Skip to main content
Select Image

Account terms & conditions

    A. General Terms and Conditions

    In these Account Terms, unless otherwise defined or required by the context, the following terms have the following meanings:

    Account and Bank Account means any and all Wealth One accounts;

    Account Agreement means this Savings Accounts and GIC Investments Agreement;

    Authorized Persons means, if You are a corporate entity, an association, or a general partner, limited partner or trustee that is a corporate entity, or similar entity, up to three individuals appointed by You, who will be the only individuals permitted to provide Instructions for Transactions (each an "Authorized Person");

    Account Terms means the terms, conditions and other agreements, including the Account Agreement, between You and Us, with respect to Products offered by Us, as may be amended from time to time, and which were delivered to You when You opened Your Account. This also includes notifications, Our Privacy Agreement and any other document that is available on Our Website or online and mobile banking applications;

    Business Day means any day that the Wealth One head office is open for business in the province of Ontario;

    Cashable GIC Investment is a GIC that is fully or partially redeemable (minimum $1,000 redemption request accepted and $1,000 must be maintained in the GIC) prior to the maturity date only after the redemption eligibility period indicated on the GIC application form has been met;

    Client Number means a unique number assigned to You by Us upon acquiring a Product;

    EFT means electronic funds transfers, including transfers between Your Product(s) or transfers between Your Product(s) and Linked Accounts;

    Electronic Transaction means transactions with respect to a Product, including deposits and withdrawals, which include payments (including bill payments and preauthorized debits), transaction cancellation Instructions, Interac e-Transfers®, and other ransactions with respect to a Product that We may permit through Our Website or online and mobile banking applications;

    Escalator GIC means a GIC Investment that has a term of three (3) years and an interest rate that increases each year of the term. The Escalator GIC is fully or partially redeemable only on the anniversaries of the Issue Date and is not redeemable at any other time prior to the maturity date. Minimum investment is $1,000.

    GIC Investment means a Guaranteed Investment Certificate offered from time to time by Wealth One;

    Instruction means an instruction by You that is communicated to Us after verifying Your identity;

    Linked Account means an account held with another financial institution in Canada and that is linked to Your Savings Account;

    Non-Redeemable Short Term GIC Investment is a GIC that is not redeemable prior to the maturity date, and which has a term of less than one (1) year;

    Non-Redeemable GIC Investment is a GIC that is not redeemable prior to the maturity date, and which has a term of one (1) year or more;

    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 account at a financial institution that is carried out by Wealth One or another financial institution that has Your authorization to do so;

    Product(s) means a GIC Investment or a Savings Account offered from time to time by Wealth One;

    Product Application Form means the Wealth One application form for a GIC Investment or Savings Account as applicable;

    Savings Account means any savings account offered from time to time by Wealth One;

    Service means the Deposit Anywhere© Mobile Remote Cheque service provided by Wealth One;

    Transactions means transactions with respect to a Product, including deposits and withdrawals, which include electronic funds transfers (including transfers between Your Wealth One Accounts or transfers between your Linked Accounts) or payments (including bill payments and preauthorized debits), transaction cancellation Instructions, Interac e-Transfers®, and other transactions with respect to a Product that We may permit;

    Us, Ours, We, Wealth One means Wealth One Bank of Canada;

    Website means; and

    You, Your, Account Holder, Client means You, the person, corporation, partnership, Authorized Person or other Client who has entered into an agreement with Wealth One, to deposit funds in a Product; and the primary Account Holder means the first person listed on such agreement.

    The Products are denominated in Canadian dollars and can only be opened with funds transferred from a federally or provincially regulated financial institution located in Canada.


    We are required by law to verify Your identity and You agree and consent to such verification and agree to provide any documentation necessary for Us to complete Our verification process. You agree and consent to Our use of any credit bureaus, credit reporting agencies or similar third parties to verify Your identity. Your Product cannot be opened or established until satisfaction of these requirements. You agree to provide any records that may be required for the opening of Your Product and its continued operation under federal and/or provincial law, including but not limited to, those necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act or such other similar legislation as the case may be.

