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EQ Bank Business Account Agreement

Welcome to EQ Bank! The information included below contains important details about your EQ Bank Business Account.

By opening and operating your Account, you accept and agree to be bound by the following terms and conditions and you confirm that you have the power and authority, acting alone, to agree to this Account Agreement on behalf of the business and to legally bind the business. You also 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 Account 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 Account Agreement for your records.

Account

The Account is an online business bank account that operates in Canadian currency. The Account earns interest daily based on the closing balance, and interest is paid monthly. There is no minimum balance requirement.

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

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

Electronic Identification (Login ID and password)

Once your Account is created, your Login ID and password will be required anytime you want to access your Account.

By signing into your Account, you will also have access to the personal account(s) held by the signing authority of your Account.

You are responsible for the safe keeping of your Login ID and password and for not sharing either with anyone. Please ensure they are kept private and strictly confidential. If we suspect you have shared your Login ID and password with anyone, we may close your Account.

Definitions in this Account Agreement

“Account” means your EQ Bank Business Account;

“Account Agreement” means this Business Account Agreement;

“Alert Messages” means the automated security alert messages, opt-in and low balance 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;

“Autodeposit” means an Interac e-Transfer® that is automatically deposited to your Account or your recipient’s account without answering a security question;

“Autodeposit Recipient” means a recipient who has registered for Autodeposit at a participating financial institution;

“Biller” or “Third Party Biller” means a business or organization to which you owe a payment for a service or product that was provided. For example, legal and professional expenses or office expenses;

“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 the “Consent for delivery of electronic documents” section;

“EFT” means Electronic Funds Transfers, including transfers between your Account and other accounts, transfers between your Account and Linked Accounts, or pre-authorized transactions including direct deposits and pre-authorized debits;

“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, computers, cellular phones, telephones, smart phones, tablets or other similar devices);

“Electronic Identification” means your Login ID used in combination with your password to sign on to our Services;

“Electronic Transaction(s)” means transactions with respect to an Account, including deposits and withdrawals (which include bill payments), transaction cancellation instructions, transfers (which include Interac e-Transfers® and 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 an account that you hold with another Canadian financial institution;

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

“Instrument” means a mobile cheque deposit, bill payment, electronic debit or credit or other payment instrument such as Interac e-Transfer®;

“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 deposit account(s) in your name at another Canadian financial institution that is linked to your Account;

“Login ID” means the email address registered to your profile at the time of application;

“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;

“Mobile Cheque Deposit” is the method used for depositing a cheque into your Account remotely using your mobile device;

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

“PAD” means a pre-authorized debit, which is a withdrawal from your Account that is carried out by an organization or another financial institution that has your authorization to do so;

“Person” means, as the context requires, any individual, firm, partnership, company, corporation, government, governmental body, agency, trust, unincorporated body of persons or association;

“Request Money” means a request for an Interac e-Transfer® in a specified amount sent by a person from a participating financial institution;

“Requestor” means a person who sends a Request Money from a participating financial institution;

“Sender” means a person who instructs a financial institution to send a transfer (including if applicable to fulfill a Request Money);

“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;

“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”, “business”, “client”, “customer” and “Account holder” mean the business customer, except in the “Customer eligibility” section, “Identity verification and Account opening requirements” section under the “About you” heading, and the “Privacy” section where these terms mean a signing officer and director of the business or the sole proprietor of the business.

Customer eligibility

In order for us to administer your Account, we ask that you first open an EQ Bank Personal Account. The opening of the Personal Account is for our administrative purposes only.  You are not at any time required to use the Personal Account and there are no fees or costs associated with opening the Personal Account.  However, if you do wish to use the Personal Account, the terms and conditions applicable to the Personal Account will apply.

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 meet the age of majority in your province or territory of residence. In addition, your business must be a Canadian business with a Canadian address. Please note that this Account is not currently available to:

  • Businesses that are financial institutions as defined in Canada Revenue Agency’s form RC519 Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act; and
  • Businesses in the province of Quebec.

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 information you have previously provided us.

Identity verification and Account opening requirements

About you:

We are required by federal law to obtain, verify, and record information that identifies each person who opens an Account. When you open an Account as the signing officer and director of the business or as the sole proprietor of the business, you will be asked to provide information to help identify you, including your name, street address, and date of birth. We may also require additional proof of your identity if it cannot be verified through our standard processes.

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 and/or your business. 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, but not limited to, 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/territorial law, including but not limited to, those necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including any related regulations and/or guidelines, or such other similar legislation as the case may be.

Your Social Insurance Number (SIN) is required to open an Account, for tax reporting purposes, if the business is not incorporated. 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.

