A. General Terms - applicable to all Accounts
B. Savings Accounts
C. Business Accounts
D. Guaranteed Investments (“GIC”)
E. Children's Savings Account (CSA)
F. Retirement Savings Plan (RSP) Accounts
G. Retirement Income Fund (R I F) Account
H. Tax Free Savings Account (TFSA)
I. Terms that apply to the Tangerine Chequing Account only
K. Tangerine Agency Terms and Conditions
The following pages contain important details you need to know about your Tangerine Account. Please take a few minutes to review this document. Since it covers more products than you may currently be using, some sections may not apply to you at this time. If you enroll in additional products in the future, your use of those products shall be your acceptance and agreement to the applicable terms and conditions. If any of the General Terms conflict with a provision in the product-specific terms, the product-specific terms shall apply. If you have any questions, we would be pleased to help you. Call us at 1-888-826-4374.
Tangerine provides you with simple and convenient access to the financial services you need to build your savings and realize your financial goals. By opening an Account at Tangerine, you agree to and accept the following terms and conditions as applicable to you:
A. General Terms – applicable to all Accounts
The words “you”, “your”, “Account holder” and “Client” mean each person, corporation or Client that opens an Account with Tangerine. “Account” means any and all Accounts you have with Tangerine whether in Canadian or any other currency. The “primary Account holder” is the person whose name appears first on the Tangerine statement. The words “we”, “us”, and “our” refer to Tangerine, the name under which Tangerine Bank/Banque Tangerine operates. “External Account” means an account that you hold with another financial institution.
External Account link
We may require you to provide us with an encoded personal or business deposit cheque from your other financial institution, or you may choose to provide us with such a link voluntarily. This cheque will allow us to protect the security of your Account and to link your Tangerine Account with your External Account. The cheque that you provide must clear to establish this link.
If your first Account with us is a Tangerine US$ Savings Account or US$ Business Savings Account, then you must provide us with a cheque from your US dollar chequing account held at a Canadian financial institution, and this cheque must clear in Canada. Once your cheque has been deposited, you may be required to verbally confirm to us that you wish to link your External Account to your Tangerine Account. We may limit the number of External Accounts that can be linked. We reserve the right not to open an Account if our Account opening requirements are not met.
Anti-Money Laundering identity verification
Pursuant to Anti-Money Laundering legislation, you agree and consent to our verifying your identity as required and/or permitted by law and agree to provide any documentation necessary in furtherance of same. You acknowledge that your Account cannot be opened until satisfaction of these requirements and you agree to forego any payment of interest or any other benefit derived from the Account until these requirements are satisfied. You agree and consent to our verifying information provided by you through any credit bureaus, credit reporting agencies or similar third parties used for these purposes. You agree to provide any records that may be required for the opening of your Account and its continued operation under federal and/or provincial law, including but not limited to, your current occupation, your employer’s name and any other information necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) or such other similar legislation as the case may be.
Although we may not be required to provide you an Account Statement, we may still do so either by mail or by electronic means. If we provide you with an Account statement, it will only be sent to the primary Account holder’s last address in our records or by any other means including electronically. It is your obligation to update your address with us.
Verification of transactions
You are required to review the Account activities and transactions (including fees charged) (“Account Activities”) at least once every 30 days and verify that all Account Activities were properly recorded and authorized and that there are no omissions. Account Activities can be reviewed by telephone, online on our website (tangerine.ca), through Mobile Banking, or by reviewing your Account Statements if applicable.
Account Activities for the prior calendar month are deemed to have been reviewed on the earlier of (i) the day that you actually reviewed your Account Activities; or (ii) the 15th day of the calendar month following the month in which those Account Activities occurred (the “Review Date”).
You must immediately notify us if you suspect or know that:
there are any errors, omissions, unauthorized transactions, irregularities, fraud, forgeries or other discrepancies of any kind (“Discrepancies”) with any of your Account Activities; or
your Account was compromised or has been accessed by an unauthorized person.
