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EQ Bank TFSA Savings Account Agreement

Welcome to EQ Bank! The information included below contains important details about your Tax Free Savings Account (TFSA Savings Account).

By opening and operating your TFSA Savings Account, you accept and agree to be bound by the following terms and conditions. You confirm you received our disclosure Documents and agree to be bound by the terms of these Documents including any periodic changes or replacements made by us.

Please ensure you review this Agreement and all other related or referenced agreements carefully as they affect your rights and set out certain obligations and expectations on your part. If you have any questions related to the agreements, please  contact us.

Please retain a copy of this Agreement for your records.

TFSA Savings Account

The TFSA Savings Account is an online personal bank account that operates in Canadian currency that is part of a qualifying arrangement as a TFSA under section 146.2 of the Income Tax Act (Canada). The Account earns interest daily based on the closing balance, and interest is paid monthly. There is no minimum balance requirement.

The TFSA Savings Account is intended for personal use only. You agree to operate your TFSA Savings Account as a personal account and understand that if we suspect you are using your TFSA Savings Account for business or non-personal purposes, we may close your Account.

By signing up for a TFSA Savings Account, you agree to receive all communication and documents related to your Account in electronic format.

Definitions in this Account Agreement

“Account” means your TFSA Savings Account;

“Account Agreement” means this EQ Bank TFSA Savings Account Agreement;

“Alert Messages” means the automated security alert messages and opt-in alert messages that we may send to you securely to the Message Center accessible within the Services or by regular email to your primary email address or by text (SMS) message to your mobile phone number;

“Business Day” means a day other than a Saturday, Sunday, federal holiday or publicly-observed holiday in Ontario;

“Documents” means the interest, fees, privacy and/or complaint-related disclosure documents you receive(d) electronically when you opened your account, and including those outlined below in Section 1 under Consent for Delivery of Electronic Documents;

“EFT” means Electronic Funds Transfers, including transfers between your Accounts and transfers between your Account(s) and Linked Accounts;

“Electronic Communication” means any communication by telephone, email, Message Centre, text (SMS), social media, chat, fax, or other method of telecommunication or electronic transmission;

“Electronic Device”: means any electronic device that we allow you to use to access our Services (for example, certain personal computers, cellular phones, telephones, smart phones, tablets or other similar devices);

“Electronic Transaction(s)” means transactions with respect to an Account, including deposits and withdrawals, transaction cancellation instructions, transfers (which include Electronic Funds Transfers (EFTs)), and other transactions with respect to an Account that we may permit through our Services;

“EQ Bank”, “the Bank”, “Bank”, “our”, “we” or “us” means Equitable Bank;

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

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

 “Instruction” means an instruction by you that is electronically communicated to us after electronic identification and/or security question authentication through our Online or Mobile Banking or Customer Care Centre;

“Linked Account(s)” means the external personal deposit account(s) in your name at another Canadian financial institution that is linked to your Account;

“Message Centre” means a secure messaging inbox, accessible through EQ Bank Online or Mobile Banking;

“Mobile Banking” or “Mobile” means the mobile application, specifically designed by us or a Third Party Service Provider, through which you may sign on to the Services;

“Online Banking or “Online” means the Website through which you may sign on to the Services;

“Qualifying Arrangement” means an arrangement as defined in subsection 146.2(1) of the Income Tax Act (Canada);

“Sender” means a person who instructs a financial institution to send a transfer;

“Statements” means the online monthly account statement accessible through Online Banking;

“Service(s)” means Mobile and Online Banking, which can be accessed by an Electronic Device;

“TFSA” means a tax-free savings account;

“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;

“Website” means eqbank.ca; and

“you”, “your”, “client”, “customer” or “Account holder” means each holder of an Account.

Customer eligibility

To be eligible to open and maintain a TFSA Savings Account with us, you must be a Canadian resident with a permanent Canadian address, and you must meet the age of majority in your province or territory of residence.

You are responsible for maintaining a valid email address as part of your profile with us and are responsible for notifying us of any changes to your email address or any other personal information you have previously provided us.

Privacy agreement

By initiating the account opening process with us, you consent to the collection, use and disclosure of your personal information in accordance with EQ Bank's Privacy Agreement. The Privacy Agreement may be amended or replaced from time to time and we will post the revised Agreement on our Website or on the Message Centre.