If the business is incorporated, the provision of your SIN is optional and is not a requirement of opening an Account. If you do not provide your SIN, you will be required to provide another form of identity verification in accordance with our standard processes.

You agree and consent to us verifying your identity as required or permitted by law and agree to provide any documentation we believe necessary to help in this regard. As such, your Account will not be opened, no interest payments will be made and no other benefit derived from your new Account will apply until all such requirements are satisfied.

About the business:

You will also be asked to provide information to help identify the business. If the business is a registered sole proprietorship or incorporation, you will be required to provide information including the business name, business address, business registration number, jurisdiction of business registration, business tax information, and majority shareholder/director information (if applicable). You confirm that all information provided to us, including regarding business ownership, control, and structure, is true, complete and accurate in all respects. You agree to inform us of any change(s) to the foregoing information immediately and acknowledge that if you fail to do so, we may suspend or close your Account. For clarity, such changes will not affect any obligations or liability you have under this Account Agreement.

Your Account will become active once we have verified your identity and you have been notified by us that your Account is active.

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.

Prohibited businesses

You shall not collect funds from or operate any of the following types of businesses during the term of this Agreement. If we suspect you are doing so, we may close your Account.

  • 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

Sanctions

We and our affiliates and subsidiaries and Third Party Service Providers are required to act in accordance with, and it is our policy to comply with, the laws and rules of various jurisdictions, including those which relate to sanctions and the prevention of money laundering, terrorist financing, bribery, corruption and tax evasion.

You acknowledge and agree that we may take any action that we, in our sole discretion, consider appropriate, to act in accordance with sanctions or other laws and rules. Such action may include but is not limited to the interception and investigation of any payment, communication instruction, or other information; the making of further enquiries as to whether a Person is subject to any sanctions; and the refusal to process any transaction or instruction that does not conform with sanctions.

Additional representations, warranties and covenants

You represent, warrant, covenant, 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.

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 the Account Agreement, and your acceptance of the terms of the Account 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 via email 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. Interest payable will be rounded to the nearest cent.

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 Business 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.

Low Balance Alert

You may receive an electronic Alert Message when the balance of your Account falls below $100, or other amount specified by you. You will be automatically enrolled in this alert when you open a new Account and can opt out at any time.  For more information on this alert, including how you can manage your alerts, refer to the Online and Mobile Banking Terms and Conditions.

Online account transaction records

Statements and ongoing Account transactions and balances are available online in electronic format only 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; and
  • 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.

Cheque deposit

1. Summary

Through the Mobile Cheque Deposit feature, you can deposit cheques to your Account without sending in the physical cheque. You take a picture of the front and back of the cheque with your smartphone and send the image to us using the Mobile Banking app.

You may also mail a paper cheque to us to the following address:

EQ Bank – Digital Banking
Equitable Bank Tower
30 St. Clair Avenue West, Suite 700,
Toronto, ON M4V 3A1

2. Agent

You acknowledge and agree that when you create an image using Mobile Cheque Deposit, you are acting as our agent for the purpose of creating the image, and that any image that you create in this way will be treated for legal purposes just as if we had created the image itself. We appoint you as our agent to act on our behalf in the creation and transmission of images to us. You may not further delegate the role as agent.

3. Download Requirement

To use Mobile Cheque Deposit you need to first download the EQ Bank Mobile Banking app available through our Website onto your mobile device. Please refer to our FAQ page for current hardware and software specifications. We are not responsible for any third party hardware or software or expenses you may incur to use Mobile Cheque Deposit. Any such hardware or software is accepted by you as is and is subject to the terms and conditions of use you enter into directly with the third party provider at time of download and/or installation.

4. Cheque Parameters and Eligible Items

You agree to the following whenever you deposit a cheque:

  • Only paper cheques that are made payable solely to the business can be deposited. Items payable jointly or payable to someone else and endorsed to you will not be accepted;
  • Each cheque must be in the standard format approved by Payments Canada. The date, drawee institution, payee, amount in words and figures, signature of the payor and magnetic ink character recognition information must be clearly legible;
  • Each image captured through Mobile Cheque Deposit must be a picture of the original paper cheque, front and back, and not of a photocopy, PDF or printout;
  • Cheques must not be post-dated or dated more than 6 months prior to the date of deposit;
  • Cheques must not be drawn from a credit card or line of credit; and
  • The cheque has not already been deposited by any means whatsoever.

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

5. Duplicate Deposits

After you have deposited a cheque through Mobile Cheque Deposit, you must not deposit or attempt to deposit (either physically or electronically) or cash the same cheque anywhere else. The same cheque may not be deposited through any other remote cheque deposit service or transferred to any other person or company. You must also not use Mobile Cheque Deposit to deposit or attempt to deposit any cheque that you have already deposited remotely using any other remote cheque deposit service. You will be liable for any returned cheque charges if you breach any of these provisions (whether intentionally or inadvertently) and as a result a cheque is returned to us. These charges may be debited from your Account.

