has been open for less than 90 days, at our discretion.

Should you have any concerns regarding our hold funds process, please contact us at 1-866-392-1088 or follow our Customer Complaint Handling Procedures found at www.wealthonebankofcanada.com.

A Savings Account will be identified as inactive if there have been no customer-initiated Transactions for a consecutive one-year period. Once a Savings Account has been identified as inactive, we may terminate the Account, if there is a zero balance, in accordance with this Agreement.  You must contact us to have it reactivated prior to initiating any Transactions.

A Savings Account will be identified as dormant if there have been no customer-initiated Transactions for a consecutive two-year period. Once a Savings Account is identified as dormant, you must contact us to have it reactivated prior to initiating any Transactions.

In January, following the 2nd, 5th and 9th year of dormancy, WealthONE will send a Dormant Account Notice by mail to your last known address.

When a Savings Account with a balance sits dormant for a period of ten years, and the Account holder cannot be contacted by us, the balance is transferred to the Bank of Canada who will act as the custodian on behalf of the funds owner. Balances on dormant accounts are transferred to the Bank of Canada once a year, on December 31st. To claim an account balance transferred to the Bank of Canada, you must file a claim with the Bank of Canada.

A fee will be deducted annually on inactive and dormant Accounts as outlined in the WealthONE Savings Account Service Fees and Features. If there is no balance remaining after the fee is deducted, we reserve the right to close the Account when we deduct the fee.

You may choose to close your Account at any time and at no cost. Items presented for payment after the Account is closed may be dishonored. You are responsible for transactions you arranged, including those that arrive after your Account is closed. By closing your Account, you forfeit any deposits that would have occurred had you not closed your Account. This includes any promotional offers and may include funds returned as the result of an unsuccessful or returned transfer or payment. We will make reasonable efforts to contact you to arrange payment to you of funds returned following an unsuccessful transaction, however, we reserve the right to donate to a charity of our choice or to send to the Bank of Canada, any funds so returned, despite our reasonable efforts.

In the event your Account is closed and there is a balance, we may, at our option, send by EFT to any one of your Linked Accounts or by cheque mailed to the address we have on file for you, that amount, less any outstanding debts or other obligations you owe us, according to our rights of Set-Off described in this Agreement.

You acknowledge that we may, in our sole discretion, suspend or terminate your Account, or access to your Account, without notice if, at any time, we have reasonable grounds to believe the Account is being used for any unlawful or improper purpose, is the subject of fraud, or is being operated in a manner unsatisfactory to us, contrary to our policies, or contrary to this Account Agreement. You shall have no further rights or interest in the Account. In the event your Account is suspended or terminated, or your access to your Account is suspended or terminated, we will notify you in writing to the email address or residential address we have on file for your Account.

In situations where we have closed your Account, any balance remaining in your Account will be paid to you less any outstanding debts or other obligations you owe us, according to our Set-Off Rights described in this Agreement. We will not be liable for any dishonored payments after your Account is closed. We will make reasonable efforts to contact you to arrange payment to you of any funds returned following an unsuccessful or returned transfer or payment after your Account has been closed, however we reserve the right to donate to a charity of our choice, or to send to the Bank of Canada, any funds so returned, despite our reasonable efforts.

Upon your death or incapacity, we are authorized to take steps or restrict transactions to the Account which we deem prudent or advisable. Upon receipt of the proper and required legal documents following your death or incapacity, we will transfer the balance of your funds to your legal representative and close your Account. In all cases, you (or your estate) will continue to remain responsible for any transaction on the Account. Your estate representative will have the same rights, responsibilities and obligations under this Account Agreement as you, the Account Holder, unless we determine otherwise.

The mandate of Payments Canada is to establish, operate, and maintain systems for the clearing and settlement of payments among member financial institutions on behalf of their clients—individuals, businesses, and governments. Below is some information on your rights and responsibilities when it comes to this. This summary is not intended to replace the wording from the underlying Payments Canada Rules. An overview of your rights and responsibilities with respect to pre-authorized debits (PADs) is available at www.payments.ca.

The term “Payment Agreement” used in this section means your agreement for us to process Electronic Transaction requests according to the rules of Payments Canada and this Account Agreement.

We will process a Transaction and move funds only at the request of an Account Holder or Authorized Person and in accordance with the Instructions provided, including amount and frequency. You may arrange for scheduled and recurring Transactions to be made between your Accounts and your Linked Accounts. By initiating a scheduled or recurring transfer, you authorize us and your other financial institution(s) to transfer funds between your Account(s) and your Linked Accounts according to your Instructions. Prior to processing any request, we will take steps to confirm the identity of the Account Holder or Authorized Person. The timing and amount of the Transactions will vary according to the Instructions provided. It is your responsibility to provide us with the correct information in order to process your Transaction.