    To be eligible to open and maintain a Wealth One Product 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.

    Service fees in respect of the Products are outlined in the Fee Schedule available at Service Fees. We may modify the Fee Schedule in respect of the Products, provided We have given written notice of such new or increased fees to You, at least thirty (30) days before the effective date.

    The current interest rates applicable to the Products are available at GIC rates and HISA rates or by emailing Us at The interest rates are subject to change at any time without prior notice to You, at Our sole discretion.

    Instructions concerning the Products may be given to Wealth One in person at any Wealth One office, through online banking at or any other means provided by Wealth One. Any Instructions given to Wealth One by telephone, online banking or other electronic means will be treated as if such Instructions are written and signed Instructions. 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 the Products and Transactions available each month by either mailing a statement to You or through online banking. Details of the Products and Transactions, including Account balances, are also available by telephone.

    This section applies if there is more than one owner and the Product is held as joint tenants. If a Product has more than one Account Holder, each Account Holder will confirm his/her identity with Us and is responsible for maintaining the security of his/her identity. You agree jointly and severally, which You acknowledge means together and separately, with Wealth One and with each other that:

    • We may pay all principal and interest under the Product to any one Account Holder, or Your attorney or agent; any payment may be made by Us upon receipt of Instructions signed by any one Account Holder and such payment shall discharge Wealth One from all liability whatsoever in connection with the Product and the monies paid;
    • each Account Holder may conduct Transactions and We may accept Instructions from any one Account Holder with respect to any Transaction, including transfer; each Account Holder is responsible, both individually and jointly, for all obligations arising from these Account Terms; and
    • if any Account Holder dies who is a resident of any province or territory within Canada (excluding Quebec), any positive balance may be withdrawn or made payable to the surviving Account Holder(s) and You hereby assign the balance of any jointly held Product to the surviving holder(s) in the event of Your death.
    • Each Account Holder hereby constitutes and appoints as attorney for him/her each other Account Holder to deal with the Savings Account and to give Instructions to Us in regard to the Savings Account and the Products on his/her behalf including, without limitation, the execution of any documentation in that regard. This shall be a good, sufficient and irrevocable authority to each Account Holder to do so. Once a Product is designated as a joint account, We may disclose information concerning the Product prior to it becoming a joint account to each Account Holder. Each Account Holder acknowledges and agrees to the set-off/right of compensation provision below.

    Products may be available if You are operating as a business or operating otherwise not as an individual. Each Authorized Person will confirm his/her identity with Us and is responsible for maintaining the security of his/her identity. For certainty, all provisions of these Account Terms apply to Products that are owned by Account Holders that are not individuals. If You are a limited partnership with partners who are individuals, only the partners are permitted to be Authorized Persons and each such Authorized Person must complete the requirements under these Account Terms as if they were the Account Holder.

    This section applies if You have indicated on the Product application that the funds held in the Product are “in trust” for the beneficiary or beneficiaries named on the Product application. We have no obligation to observe the terms of any trust, whether written, verbal, implied, informal, constructive or otherwise, and You are solely responsible for complying with any terms of the trust or any laws applicable to trusts. You acknowledge and agree that You, as Account Holder, are also the trustee of the Product and that the beneficiary is the beneficial owner of any funds deposited in the Product. You are required, as the Account Holder, to manage the Product (for the benefit of the beneficiary) and We will only accept Instructions from You to effect Transactions in respect of the Product after purchase. You agree that You are liable to Us for all liabilities and obligations respecting the Product in Your personal capacity as the Account Holder and not as a trustee, agent or otherwise.

    We will not allow You to withdraw money from Your Product or deal with Your Product in any way if (i) We discover that You have declared bankruptcy or become the subject of bankruptcy proceedings; or (ii) 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

    12. PRIVACY
    To establish the Products, You shall provide Us directly or indirectly with information about You including, without limitation, Your name, address, and social insurance number or other tax identification number as may be applicable to You (collectively, “Personal Information”).