The Privacy Agreement forms part of this Agreement, and your acceptance of the terms of this Agreement indicates that you also agree to the terms of the EQ Bank Privacy Agreement. It is important that you review our Privacy Agreement carefully prior to opening an Account.

We reserve the right to comply with any third party demands which have been issued under federal or provincial/territorial legislation, or any court order we receive in respect of your Account. You agree that we will not be liable to you in any way for complying with any such third party demands or court orders issued on or against your Account.

Interest

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 the secure Message Centre or on our Website.

Interest begins to accrue on every dollar the day your Account becomes active. Interest is calculated daily on the total closing balance and at the rates per annum, as offered. Interest is payable monthly.

Notwithstanding the above, should your Account become active on the last business day of the month and should you make a deposit into the Account on that day, interest may not be paid on the amount deposited until the following month.  Interest will, however, begin to accrue on the amount the day it is deposited.

Fees

The Account has no monthly maintenance fee. A listing of the fees that may be charged by us in connection with this Account are outlined in the TFSA Savings Account Fees & Features. 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 in writing to you through electronic means, which may include posting a notice on the Message Centre or on the Website or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.

Online account transaction records

Statements and ongoing account transactions and balances are available online in electronic format and can be accessed directly from Online Banking.

You understand and agree that paper copies of your account statement will not be provided by us.

You agree to notify EQ Bank

You agree to review your transaction history carefully and at least once every 30 days to ensure that:

  • All transactions and balances are correct;
  • All Instruments paid from the Account are valid and duly authorized;
  • All amounts charged to your Account are correct;

Should you notice any errors, omissions, irregularities or discrepancies you must notify us within 30 days of the transaction record, otherwise we will consider your Account records to be accurate. You will be bound by this section even if you do not use Mobile Banking or Online Banking to review your Account entries and balances at least once every 30 days.

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

Using the TFSA Savings Account

You acknowledge and agree that:

  • Deposits made after 11:59pm ET will have a transaction date of the next day and will be processed on the next day.
  • You take full responsibility for your Electronic Device and anybody using it and have reviewed and accept the EQ Bank Mobile and Online Banking Terms and Conditions in its entirety.
  • You are responsible for ensuring that there are enough funds in your Account required to cover any transaction you may initiate. You will be accountable for any transaction that is not processed due to insufficient funds.
  • You are able to transfer funds into your TFSA Savings Account from your EQ Bank Personal Account, from your External Accounts, or via transfer of funds from a TFSA at another financial institution.
  • You acknowledge and agree the entirety of the EQ Bank Tax Free Savings Account Agreement.
  • You agree that all contributions must be made in accordance with section 146.2 of the Income Tax Act (Canada) to qualify for any applicable tax exemptions. You shall be solely responsible for tracking contributions made to this TFSA Savings Account, in addition to any other arrangements held with us and at other financial institutions in order to determine if contributions made under your EQ Bank Tax Free Savings Account would constitute an “excess TFSA amount” as defined in section 207.01 of the Income Tax Act (Canada) at any particular time. You understand that you will be subject to tax on a monthly basis for each month that you have an “excess TFSA amount”.

Transactions and limits

Electronic Transaction requests may be made through Mobile or Online Banking, or via telephone to our Customer Care Centre, and by other methods made possible by us, from time to time. Our Customer Care Centre is capable of processing large dollar Electronic Funds Transfers (EFT).

EFTs initiated by you via Mobile Banking, Online Banking, or via telephone will be processed upon your request to or from your Linked Accounts. If processing via telephone, before acting on your request, you will be asked to provide information to help verify your identity. All transactions involving an External Account must be initiated, amended or cancelled through the EQ Bank Online or Mobile Banking platforms, or via our Customer Care Centre.

It typically takes one to two Business Days for funds to arrive in your Account or to your External 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 Account they may be subject to a hold period. Please see the ‘Holds on Your Account’ section below for further information.

In cases where EFTs cannot be processed with an External Account, the transaction request will be reversed. We will not accept cash for deposit and will not be responsible for funds lost in transit or in standard mail. Travellers cheques will not be accepted and we will not accept cheques payable in U.S. dollars or other foreign currencies.