When you notify us, you must provide us with relevant information to assist in preventing loss on your Account.
Within 30 days of the Review Date, you must give us notice of any Discrepancies. This 30-day period is known as the “verification period”. If we don’t receive notice from you during the verification period, after the verification period:
we are then entitled to treat the Account Activities that were to be reviewed during the verification period (“Verified Transactions”) to be accurate and authorized by you;
you will have no claim against us relating to any Verified Transactions, even if you didn’t actually authorize the signature, instruction or authorization, or the transaction was induced or affected by fraud, forgery, was unauthorized, incorrect or was improperly made for any other reason whatsoever (unless such loss was caused solely by our intentional misconduct or gross negligence); and
you release us from all claims whatsoever for Verified Transactions, whether such claims arise from negligence or other non-intentional fault, breach of contract, statutory claim or otherwise, save and except for direct losses to you caused solely by our intentional misconduct or gross negligence.
We may change interest rates and our method of calculating interest at any time without prior notice. Notice of changes in the rate of interest and method of calculating interest will be displayed on our website and in our Café. Please note that, due to the requirements of the Canada Revenue Agency, we must collect your Social Insurance Number for all Accounts for which we pay you interest, including the Tangerine Chequing Account.
Confidentiality and accessing your Account with your PIN
To protect your privacy and money, when you open an Account with us you must set up a Personal Identification Number (“PIN”). The PIN allows you access to your Account and you must always provide it to us before we will follow any instructions regarding your Account. If you forget your PIN, we may accept a combination of alternate pieces of personal identification information, as described in the section of these terms called “Deposit and Withdrawal Transactions”, or any other method we may authorize at our sole discretion. Another separate PIN may be mailed to you for use with your Tangerine Client Card. You are responsible for and give us your authorization to carry out all instructions given using your Account Numbers and PIN. We will not be liable to you for any loss or claim arising out of our relying on verbal or electronic instructions provided to us using your PIN. Your PIN must be kept confidential, and you alone are responsible for your PIN security. Providing your PIN to any third party could result in fraud or financial loss on your Account. It is therefore critical that you keep your PIN safe and only provide it only to us through a secure method we establish with you.
Deposit and withdrawal transactions
You may request and/or authorize withdrawal transactions by telephone, through our website (tangerine.ca) or any other means provided by us. We will make electronic funds transfers upon your request, to or from linked accounts at other financial institutions. Before we make an electronic funds transfer for you we will ask you to provide instructions and any, all, or some of the following pieces of identification information:
your Client Number;
your Account Number(s);
your password; and/or
your Personal Identification Number (PIN); and/or
any other identifying information that we deem necessary in order to confirm your identity.
Funds usually arrive in your Tangerine Account or your external linked account within one to two business days after a request for an electronic funds transfer. We are unable to guarantee the date your funds will arrive in your Tangerine or External Account.
Deposits to or withdrawals from your Account may be reversed if the deposit or withdrawal request cannot be delivered to your other financial institution or is returned for any reason. We will not accept traveller’s cheques for deposit. If you send cash to us we will not be responsible for any loss that you may incur as a result. Transactions and/or balances may be limited in dollar amounts, or otherwise as may be determined by us, and such limits may be changed at our sole discretion without notice to you. If we allow your Account to accumulate a negative balance, you must repay the negative balance in full immediately. We may also charge interest at the Overdraft Interest rate found at tangerine.ca/feeschedule without notifying you until the total negative balance and applicable interest are repaid. If you fail to repay the negative balance, we may close your Account and forward the overdrawn balance to a debt collection agency. Defaults are reported to credit bureaus, which can adversely affect your credit history and/or rating. We may change the requirements for and manner of transferring funds into and out of your Account at any time.
