account agreement



Application of Account Agreement
This Account Agreement will apply to all of the persons who have signed the Application (if more than one) jointly and severally even if, for some reason, the Application has not been effectively signed by every person who had been intended to sign it. This Account Agreement will be binding on me and on my estate even if I should die, lose mental capacity or become a bankrupt. This Account Agreement will apply to all accounts opened by you for me from time to time, unless you have opened an account for me under a different Account Agreement and then such other Account Agreement will apply to the accounts opened under it. The types of account to which this Account Agreement applies can include RRSP, RRIF, RESP, savings, chequing, trust, line of credit and loan accounts and any other types of account that you might offer.

Joint Accounts
If two or more natural persons signed the Application, the account will be joint with right of survivorship and the authority to give payment orders will be as set out in the Membership Application on the reverse. All obligations under this Account Agreement, including the obligation to pay any overdrafts and the obligation to pay interest, fees and charges, will be joint and several.

Statement
You agree to provide to me a periodic statement that sets out all transactions affecting my account. I agree that you may provide me with that statement at such intervals as you may determine and that you may provide it by mail or by personally handing it to me or by such other means as we may both agree. If I have not received a statement for a particular period, I acknowledge that I should ask you to produce a statement; otherwise you will not be responsible to me for any errors. You will not be liable to me for any errors, omissions or unauthorized transactions, charges or debits to my account unless I complain within 30 days of when I received or should normally have received the statement. If you mail my statement, I will be deemed to have received it three days after you mail it.

Fees and Charges
I agree to pay the usual charges and fees set by you, from time to time, including any costs incurred in providing information about my accounts to me or to those who are authorized by this agreement, by law or by me to request information and I agree that you may debit my account for such charges and fees. You will make a list of your usual charges and fees available to me, but I agree that you may change the amounts of your charges and fees without actual notice to me.

Unauthorized Overdrafts and NSF Items
I agree that I will not issue any payment order that would result in the Account being overdrawn unless I have first made arrangements with you and those arrangements are in compliance with your overdraft policies. You may debit one account to cover an overdraft in another account, at your discretion.

Deposits to Account
You may accept payment orders on deposit to my account or on collection and you may use the services of another financial institution or other agent as you think best to present a payment order for payment, acceptance or collection. I waive, as far as possible, all requirements of any legislation governing payment orders and agree that I will not hold you responsible if any payment order payable to or endorsed to me is not honoured. I will indemnify you against all claims made against you or liability incurred by you in connection with any payment order deposited to my credit, including payment orders that have forged or unauthorized signatures or endorsements and those that have been countermanded. I also agree to pay to you, and I agree that you may debit my account with, the amount of any payment orders that I or others may deposit to my account or that I may cash (if your policies allow me to cash payment orders) and that are not honoured or paid to you.

Withdrawals from Account
You may debit my account the amount of any payment order communicated to you by any means unless you have reason to believe that the payment order is not proper or unless I have countermanded that order by any verifiable means. You are not obliged to certify any payment order made by me. If you do not honour a payment order because you do not believe it to be proper, I agree that you will not be responsible for any damage resulting to me. If I have more than one account, you may debit any one of them, even if the payment order refers to a particular account. I will be responsible for the accuracy and validity of any pre-authorized debits (PADs) from my account unless I report any errors within the applicable period (10 business days for business PADs and 90 calendar days for consumer PADs).

Closing Account
You may close any account without notice to me without affecting any other accounts operated under this Account Agreement, and I agree that any outstanding charges against that account may be debited to another account. Either you or I may, on written notice, close the Account.

RRSP/RRIF/RESP Accounts
The provisions of this Account Agreement as they relate to joint accounts (including the application of monies from one account against debits in another and closing accounts) do not apply to any RRSP, RRIF or RESP accounts that I may open with you. I agree that each RRSP, RRIF or RESP account will be the subject of a separate agreement between us and that such separate RRSP, RRIF or RESP agreement will apply in the event of a conflict between it and this Account Agreement.

Trust Accounts
The provisions of this Account Agreement as they relate to the transfer of monies between accounts only apply to the trust accounts that I may open with you for the same beneficial owners. Where an account is a trust account, the authority to make payment orders is as set out in the Membership Application on the reverse. You may rely on my instructions only and you are not responsible for making sure that I comply with the terms of the trust. If a trustee dies, the governing agreement, if there is one, will apply, otherwise the surviving trustee or trustees are authorized to carry out the terms of the trust.

Insurance
Where I have requested insurance with respect to any deposit or loan account with you, I agree that the terms of any master policy that you have with the insurer, including any limitations on coverage, will apply to and be binding on me.

Identification
I agree that I may, from time to time, authorize you to accept a mechanical, computer generated or digital version of my signature. If I have authorized you to accept a mechanical, computer generated or digital version of my signature, you are entitled to accept instructions that contain such mechanical, computer generated or digital version of my signature and to rely on them as having been authorized by me, until you receive actual notice from me that I have cancelled that authority. I agree as well that my use of any card, personal access code, password or personal identification number issued to or chosen by me in connection with my account is at my sole risk and responsibility. You will not be responsible for any unauthorized use of any card, personal access code, password or personal identification number or any loss that I may suffer because of unauthorized use until I have actually communicated to you that such use is unauthorized. I am fully responsible for maintaining the security of all cards, personal access codes, passwords and personal identification numbers issued to or chosen by me in connection with my account.

Legislation
Nothing in this Account Agreement alters any provision of The Credit Union and Caisses Populaires Act or any regulation under that Act. The laws of Manitoba apply to this Account Agreement and to any disputes relating to it.

Notices
Either you or I can give notice to the other in writing (at the addresses shown on the reverse or as changed and communicated from time to time) or by such electronic or digital means as may be convenient. If electronic or digital means are used, both you and I must have access to such means of communication and the communication must be transmitted and received in a way that is reliable and can be confirmed.

Authorized Overdraft
The member(s) may draw cheques or withdraw funds from the account type and sub numbers specified in this agreement with the credit union, so long as the debit balance does not exceed the authorized limit. The amount available under the Members Authorized Overdraft is determined at any time by deducting from the authorized limit of the member, the outstanding debit balance of the overdraft. The member agrees to pay interest to the Credit Union on all amounts advanced up to the authorized limit, as well after as before demand, default or judgment at a fixed rate of interest: at 21.00% per annum, or if an unauthorized overdraft (exceeding the authorized limit), at the prevailing rates under the Credit Unionís Overdraft Policy. All interest shall be calculated daily on the closing balance, not in advance, compounded monthly and payable on the last day of each and every month during which there are sums outstanding and owing hereunder, provided that in the event the member shall not pay the accrued interest as provided herein, then the Credit Union is hereby authorized and directed to advance such sums under the authorized limit as may be required to pay the interest and such advance shall be considered an advance or loan under the terms of this agreement and shall bear interest at the aforesaid rate from the date of such advance.