We will not accept wire transfer deposits.

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, transaction, account balance or other account-related limits per customer. 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. Please refer to our Tax Free Savings Account Fees & Features for further information on dollar amount, transaction, account balance or other account-related limits for various transactions.

Linked Accounts

You may link more than one External Account to your Account, subject to certain limits. Other than the initial (or first) Linked Account that may be initiated at the time of Account activation, all subsequent Linked Accounts may be set up via Mobile Banking or Online Banking.

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

We, in our sole discretion, may refuse to process your request for a Linked Account or may require you to mail in a cheque in order to complete a request to link an External Account.

Scheduled and recurring transfers to / from External Accounts

Scheduled and recurring transfers can be made between your Account and your Linked Account(s). 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 External Accounts according to your Instructions. Changes to your payment schedule can be made at any time based on your direction. Timing of the changes may not be guaranteed depending on when the changes were made.

Holds on your account

When you deposit funds with us by EFT we may place a hold on all or a portion of your deposit until we have verified that the funds will be 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 or transfer using funds that are being held. The time period for deposits being held ranges from five to eight Business Days, and depends on the amount and nature of the deposit.

There may be circumstances where the hold period is extended. For more detail on this and for information on cheque returns, please refer to our Hold Funds Policy.

Account holder access

We will accept Instructions for the Account directly 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. However, we may act in accordance with instructions from your legal representative(s) (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 (i.e. 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 Accounts, or are physically unable to access their Accounts. In order to allow a third party to access your Account(s), 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 contained herein, 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.

Clearing, settlement and payment

We may make available instruments such as EFT, payment features or tools which are used for payment, clearing, collection, receiving, or otherwise through Third Party Service Providers. We will not be responsible should any errors occur during the performance of these third party services nor will we be responsible for any loss, theft, destruction or delay in delivery of any instrument while in process or in the possession of another bank or third party. If instruments for payments presented on your behalf by us or third party to another financial institution are refused, or if the other financial institution does not provide payment, you will remain responsible to us for the amount of the instrument deposited with us.

Closing your Account

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 or others.

Suspension or termination of Account or Services

You acknowledge that we may, in our sole discretion, suspend or terminate your Account, or your access to your 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 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. 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 Agreement as you, the Account holder, unless we determine otherwise.

There are no fees or associated costs for terminating your Mobile Banking or Online Banking services.

Dormant Accounts

Your Account will be considered dormant if there has been no activity in your Account for a 24-month period. Activity is defined as (i) a financial transaction initiated by you, including but not limited to, deposits, withdrawals and EFTs, or (ii) a sign in to Online or Mobile Banking.

If your Account is dormant and has no balance it will be closed without notice to you.

If your Account is dormant and the balance is greater than $0, you will receive a Dormant Account Notice. These notices will be sent to your address registered to your profile after the first two year, five year, and nine year periods of inactivity.

Accounts that are dormant for 10 years and the balance unclaimed will be closed and the balance 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. To claim an account balance transferred to the Bank of Canada, you must file a claim with the Bank of Canada. The notice after the nine year period of inactivity will include information on how to reclaim funds. Interest will be paid until the Account is closed.

Changes to this Agreement

Changes to this 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 posted on the Message Centre or 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 Agreement by visiting our Website. You may refuse the change by terminating this 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.

Conflict of terms

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

Limitation of liability

You expressly understand and agree that in no event shall we be liable for any direct, indirect, incidental, punitive, special, or consequential damages, or any damages whatsoever, including, without limitation, damages for loss of profit, arising out of your use of or any malfunction, cancellation, restriction or inability to use your Account. For greater certainty, you agree that we may take any action authorized or permitted by this Agreement without being liable to you, even if such action causes you to incur a loss.

Indemnity

You acknowledge and agree to indemnify (protect), and hold us, our officers, directors, employees, agents and affiliates harmless (innocent) from and against any loss, liability, cost or expense of any kind that any of the aforementioned parties may incur in connection with any product or service we may provide you or that may result from any dealings between you and us, including any claim or liability for payment of a forged or altered item.