Holds on your Account
When you make a deposit by cheque, electronic funds transfer, or other negotiable item in Canadian currency, for funds drawn from a financial institution’s branch located in Canada, we may hold the funds for up to five (5) business days after the day you make the deposit. For all other negotiable items, the hold may be up to thirty (30) business days. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to an Account.
While there is a hold on your Account, and where permitted or required under applicable legislation:
amounts may be released to your Account as indicated above, or at our sole discretion; and
the hold period may also be extended in order to safeguard the security of your Account, or where an Account has been open for a period of less than 90 days.
When we receive new or updated personal information concerning your Account, we may put a hold on your Account in order to verify this information. We may also request supporting documentation so that we can confirm updated or new information. We may maintain the hold on your Account until your updated or new personal information can be confirmed. We may extend the maximum hold period if we have reasonable grounds to believe there may be illegal or fraudulent activity in relation to an Account.
If an eligible Account is opened as a joint Account, each Account holder chooses his/her own PIN. Any joint Account holder may conduct transactions with any of your Accounts that have been designated as joint Accounts with us. If one joint Account holder requests a transaction we will execute it without express authorization of any other joint Account holder. You are responsible, both individually and jointly, for all obligations arising from these Account Terms. If any joint Account holder dies who is a resident of any province or territory within Canada (excluding Quebec), any positive balance may be withdrawn or made payable to the surviving joint Account holder(s) and you hereby assign the balance of any jointly held bank Account to the surviving holder(s) in the event of your death. For Quebec residents only, any positive balance shall be settled in accordance with the estate of the deceased joint Account holder.
Neither joint Account holder may request the opening of a subsequent joint Account with the same Account holder(s) without the explicit consent of the other Account holder(s) thereto. Such consent may be provided to us either in writing or via electronic means specified by us at our discretion.
We may disclose your Account information to a joint Account holder, including information about the Account prior to it becoming a joint Account.
Joint Account holders in Quebec who are spouses or former spouses can declare their respective share of the Account in the event of a joint Account holder’s death. Share declarations can be changed at any time by completing the applicable form Share of Account Percentages in The Event of Death (Quebec Joint Account) and submitting it to us. Failure to declare a share will result in an equal split of the balance at the time of a joint Account holder’s death. Upon the death of one of the joint Account holders, we will provide the share of the balance to the surviving Account holder or the liquidator of the estate, in part or in whole, following their submission of a written request. Thereafter, we will also provide the corresponding share to the liquidator of the estate or the surviving Account holder(s) without their submission of a written request.
Accounts for the benefit of others – “In Trust”, etc.
We are not required to recognize anyone other than you as having any interest in your Account, except joint Account holders when an Account is a joint Account. For example, if you request that we open an Account in your name, but you use “In Trust” or “As Nominee” or some similar designation, whether or not it is for a specified third party, we will only accept instructions for that Account from you. We are under no obligation to obtain permission from any other person.
US Dollar Accounts
All interest payments and statements that relate to your US Dollar Accounts shall be in the currency of the United States of America. We are not responsible to you for any losses that you may experience due to taxes, duties or depreciation in the value of US funds credited to or debited from your Account. We are not responsible for the unavailability of US funds in your US Dollar Accounts due to the laws, rules, orders or regulations of any government or for other causes beyond our control.
All deposits or withdrawals to or from a Tangerine US Dollar Account will be made at the prevailing US dollar exchange rate on the date of the deposit or withdrawal as determined by us. Our US dollar exchange rate is subject to change without prior notice.
Automatic Savings Program (ASP)
By requesting that an Automatic Savings Program be set up for you, you authorize us and your other financial institution(s) to transfer money to and from your external linked account(s) in accordance with your instructions, and you confirm your understanding and acceptance of, and participation in the Automatic Savings Program.
We will consider any electronic communication received from you or in your name to be duly authorized by you. A copy of any electronic communication will be admissible in any legal, administrative or other proceedings in the same manner as an original document in writing. You agree to waive any right to object to the introduction of any copy of electronic communications in evidence.