    You consent to the collection of Your Personal Information by Us and/or Your deposit broker and to the use, retention and disclosure of Your Personal Information as is reasonably required in connection with (i) the establishment and maintenance a Product, to meet legal and regulatory requirements and for statistical, audit and security purposes; and (ii) for determining Your eligibility for any other products or services to be offered, all in accordance with the Wealth One Privacy Agreement.

    For information about Wealth One’s Privacy practices, visit the Wealth One Legal page or contact us. You have the right to access Your Personal Information and change any Personal Information which may be obsolete or incorrect. Please refer to the Wealth One Privacy Agreement for information about how to access and/or change Your Personal Information, or exercise Your right to withdraw Your consent to the use and disclosure of the Personal Information for the purposes described above.

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

    14. TRANSFER
    You may not transfer a Product to someone else, except by operation of law or with Our consent.

    Changes to these Account Terms may be made by Us at any time, without prior notice unless advance notice is required by law. When changes are made, notice of the change will be posted on the Website. You agree that if You access or have funds on deposit in any Product, You will be deemed to accept the change. If You do not agree to a change in these Account Terms, You must notify Us and immediately stop using the Products.

    We may deduct from the Product interest, fees, taxes or penalties payable, as applicable.

    17. SET-OFF
    We retain the right to set-off/right of compensation against any amounts in the Products to pay any debt, compensation or other obligation You may owe to Wealth One. You understand and agree to allow Us to use some or all of the money in Your Products to pay any debts that You owe Us without prior notice to You.

    We may suspend or withdraw the Product without notice if required by law or if, at any time, We have reasonable grounds to believe the Product 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 these Account Terms.

    Pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, We are required, in certain circumstances, to report any “suspicious transactions” to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a government agency. Suspicious transactions are Transactions which may relate to money laundering and the financing of terrorist activities. We reserve the right not to provide the Product to a client.

    19. LANGUAGE
    It is the express wish of the parties that this Agreement and any related documents be drawn up and if execution is required, to be executed in English. Les parties convenient que la présente convention et tous les documents s'y rattachant soient rédigés et signés en anglais.

    You may provide Us with an encoded personal or business cheque from Your other financial institution to allow Us to link Your Product with Your Linked Accounts. We may limit the number of Linked Accounts that can be linked to Your Product(s). We will only process Transactions to and from Linked Accounts with identical ownership details. For example, Transactions cannot be effected between an account owned by an individual Account Holder and an account owned by an Account Holder that is not an individual. In the case of a joint Product, a Linked Account may be owned by only one of the Account Holders.

    Interest will be reported for tax purposes in the manner required by the Canada Revenue Agency.

    You are responsible for ensuring that there are sufficient funds in Your Account to cover any Electronic Transactions You may initiate. You will be accountable for any Transaction that is not processed due to insufficient funds.

    Electronic Transaction Instructions may be made through Our mobile, online or telephone banking, and by other methods made available by Us, from time to time.

    An EFT initiated by You via online or mobile banking, or telephone will be processed upon Your request to or from Your Linked Accounts. It typically takes one (1) to three (3) Business Days for funds to arrive in Your Product or to Your Linked Account after the EFT request is made. Funds transfer arrival dates are not promised or guaranteed. Note that even after funds have arrived in Your Product they may be subject to a hold period, including funds which have arrived via direct deposit. Please see the ‘Holds on Your Account’ section below for further information.

    In cases where EFTs cannot be processed with a Linked Account, the Transaction request will be reversed. We will not accept cash for deposit, nor will We disburse cash, and will not be responsible for funds lost in transit or in standard mail. Traveller’s cheques will not be accepted for deposit.

    We will not accept cheques payable in U.S. dollars or other foreign currencies. We, in Our sole discretion, may deem a deposit or withdrawal to be fraudulent or counterfeit. If this occurs, the Transaction request will not be processed and, as applicable, funds will not be returned to You.