Liability for forgeries

In addition to the above, you acknowledge that we will not, under any circumstance, be liable to you for any loss, even if we are notified within the time periods required by this Account Agreement (under ‘You Agree to Notify EQ Bank’), arising from:

i) a forged or unauthorized endorsement, impersonation or any material alteration of an instrument; or

ii) Instructions we act on; unless you have established to our satisfaction that you are not responsible for the disputed item and that you took all reasonable steps to prevent the forgery or impersonation and the resulting loss, and that despite that fact, the loss was unavoidable.

You agree to cooperate fully with us in any investigation that may be required including any police investigation. Any liability that we may agree to will be limited by a maximum liability equal to the amount of the disputed item and rules established by Payments Canada in effect at the time applicable to the forgery or material alteration including a 90-day limitation on disputes arising from material alterations.

Payments Canada rules

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. Please see the summarized Payments Canada rules below for information on your rights and responsibilities. These are not intended to replace the wording from the underlying Payments Canada rules.

1. Your Authorization

You agree that the opening of your Account acts as your approval to your other financial institution(s) and to us, to process EFT requests to and from your Account in accordance with the rules of Payments Canada. You assure us that you have signing authority on the External Account(s) held at your other financial institution(s).

You acknowledge that this authorization is given to us and the other designated financial institution(s), in consideration that we agree to process debits or credits against your designated External Account(s) in accordance with this Account Agreement. This authorization has no bearing on any other agreement or service you have with us, it only applies to the method of payment. The financial institution(s) at which you maintain your External Account(s) is (are) not required to verify that the debit transactions are drawn in accordance with this authorization.

Changes to your External Account information should be communicated to us before any EFT requests are made. You may cancel this authorization at any time by providing notice to us. We require three days to process your cancellation request. The cancellation of this authorization does not terminate any other agreement you may have with us.

You acknowledge that your use of your electronic identification (login ID and password) establishes authorization for us to process debits to your Account(s) as requested.

2. Electronic Funds Transfers (EFT)

Funds transferred to and/or from your Account to another financial institution constitutes an EFT. These transfers are used to move funds between accounts held by the same customer (you) at different financial institutions. We will process these transfers and move funds only at your request and as per your Instructions, on amount, frequency and timing. To initiate a transfer, log into our Mobile Banking or Online Banking services and authorize an EFT request online. You are responsible to ensure the correct information is provided in order to process your transfer. We will process transfer requests in accordance with the rules of Payments Canada and this Account Agreement. For an overview of your rights and responsibilities with respect to PADs, please visit Payments Canada at payments.ca.

3. Notices of Change

You agree to inform us of any change in the External Account information prior to any requests being made for the transfer of funds. This pertains specifically to your External Account(s) which you hold with your other financial institution(s) where you previously provided your authorization to us, to draw funds from those accounts by providing us with the linking information.

4. Contact Information

Head Office:
Equitable Bank, Equitable Bank Tower
30 St. Clair Avenue West, Suite 700,
Toronto, ON M4V 3A1

Toll Free Phone: 844-437-2265 (844-4EQ-BANK)

Email: contact@eqbank.ca

Website: http://www.eqbank.ca

5. Confirmation

You confirm that the information provided by you is accurate and that you have authorized us to act based on your Instructions and to process your transfer requests.

6. Recourse Reimbursement

You have certain recourse rights if any debit does not comply with this Account Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit payments.ca.

Consent for delivery of electronic documents (“Consent”)

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

1. Giving Your Consent

You consent to the electronic delivery of Documents and other information through the Message Centre, fax, email, SMS/text message, or by posting on our corporate website (equitablebank.ca) or Website (eqbank.ca). Documents include:

  • Statements;
  • Notifications containing legal disclosures, including the disclosure requirements prescribed by the Bank Act, all provincial/territorial and federal Securities, Privacy and Tax statutes and regulations and all Voluntary Codes of Conduct and Public Commitments applicable to the financial industry;
  • Changes to any interest rate(s), fee(s), and any other items mentioned in the Documents we send you for new Accounts or other products or services;
  • Changes/amendments to this Agreement, products or services;
  • Communications about the terms and conditions of this Consent, including changes and confirmations;
  • Communications on any current promotions, if applicable; and
  • Any other confirmation, notice or information that we are required by law to provide you in writing relating to your Account.

2. When Your Consent Takes Effect

This Consent applies to your Account and shall take effect as soon as you open your Account.