Clearing, settlement and payment
We may present and deliver instruments for payment, clearing, collection, acceptance or otherwise through any bank or other party as we deem appropriate. The bank or other party shall be considered to be your agent and we will not, in any circumstances, be responsible or liable to you for the acts or omissions of this bank or other parties, however caused, in the performance of this service. We are also not liable for the loss, theft, destruction or delayed delivery of any instrument while in transit to or from, or in the possession of, any bank or other party. If we or our agent presents an instrument to another financial institution for payment on your behalf and the other financial institution refuses to recognize or provide payment on that instrument for whatever reason, you will remain responsible for the amount of that instrument deposited with us.
Limitation of liability
We are not responsible for any losses, costs, damages or any failure to obtain any profit in connection with your use of your Account or with any other of our products or services, without limitation and however caused, unless we were grossly negligent. If we were grossly negligent, you will not hold us liable for any indirect, special or consequential damages (including lost profits). You will be responsible for any loss, cost or liability (including reasonable legal charges) incurred by us as a result of your failure to comply with these Account Terms.
You agree to indemnify us against any claims, costs or liabilities incurred by Tangerine in connection with any services provided by us to you or any other dealings between you and Tangerine, including any claim or liability resulting from our endorsement on any instrument, arising out of a forged or unauthorized signature on that instrument or otherwise.
By applying to open an Account with us, you consent to the collection, use and disclosure of your personal information in accordance with the Tangerine Privacy Code. The Privacy Code forms part of these Personal Account Terms and Conditions, and your agreement to these terms indicates that you accept the terms of the Tangerine Privacy Code.
We are committed to keeping individuals’ personal information accurate, confidential, secure and private. The Tangerine Privacy Code reflects that commitment. The Privacy Code is based on the Personal Information Protection and Electronic Documents Act (PIPEDA), the Canadian Bankers Association (CBA) Model Privacy Code and on the Canadian Standards Association (CSA) Model Code for the Protection of Personal Information (CAN/CSA-Q830-96).
A copy of our Privacy Code will be made available to you when you open an Account. Our Privacy Code is also available on our website at tangerine.ca or by calling us at 1-888-826-4374. You agree that in order to establish your identification and to protect both you and Tangerine from fraud, we may collect and use your personal information that has been obtained from credit bureaus, credit reporting agencies, and credit insurers.
We reserve the right to comply with any third party demand such as Requirements to Pay and Requests for Information which have been issued under federal or provincial 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.
By maintaining an Account with us, you provide your consent for Tangerine to share personal information with its partners, affiliates and third parties in order to better identify promotions, products or services which may be offered to you. You also acknowledge and agree that Tangerine may provide your personal information to its partners, affiliates and third parties for the purposes of delivering any of its products or services to you.
Right of Set Off
We reserve the right to use all of the money in your Account(s) to pay any debts or other obligations (including any contingent obligations) you owe us whether in the same or other currency. (That is what’s known as a “Set-Off”). You agree to allow us to use some or all of the money in your Account to buy any currencies that may be necessary to pay debts that you owe us. In the case of a joint Account, all Account holders consent to our using all money, up to the full amount on deposit, as payment for any debt or obligations you owe us, regardless of each individual joint Account holder’s contribution to the Account.
Communication by regular mail
All communications from us to you (including notices that deposits into or withdrawals out of your Account could not be accepted or items have been returned) will be sent by regular mail unless otherwise stipulated by us. In the event of a postal disruption, you agree that we may send you communications electronically – either by email or by posting such messages to your online Inbox – including Account statements. Statements will be considered to have been delivered to you on the day these are posted to your online Inbox, or on the date they are made available for you to pick up at a Tangerine location, regardless of whether you do so.
Delivery of Account Statements and Tax Receipts
Delivery of Account Statements:
The following Accounts are Paperless and their Account Statements will be delivered electronically, as described in the General Consent to Electronic Delivery of Documents: Tangerine Chequing Account, Tangerine Children’s Savings Account, Tangerine Line of Credit, Tangerine Personal Loan, and Tangerine RSP Loan.