You hereby authorize us to draw PADs in amounts as instructed by you from time to time to complete Transactions. You waive your right to receive pre-notification of the amount of the PAD and agree that you do not require advance notice of the amount of a PAD before the debit is processed. You agree that your Client Number and PAC or other signature equivalents may be used and will constitute valid authorization for us to process the debits to the Accounts that you have requested. The PADs under this Payments Agreement are for the purpose of making payment for consumer goods or services (a “Personal PAD”) unless the Account is a business Account in which case the PADs under this Payments Agreement are “Business PADs”. Transfers can also be made between accounts held by the same customer (you) at different financial institutions (a “Funds Transfer PAD”).

You may cancel your PAD or change your Account information at any time by sending a notice to us at least 15 Business Days prior to the earlier of the cancellation date or the next scheduled PAD. You may obtain a sample cancellation form or more information on your right to cancel a PAD agreement by consulting us or your financial institution or by visiting www.payments.ca. We may cancel the PAD by sending 15 days’ notice to you. Cancelling the PAD does not terminate any other agreement that exists between you and us. The PAD applies only to the method of payment and does not have any bearing on any agreement for services with us.

Contact Information

Head Office:

Wealth One Bank of Canada

18 King Street East, Suite 1002,

Toronto, ON Canada M5C 1C4

Toll Free Phone: 1.866.392.1088
Email: help@wealthonebank.ca
Website: www.wealthonebankofcanada.com

You have certain recourse rights if any debit does not comply with this Payments Agreement. For example, you have the right to receive reimbursement for any PAD that is not consistent with the terms of this Payments Agreement. To obtain more information on your recourse rights, contact us or visit www.payments.ca.

The Mobile Cheque Deposit Services allows you to take a picture of the front and back of a cheque payable to you and deposit an image of that cheque in your Savings Account without the need to deposit the original physical cheque with us. To take advantage of and agree to the Service, you must be signed up for Mobile Banking.

When using the Mobile Cheque Deposit Service, you agree:

• To use the software and operating system for your mobile device as specified by us. We reserve the right to change such specifications and will not be liable to you or third parties in doing so;
• To remotely deposit cheques that meet the criteria set out by us as set out below;
• To ensure that each cheque is an accurate front and back image of the original cheque including any endorsements;
• That items payable jointly or payable to someone else and endorsed to you will not be accepted;
• That you will keep the Item in a safe and secure place for 14 days following the date of deposit and will promptly send the item to us upon WealthONE’s request. Upon the expiry of this 14 day period, you agree that you will promptly destroy the item.
• To cooperate with any investigation that we may request regarding a deposited cheque using the Service including supplying us with any original or copy of a deposited cheque(s) in your possession;
• To indemnify us for any forged or altered cheque(s) deposited using the Mobile Cheque Deposit Service;
• That we will only accept cheques in Canadian dollars drawn on a Canadian financial institution;
• That the cheque must be clear and legible, viewable and usable as determined by us and contain the necessary endorsements; and
• That we can impose limits on the value and number of cheques that you may deposit using the Mobile Cheque Deposit Service on a daily, weekly or monthly basis.

Prohibited Instruments 

You shall not use the Mobile Cheque Deposit Service to create, deliver or deposit images that are:

• not eligible under CPA Rule A10 for the creation of images;
• not encoded by magnetic ink character recognition (MICR);
• payable in a currency other than Canadian dollars;
• drawn on or payable through a financial institution located outside of Canada, or which bear a non-Canadian routing/transit number;
• dated more than six months before the date of deposit or that are postdated (dated for a future date);
• not payable solely to you; or
• payable to you as an executor or agent.

You agree not to do any of the following:

• alter the front or back of the cheque being deposited using the Service;
• attempt to deposit copies of original cheques or cheques that you have already deposited with us or elsewhere; or
• deposit a forged, altered or otherwise fraudulent cheque.

We reserve the right to reject a cheque for deposit if it or the image does not meet our requirements.

Availability of Funds/Limits

The day we receive the image through the Mobile Cheque Deposit Service will be deemed the day of deposit. Funds will be credited to your Account immediately upon receipt of the image. Any paper cheque will be deemed deposited the Business Day after we receive it. Availability and access to funds will be subject to the ‘Holds on Your Account’ section in this Agreement.

We may establish limits on the dollar amount of items, number of items which can be deposited and/or the maximum balance held per customer. These limits may change from time to time without prior notice to you. If you attempt a transaction that is in excess of these limits, we may reject the transaction.

Deposits made after 11:59pm ET will have a transaction date of the next Business Day and will be processed on the next Business Day.

Errors in Transmission

By using the Mobile Cheque Deposit Service, you accept the risk that an item may be intercepted or misdirected during transmission. You acknowledge we have no liability to you or others for any such intercepted or misdirected item or information disclosed through such errors.