3. Electronic Delivery of Documents

When we deliver a Document electronically, we will do so by making it available to you through our Website (eqbank.ca), or our secure Online Banking site, which may include through our Message Centre accessible after you have been identified electronically through our Mobile Banking or Online Banking services. EQ Bank will send you Alert Messages, notifications or other communications by email or SMS/text message, 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 EQ Bank’s 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, legal demands or otherwise;
  • 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 email or SMS/text message as determined by EQ Bank is a mandatory and integral part of your Account. Please refer to our EQ Bank Mobile and Online Banking Terms and Conditions for more information on Alert Messages and Electronic Communications.

4. Retention Period

Statements are available for download through Online Banking only. 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.

5. Your Obligations

You agree to review the Documents we send you electronically within 30 days of receipt. You confirm that you have the necessary technical ability and resources to do this. You also acknowledge that technical and security requirements for access to our Website and Services or your email (or for viewing the Documents themselves) may change from time to time. You also confirm that you will notify us immediately of any changes to your contact information (including email address).

6. Revoking Consent

You may revoke your consent for electronic delivery of Documents for your Account only by closing your Account. 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.

7. 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 our products and services means you agree to and accept the revised terms and conditions.

8. Limitation of Liability (related to electronic delivery of documents)

You agree that your 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 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 fax and e-mail transmissions, you accept the risk that certain notifications and Documents may be lost, intercepted, reviewed or altered by others.

Deposit insurance

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, and provided such deposits are payable in Canada, as outlined in CDIC’s “Protecting your Deposits”. To learn more, visit the CDIC’s website at www.cdic.ca or contact them directly at info@cdic.ca or 1-800-461-2342.

Complaints or concerns

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 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 Customer Complaint Handling Procedures set out full details of our process and are available on our Website and in our offices. You may also request a copy of these procedures by contacting Customer Care.

Arbitration

Arbitration is an efficient and cost effective way to resolve claims. You agree that any claim, dispute or controversy that arises from or relates to (a) your use of the Account, (b) advertisements, promotions or oral or written statements related to your Account or (c) and other benefits or services related to your Account will be resolved by way of binding arbitration.

Arbitration will follow the National Arbitration Rules of the ADR Institute of Canada Inc., or its successors (the “Arbitrator”). We reserve the right to change or replace the Arbitrator, at our sole discretion. Arbitration will take place in the province or territory where you reside and any decision rendered will be final and binding. Each party has the right to appeal the Arbitrator’s decision to an appeal panel administered by the Arbitrator provided it gives the Arbitrator notice of its intention to appeal within 30 days from the date of the written arbitration decision. The appeal decision will be final and binding, there will be no further appeal and you acknowledge that it will be considered as a final award.

If you do commence arbitration proceedings you acknowledge that it will only relate to your claim and cannot be on behalf of anyone else or anyone else’s claim and that the Arbitrator will have no jurisdiction or authority to consider any claim you commence if it appears that it is in any way on behalf of any other person or group or persons.

Severance

If any part of this Account Agreement is held to be unenforceable for any reason, the unenforceable portion of the Account Agreement will not affect the enforceability of the remainder of the Account Agreement, which will continue in full force and effect as if this Account Agreement had been executed without the unenforceable portion.

Language

For Québec residents only: You acknowledge and agree that you have first been presented with and have examined the French version of this Agreement, and that you then have expressly requested that this Agreement, and all related documents including notices, be drawn up in the English language and that you wish to and agree to be bound by the English version of this Agreement. Vous reconnaissez et convenez que la version française de la présente entente vous a d'abord été présentée et que vous l'avez examinée, et que vous avez ensuite expressément demandé que la présente entente et tous les documents connexes, y compris les avis, soient rédigés en anglais et que vous souhaitez être lié par la version anglaise des présentes et que vous acceptez de l'être.

Jurisdiction

This Account Agreement, the Services, and the operation of the Account will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada. You hereby submit to and are bound by those laws and the courts of Ontario.

Other company trademarks

Third party content such as words and symbols are trademarks and the property of the third parties listed below.

Interac® - Trademark of Interac Corp. EQ Bank is an authorized user of the trademark.

EQ Bank is a trade name of Equitable Bank, used under license.

Deposit Protection Des Dépôts

Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

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