You have a choice between electronic and paper delivery of your Credit Card Statements and will be asked to set your preference when applying for your Credit Card. You also have the ability to modify your preference in your settings, which you can access through your Online Banking at any time. If you choose paper delivery for Credit Card Statements, this does not revoke your General Consent to Electronic Delivery of Documents which enables us to send notices and other documents to your Message Board through Online Banking.
All Other Accounts
You have a choice between electronic and paper delivery of your Statements for any Accounts you have that are not Paperless Accounts and will be asked to set your preference when enrolling for them. You also have the ability to modify your preference in your settings, which you can access through your Online Banking at any time. Your choice for delivery preference of Statements is applicable to all other Account(s) which are not Paperless Accounts. If you choose paper delivery for your Account Statements, this does not revoke your General Consent to Electronic Delivery of Documents, which enables us to send notices and other documents to you electronically including through your Message Board through Online Banking.
Delivery of Tax Receipts:
You have a choice between electronic and paper delivery of tax receipts and will be asked to set your preference when enrolling for an Account that generates tax receipts. You also have the ability to modify your preference in your settings, which you can access through your Online Banking at any time. Your choice for delivery preference of tax receipts is applicable to all Accounts that generate tax receipts. If you choose paper delivery for tax receipts, this does not revoke your General Consent to Electronic Delivery of Documents, which enables us to send notices and other documents to you electronically including through your Message Board through Online Banking.
Tangerine Orange Alerts:
Tangerine Orange Alerts can notify you about Account balances, transactions, approaching credit limits and other details about your Accounts by sending alerts to the email address and/or mobile number in your file. You may also receive notifications to your online Inbox in addition to the delivery destination(s) you select. Orange Alerts are free, and you can choose the Orange Alerts you’d like to receive. You can set up Orange Alerts by logging in at tangerine.ca and going to ‘Profile & Settings’.
We’re required to provide you with balance alerts when your Account balance falls below a set amount for the Tangerine Savings Account, Tangerine US$ Savings Account, Tangerine Children’s Savings Account, and Tangerine Chequing Account. The set amount for these will automatically be $100 Canadian (or the currency of your Account). At any time, you can change this to any amount you like in your ‘Profile & Settings’. These alerts will include steps you can take to help you avoid incurring any applicable fees associated with your Account (as set out in our Fee Schedule).
You can opt out of receiving these balance alerts or any other Orange Alerts by logging in at tangerine.ca and going to ‘Profile & Settings’.
Keeping your information up to date
We keep information about you and your financial activities for specific purposes that are legally permitted or required. We keep this information as accurate, complete, and up-to-date as is necessary to meet the purposes for which we collect it. If your personal information changes or is out of date, you must tell us, so we can update our records. We may request that you review your personal information on file and confirm that it is accurate and up to date, failing which our services may be disrupted and/or you may not be able to access your Account(s).
Closing of Accounts
You can close your Account with us at any time. We also have the right to close your Account for any reason, and pay you the balance, if any, according to our rights of Set-Off described above. Where there is no money in your Account and there has been no transaction for six (6) months, your Account may be closed at our discretion, where applicable. Upon your death or incapacity, we are authorized to take such steps and/or require such documentation (including but not limited to a certified copy of the death certificate, a letter of direction and notarized copy of the Certificate of Appointment of Estate Trustee or Executor [or the jurisdictional equivalents of these documents]) or restrict transactions in the Account as we deem prudent or advisable. Upon receipt of the proper legal documentation 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 your Account. Your estate representative will have the same rights, responsibilities and obligations under these Account Terms as you, the Account holder, unless we, at our sole discretion, determine otherwise.