6. Alterations

You may not alter or cover up anything on either the front or back of a cheque to be submitted for remote deposit using Mobile Cheque Deposit.

7. Destruction of Paper Cheque

After you have deposited a cheque remotely using Mobile Cheque Deposit, do not send us the paper cheque. You must keep the paper cheque in a safe and secure place for 14 days, after which it must be torn up, shredded, or otherwise permanently destroyed. You agree to follow any other procedure and instructions for use of Mobile Cheque Deposit as we may establish from time to time.

Any cheque that has been mailed to us and is rejected for deposit that does not meet one or more of the requirements identified in Section 4 above, will be destroyed.

8. Representations and Warranties

With each use of the Mobile Cheque Deposit feature, you are deemed to give us the following representations and warranties:

  • You will only transmit eligible items;
  • Each image is an accurate image of an original paper cheque and not of a photocopy, PDF, or printout of an electronic copy;
  • The cheque has not been altered or defaced in any way, including but not limited to raising the amount or changing the payee, either physically or electronically;
  • You have not already deposited or attempted to deposit or cashed the cheque anywhere else or by any other means;
  • You will not re-deposit or re-present the original item; and
  • You have not created any images or copies of the cheque other than the image submitted through Mobile Cheque Deposit or if you have done so, you have deleted or destroyed the other image or copy.

9. Availability of Funds/Limits

The day we receive the image through Mobile Cheque Deposit 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 day after we receive it. Availability and access to funds will be subject to our Hold Funds Policy.

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. Please refer to our EQ Bank Personal Account Fees & Features for further information on deposit limits.

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

10.  Errors in Transmission

By using Mobile Cheque Deposit, 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.

11. Indemnification

You agree to indemnify us for any losses or liabilities we may suffer or incur as a result of your use of Mobile Cheque Deposit. 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.

12. Termination

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

13. Receipt of Items

We reserve the right to reject any item transmitted through Mobile Cheque Deposit or mailed in to us, at our discretion. An item may be returned to us by the paying financial institution because, among other reasons, the paying financial institution determines that the item cannot be processed, is illegible, or is otherwise unacceptable. We are not responsible for items we do not receive or for images that are corrupted or not fully received during transmission. We may charge back to your Account at any time, any item that we subsequently determine was not eligible for deposit. If the deposit amount does not match the amount of the image, we may adjust your Account to reflect the amount on the image received. You agree that we are not liable for any loss, costs, or fees you may incur as a result of our charge back or adjustment.

14. Cooperation with Investigations

You agree to cooperate with us in the investigation of unusual transactions, poor quality transmissions, and resolution of customer claims, including by providing, upon request and without further cost to us, any originals or copies of items deposited though Mobile Cheque Deposit in your possession and your records relating to such items and transmissions.

15. Further Obligations

You agree to take full responsibility for your Electronic Device and anybody using it. Please review the EQ Bank Mobile and Online Banking Terms and Conditions in its entirety. You agree to comply with any further obligations that may be required in order to ensure that Mobile Cheque Deposit functions correctly and efficiently. We may at any time suspend, terminate or discontinue the Mobile Cheque Deposit feature, at our own discretion, without notice to you.

Electronic Transactions

You are responsible for ensuring that there are enough funds in your Account required 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 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) and bill payments for you but it cannot initiate Interac e-Transfers®.

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.

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. Cheques, including travelers cheques, will not be accepted.

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 Business 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. All Linked Accounts may be set up via Mobile Banking or Online banking. Only External Accounts held by the business may be linked to your Account.

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.

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.

Interac e-Transfer®

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 Mobile Banking or Online 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:

  1. provide the accurate email address or Canadian mobile telephone number of the recipient;
  2. use an effective security question and answer that is only known by you and the recipient; and
  3. 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.

Interac e-Transfer® Autodeposit

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.

Interac e-Transfer® Request Money

Request Money is an Interac e-Transfer® feature that allows you to accept or decline a request for money.    

When you receive a Request Money, you will receive an email, text message or other message at the email address or Canadian mobile telephone number the sender provided. 

When you accept the Request Money we will immediately withdraw the amount specified in the Request Money from your Account and that amount will be automatically deposited into the Requestor’s designated account without the need for a security question and answer.

You agree that you are responsible for verifying that the Requestor is your intended recipient before accepting the Request Money, and that we will not be liable for any losses resulting from your failure to do so. 

If you do not accept or decline the Request Money, it will expire within the number of days specified in the Request Money.