Indemnification

You agree to indemnify us for any losses or liabilities we may suffer or incur as a result of your use of the Mobile Cheque Deposit Service. You acknowledge that we will not be liable for any losses or liabilities that you may suffer as a result of your use of these features, including if the feature is not available for any reason.

Termination of the Mobile Cheque Deposit Service

We may terminate your access to the Mobile Cheque Deposit Service at any time and for any reason including if you breach any term of the Account Agreement, if you use the Mobile Cheque Deposit Service for any unauthorized or illegal purposes or you use the Mobile Cheque Deposit Service in a manner inconsistent with any procedures or instructions. In the event we terminate your access to the Mobile Cheque Deposit Service, the Account Agreement will continue to apply.

This section applies to Guaranteed Investment Certificates offered by WealthONE. You may purchase a GIC from us as a non-registered product, or as part of your WealthONE RRSP or TFSA. You can only buy a GIC for yourself and not on behalf of, or for the benefit of, another individual. In limited circumstances, you may be able to purchase a GIC for a Canadian business with a business address in Canada, outside of the province of Quebec.

Funds used to purchase a GIC, and the principal and interest earned on a GIC, must be withdrawn from and deposited into the same WealthONE Savings Account. You are required to maintain the applicable Savings Account in order to remain eligible for the WealthONE GIC. There are no minimum fees for WealthONE Savings Accounts, and you are under no obligation to use the Savings Account other than to fund and receive proceeds from your GIC investment. 

You agree to provide any information that may be required to purchase and maintain your WealthONE GIC. This includes any information or records required by us or by any federal or provincial legal or regulatory authority. In the event you fail to satisfy any GIC investment requirement, whether as specified in this Account Agreement or otherwise, we reserve the right to refuse your GIC investment.

For GIC Terms of less than one-year, simple interest is calculated on a per diem basis and paid at maturity.

For GIC Terms of one-year, simple interest is calculated on a per annum basis and paid at maturity.

For GIC Terms of over a year where interest is paid at maturity, interest is calculated on a per annum basis and compounded annually. 

For GIC Terms of over a year where interest is paid annually, simple interest is calculated on a per annum basis.

In all cases, interest is accrued for the entire GIC Term. You will not earn interest on the Maturity Date.

GIC Terms of one year or longer have interest calculated on the basis of 365/366 days and compounded and/or paid annually.

The current interest rates applicable to our WealthONE Savings Accounts are available on our website or by emailing us at help@wealthonebank.ca.

A confirmation of GIC is issued in writing at the time of purchase. Such confirmation is not negotiable, transferable or assignable, except in the case of a transfer to or from a nominee, between nominees, or to the beneficiaries or the estate of a deceased owner. The confirmation is assignable to WealthONE only. If confirmation is not received by you from us within twenty-one (21) days of our receiving a complete application, please contact us.

WealthONE GICs are not redeemable. Funds invested in a GIC cannot be accessed prior to the Maturity Date. Notwithstanding this, redemption prior to maturity may be permitted by us without penalty in the event of the death of a sole GIC holder who was a Canadian Resident within the meaning of the Income Tax Act (Canada) at the time of death or was a non-resident of Canada at the time of death, if the original term of the GIC was for less than five (5) years. The GIC and proceeds of the GIC are only redeemable to the extent permitted in this section.

On the maturity date, unless otherwise indicated by you in accordance with this section, the proceeds of your GIC investment (principal and any accrued interest that has not already been paid) will be renewed for the same term as the existing investment at WealthONE’s then prevailing rate of interest offered for a GIC investment with that term. The auto-renewal of a GIC may be cancelled if we receive a request from you to cancel it within ten Business Days from the date of renewal.

If, at the time you purchased the GIC investment or anytime thereafter in writing, you indicate that you want the proceeds of your GIC investments (principal and any accrued interest not already been paid) deposited into the Savings Account from which your initial investment was funded, or into your Linked Account, we will deposit the funds per your instructions as the case may be.

Option to Cancel GIC Purchase

You may cancel your purchase of a WealthONE GIC within seven days after the Effective Date without penalty and you will be entitled to a refund of all principal invested. You will not receive a payment of interest. Please contact us to cancel your purchase of a GIC within the stated time period.

A WealthONE GIC may not be assigned and is not negotiable or transferable by you.

Should, for whatever reason, you fail to maintain your eligibility for a WealthONE GIC, we may, at our option, terminate your GIC and pay to you the principal amount owed in connection with the GIC by EFT or by cheque mailed to the most current mailing address that we have on file for you. No interest will be paid to you in connection with the terminated GIC and we will recover any interest amounts that may have been paid to you by deducting those amounts from the principal balance of the GIC.