    We may establish dollar amount limits and/or limit the number of Transactions. These limits may change at any time and without prior notice to You. If You attempt a Transaction that is in excess of these limits, We may reject the Transaction.

    When You deposit funds with Us by cheque or EFT, We may 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 will be limited until the hold period has expired. You will be unable to withdraw, transfer or pay bills using funds that are being held. The time period for deposits being held generally ranges from five (5) to eight (8) Business Days, and depends on the amount and nature of the deposit.

    The hold period may be extended at Our discretion if We believe there is a material increased credit risk concerning Your Account. The hold period may also be extended where We believe a deposit has been made for illegal or fraudulent purposes, where an Account has been open for less than thirty (30) days, or for other reasons/purposes at Wealth One’s discretion. You will be notified in writing of any extended hold period. A hold may also be placed on Your Account when We receive new or updated Personal Information concerning Your Account while We verify such information.

    We will comply with any lawful third-party demand or court order that is received in respect of the Product without notice to You. If We comply with a third-party demand, We may charge a reasonable cost against a Product. You agree that We will not be liable to You in any way for complying with, or otherwise acting upon, any third party demand or court order issued on Your Product. We are not responsible for any investment, accounting, legal or tax advice concerning the Products.

    You acknowledge and agree that these Account Terms will be governed by the laws of the Province of Ontario, Canada. You hereby agree and confirm that these Account Terms are subject to the exclusive jurisdiction of the courts of the Province of Ontario as the proper and most convenient forum concerning these Account Terms.

    If You have a concern or complaint, please refer to the “Resolving your Complaint” page found at for more information.

    In the event that any provision or part of any provision of these Account Terms is deemed to be illegal, invalid or unenforceable by reason of the operation of any law or by reason of the interpretation placed thereon by a court, such provision or part of such provisions shall not affect the validity of any other provision or the remainder of such provision and the remaining provisions shall remain in full force and effect.

    We may engage the services of third party service providers for the purpose of providing e-commerce services to Wealth One and Our Clients.

    Wealth One shall be solely responsible for its use and its Clients’ use of the e-commerce services provided by the third party service provider. The third party service provider shall have no responsibility or liability for any acts or omissions of persons to whom user IDs or passwords are issued.

    We are not responsible for any losses, costs, damages or any failure to obtain any profit in connection with Your use of a Product 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 these Account Terms.

    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 a Product. You will also be responsible for any losses that result from any use of a Product 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.

    28. 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

    B. Pre-Authorized Debit (PAD) / Electronic Funds Transfers (EFT)

    The term “Agreement” used in this section means Your agreement for Us to process Transaction requests according to the rules of Payments Canada and these Account Terms. An overview of Your rights and responsibilities with respect to pre-authorized debits (PADs) is available at 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 Products 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 Product(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 either provide Us with, or enter online, the correct information in order to process Your Transaction.

    You hereby authorize Us to draw PADs in amounts as verbally or otherwise instructed by You from time to time to complete Transactions. You agree to waive any written notice before a PAD is processed and You acknowledge that You will not receive any written notice from Us of the amount to be debited or the due dates of the debiting. 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 Product that You have requested. The PADs under this Agreement are for the purpose of making payment for consumer goods or services (a “Personal PAD”) unless the Account Holders are not individuals in which case the PADs under this 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 ten (10) 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 We may cancel the PAD by sending fifteen (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.

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

    You confirm that all individuals who have signed the Product Application Form or agreed to these Account Terms are all those who are required to sign on Your Linked Accounts at Your other financial institutions. Although EFTs generally take one to two Business Days to process after a request, We make no guarantees as to the date Your funds will arrive in Your Product or the Linked Account.

    C. Saving Accounts

    The following provisions apply to Savings Accounts:

    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, into the Savings Account on the first Business Day of the following month.

    You acknowledge that interest rates and interest calculation methods may change at any time and without prior notice. We will advise You by posting the new rate and any interest calculation changes on Our Website.