We may decline to fulfill a Request Money you have accepted without liability at any time before the amount has been deposited if we have reason to believe you, the sender or the Requestor 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. Notwithstanding the foregoing, we have no obligation to investigate or verify a Request Money.

Electronic bill payments

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 Billers 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. Biller 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 Billers 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 Billers 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 Biller.

We are not responsible for any losses as a result of issues or disputes with a Third-Party Biller. 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 Biller’s failure or delay.

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, or Mobile Cheque Deposit 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, transfer (via EFT or Interac e-Transfer®) or pay bills 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) if such person demonstrates legal authority to act on your behalf.

In the event that we are served with a court order, garnishment, administrative order, or other legal administrative process, 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 such 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, Interac e-Transfer®, or Mobile Cheque Deposit 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.

Acceptable use of your Account

You will not include in any payment, transfer, or similar communication, content that is: (i) harmful to Equitable Bank or any individual, company, corporation, or other body corporate, government, governmental body, unincorporated body of persons or association; (ii) reasonably considered to be the personal information of an individual, unless it has been provided with the appropriate consent and in accordance with applicable privacy laws; (iiii) a virus or other code or mechanism that is intended or is likely to cause damage including, but not limited to, a deceptive or malicious URL; (iv) offensive or defamatory; (v) relates to, or is used to conduct, illegal activities; or (vi) otherwise in contravention of applicable laws and rules.

Rights of set-off

We have the right under the law (called “Set-Off”) and under this Account Agreement to use funds in your Account to pay any outstanding debts or other obligations you owe to us, such as a withdrawal resulting in a dishonored payment. You understand and agree to allow us to use some or all of the funds in your Account to pay any debts that you owe us without prior notice to you.

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, according to our rights of Set-Off described above.

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

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 and/or the Services at any time without notice to you for any reason. Our suspension or termination will not affect any obligations or liability you have under this Account Agreement.

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, bill payments, EFTs and Interac e-Transfers®, or (ii) a sign in to Online Banking 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 Account Agreement

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 may be sent to you at the email address in your profile with us, posted on the Message Centre, 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.

Conflict of terms

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.

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 Account 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)/Pre-Authorized Debits (PAD)

A pre-authorized debit (PAD) is a withdrawal from your account at a financial institution that is carried out by an organization or another financial institution that has your authorization to do so. Funds transferred to and/or from your Account to another financial institution constitutes an EFT or PAD. 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 your 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. Cancellation

You may revoke your authorization or cancel a PAD at any time by providing us notice at least 30 days prior to your next scheduled PAD. You agree that your cancellation of the PAD agreement will take effect upon receipt and confirmation by us. You acknowledge that you have the ability to instruct us to make changes to any PAD arrangements you make with us at any time. You may obtain a sample cancellation form or further information on your right to cancel a PAD agreement from us or by visiting Payments Canada at payments.ca/.

4. 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.

5. 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/

6. Pre-Notification

You have waived your right to receive pre-notification of the amount of the PAD and agreed that you do not require advance notice of the amount of PADs before the debit is processed. You understand that you will not be receiving any notice from us that includes the amount that will be debited or the due dates of the debit transactions.

7. 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.

8. 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.

EXCEPTION: Please note that for a transfer PAD, being a debit authorized by the customer wherein funds are moved among the customer’s accounts held at different financial institutions, the recourse rights noted above through Payments Canada are not applicable. However, if a discrepancy should occur in a transfer PAD initiated by you through us, please Contact Us and we will assist in clarifying the matter.

9. Third Party Pre-Authorized Debits

PAD agreements with third parties should and must be established by you. All the necessary and accurate information must be provided to the third party directly in order to establish and enter into the PAD agreement with them. All PAD agreements that you enter into with a third party must follow the rules outlined by Payments Canada.

It is your responsibility to advise the third party of any account changes and if you wish to cancel a PAD.

You will be held responsible should any charges be incurred if debits cannot be processed due to insufficient funds or for any other reason.

We are not responsible should a third party fail to act upon PAD instructions provided by you.

It is highly recommended that you regularly examine your Account transactions and deal with any discrepancies or concerns regarding any PAD within the time periods specified in the PAD Rules established by Payments Canada.

For further information on your rights and responsibilities regarding such third party pre-authorized debit transactions, please refer the Payments Canada website at 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 the Account 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 required by law or 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 or 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”. For clarity, deposits made by sole proprietorships are protected. They are not considered separate and distinct from the sole proprietor (the individual). Eligible deposits under sole proprietorships are combined with those of the sole proprietor. 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. To the extent permitted by applicable law, 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) 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 the business address is located 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.

    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.

    Deposit Protection Des Dépôts

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

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