    You may make deposits to the Savings Account by way of EFT. Deposits will not be accepted in the form of cash. Transactions and/or balances in the Savings Account may be limited in dollar amounts, or otherwise as may be determined by Us, and such limits may be changed at Our sole discretion without notice to You.

    If We allow Your Savings Account to accumulate a negative balance, We may charge fluctuating interest rates and fees without notifying You until the total negative balance and applicable interest is repaid. We may change the requirements for and manner of transferring funds into and out of Your Savings Account at any time.

    You may request and/or authorize withdrawal Transactions in person at any of Our offices, through Our online banking or any other means, provided by Us. Withdrawal Transactions may be in the form on an EFT to Your Linked Account.

    You agree to review Your Savings Account history and each Account statement regularly (at least once every thirty (30) days). You must advise Us of any errors within thirty (30) days following the settlement of any Transaction. If You do not provide such notification to Us within thirty (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 review Your Account statements at least once every thirty (30) days.

    A Savings Account will be identified as inactive if there is a zero balance (or if there is an overdraft amount owing) and there have been no Transactions for a consecutive six (6) month period. Once a Savings Account has been identified as inactive, We may terminate the account in accordance with these Account Terms or 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 Transactions for a consecutive two (2) year period. Once a Savings Account is identified as dormant, You must contact Us to have it reactivated prior to initiating any Transactions. When a Savings Account with a balance sits dormant for a period of ten (10) 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 are transferred to the Bank of Canada once a year, on December 31st.

    You agree that We may terminate the Savings Account on fifteen (15) days’ notice in writing to You, and that on payment of any balance remaining in the Savings Account to You on the effective date of termination (subject to Our rights of set-off), You shall have no further rights or interest in the Savings Account.

    You agree We may take such steps and/or require such documentation (such as a certified copy of the death certificate, a letter of direction and notarized copy of the Certificate of Appointment of Estate Trustee or Executor or equivalent) or restrict Transactions in the Savings Account as We deem necessary in the event of Your death or incapacity. Subject to these Account Terms, We will transfer the balance of the funds in the Savings Account to Your legal representative and close Your Savings Account. Your estate representative will have the same rights, responsibilities and obligations under these Account Terms. If You move out of Canada, You agree to close Your Savings Account prior to moving.

    You may choose to close Your Savings Account at any time and at no cost. Items submitted for payment after the Savings Account is closed may be dishonored. You are responsible for Transactions You arranged, including those that arrive after Your Savings Account is closed. By closing Your Savings Account, You forfeit any cash payments that You have not yet been posted, such as accrued interest and any promotional interest rate offers. In the event Your Savings Account is closed and there is a balance, We will mail a cheque to You for that amount, less any outstanding debts or other obligations You owe Us, according to Our rights of set-off described in these Account Terms, at the address We have on file for You.

    D. GIC Investments

    The following provisions apply to GICs:

    1. PAYMENT AT MATURITY We promise to pay to the Account Holder on the Maturity Date of the GIC (the “Maturity Date”), the principal amount of the GIC. We also promise to pay interest on the principal amount on the confirmed annual interest rate, from the date We receive and invest the funds in the GIC on behalf of You (the “Issue Date”) to the Maturity Date, at the frequency indicated on the form. Interest shall be paid by crediting it to Your Account according to the disposition of funds Instructions on file or as otherwise agreed in writing with Us. In consideration of the GIC, Wealth One shall retain the profits resulting from the investment of the principal in excess of the interest payable to You. Upon repayment of the principal and interest, the cash held with respect to the GIC shall be freed from the terms of this trust without any assignment or release from the registered owner. If no maturity Instructions have been received by Us in accordance with these Account Terms, then at the Maturity Date, the Proceeds of the matured GIC may be, at Our discretion, renewed for the same terms and conditions as the existing investment at Wealth One’s prevailing rate of interest for that term; provided that such renewals may be cancelled if We receive a request to cancel within ten (10) Business Days from the date of renewal. “Proceeds” in the case of a compound interest GIC shall mean the principal amount of the GIC together with all accrued interest in respect of the GIC, and in the case of all other GICs, shall mean only the principal amount of the GIC.

    2. CONFIRMATION A confirmation of GIC is issued 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 Wealth One only. If confirmation is not received by You from Us within twenty-one (21) days of Our receiving a complete application, please contact us

    3. REDEMPTION PRIOR TO MATURITY DATE A Cashable GIC is fully or partially redeemable prior to the Maturity Date only after the redemption eligibility period indicated on the GIC application form has been met.

    Non-Redeemable GICs and Non-Redeemable Short Term GICs are not redeemable prior to the Maturity Date.

    The Escalator GIC is fully or partially redeemable only on the first and second anniversary of the Issue Date and is not redeemable at any other time prior to the Maturity Date. The interest rate on the Escalator GIC increases each year of the term on each anniversary of the Issue Date. Each year, You will earn interest on the balance in the Escalator GIC at the applicable rate for that year. On the first anniversary date, You will earn interest on your initial investment at the first year rate from the Issue Date to the first anniversary date. From the first anniversary date to the second anniversary date, You will earn interest at the second year rate on the remaining balance in the GIC during that period. From the second anniversary date to the Maturity Date, the third year interest rate will apply to the remaining balance in the GIC during that period. Interest is compounded annually and is paid at maturity or on the relevant anniversary date, if redeemed earlier as permitted herein. Interest rates are disclosed in your investment confirmation.

    You agree to provide Us with two (2) Business Days' advance written notice of a permitted redemption.

    The date of redemption will be deemed to be the Maturity Date of the GIC. Interest will be paid up to but not including the date of redemption. Notwithstanding the above, redemption prior to maturity may be permitted by Us without penalty in the event of the death of a sole Account 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.

    E. Deposit Anywhere© MOBILE REMOTE CHEQUE DEPOSIT SERVICE (the "Service")

    The Service 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.

    In order to take advantage of and agree to the Service You must:

    Download the Deposit Anywhere © application on your mobile device; Give Us authorization to initiate the Service; and You agree to the following terms and conditions by clicking “I agree” when you download the Deposit Anywhere © application on your mobile device.

    You agree:

    • To use the hardware 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;
    • Ensure that each cheque is an accurate front and back image of the original cheque including any endorsements;
    • To promptly destroy the paper original of your deposited cheque after notification from Us that it is in order for You to do so;
    • 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 Service;
    • That We will only accept cheques in Canadian dollars drawn on Canadian financial institutions;
    • We can impose limits on the value and number of cheques that You may deposit using the Service on a daily, weekly or monthly basis;
    • We will not accept “all to sign" cheques for deposit;
    • We will not accept cheques from You payable to You as an executor or agent; and
    • We may rely on your electronic instructions and your consents for delivery of electronic documents such as a cheque image using the Service without seeking your further approval or consent.

    You agree not to do any 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.
    • In order for a cheque drawn on a Canadian financial institution and deposited with Us the cheque must be clear and legible, viewable and usable as determined by Us and contain the necessary endorsements.

    Notwithstanding these ineligible cheques We may decide to accept such ineligible instruments in our sole discretion.

    You agree and acknowledge that this Service is governed by the applicable laws of Canada and that the jurisdiction for settling any disputes is Ontario, Canada under the dispute resolution procedure set out in Our Savings Account and GIC Investments Terms and Conditions.

    In the event of a conflict between the terms of this Service agreement and Our Online Banking and Mobile Banking Services Terms and Conditions, Our Savings Account and GIC Investments Terms and Conditions shall govern.

    We are entitled to establish a cheque hold period.

    We have the right to establish an available funds limit and a funds hold policy for the Service as published from time to time on our website at

    Notwithstanding such hold periods We may return a cheque deposited by You at any time if the cheque is forged altered or otherwise not acceptable to Us.

    We agree to keep electronic copies of cheques deposited to your Savings Account in accordance with our record retention policy.