Changes to this Agreement
We may change these Account Terms at any time, and any changes communicated to you at least 30 days before they take effect. Notice of changes to the Account Terms may be distributed through our statements, letters and/or posted on the Tangerine website. If you access or have funds on deposit in any Account at Tangerine after the effective date of the change, you automatically accept the change.
You have expressly requested that this document and all other documents related to your Account be written in English. Vous avez expressément demandé que ce document et tout autre document concernant votre compte soient rédigés en anglais.
Questions about these Account Terms
These Account Terms are governed by the laws of the Province of Ontario and the laws of Canada applicable in Ontario. If you have any questions regarding these Account Terms please call us at 1-888-826-4374 (English) or 1-844-826-4374 (French).
Resolving Your Complaints
If you have a complaint related to these Account Terms, your Account, or any of our other products and services, please view our Complaint Handling Process here or see below.
Pathways to Complaint Resolution
As a first course of action, please contact one of our Associates at 1-888-826-4374 (English) or 1-844-826-4374 (French). If the first person you speak with is not able to resolve your complaint, please ask to speak directly to a manager, who may be able to resolve many issues that arise.
Tangerine can also be emailed at firstname.lastname@example.org. However, this should be used for general inquires only, as it is not considered a secure form of communication. For our clients’ protection, we ask that they call one of our Associates directly to discuss Account specific details.
Upon expressing a complaint to the Bank, you will receive a written acknowledgment including a case number and details of Tangerine’s complaint handling process. You may also receive communication at the conclusion of your complaint.
Contact Tangerine Client Response Group (CRG)
If your complaint is not resolved after 14 days at the first step, it will be escalated to the Tangerine Client Response Group (CRG), the second step in complaint resolution process. You may also request escalation at any time during the 14 days or if you are dissatisfied with the response provided. Upon escalation, we will notify you of the updated point of contact.
We aim to resolve each case as quickly as possible; however, should this exceed 56 days, you will receive a notification outlining next steps. When your case is concluded at the CRG, you will be sent communication outlining the Bank’s response.
E-mail (English): email@example.com
E-mail (French): firstname.lastname@example.org
Mail: Tangerine Client Response Group, 3389 Steeles Avenue East, Toronto, ON, M2H 0A1
Fax: 416-758-5297 or toll-free: 1-877-505-3240
Still not Resolved?
Contact the Customer Complaints Appeals Office (CCAO)
If you are not satisfied following the investigation by the Tangerine CRG, you may submit your complaint in writing to the Customer Complaints Appeals Office (CCAO). The CCAO provides an impartial review of customer complaints for Scotiabank and its domestic subsidiaries, which includes Tangerine Bank, upon request of the client.
When you escalate a complaint to the CCAO, the Terms of Reference will apply. You may view the CCAO Terms of Reference here.
We aim to resolve each case as quickly as possible; however, should this exceed 56 days, you will receive a notification outlining next steps. When your case is concluded at the CCAO, you will be sent communication outlining the Bank’s response.
Mail: Customer Complaints Appeals Office, 44 King Street West Toronto, ON M5H 1H1
Contact an External Complaints Body for banking complaints
ADR Chambers Banking Ombuds Office (ADRBO) has been appointed by the Bank to undertake an impartial review of unresolved banking complaints. You may choose to contact ADRBO if there has been no response within 56 days or if you are not satisfied with the outcome provided through the CCAO.
Mail: ADR Chambers Banking Ombudsman, P.O. Box 1006, 31 Adelaide St. East, Toronto, ON M5C 2K4
Contact the Financial Consumer Agency of Canada (FCAC)
The FCAC supervises federally regulated financial institutions to ensure they comply with federal consumer protection laws. For example, financial institutions must provide consumers with transparent information about fees, interest rates, and complaint-handling procedures. If you have a complaint about such a regulatory matter, you can contact the FCAC at:
Mail: Financial Consumer Agency of Canada 427 Laurier Avenue West, 6th Floor Ottawa, Ontario K1R 1B9
Telephone: (English) 1-866-461-3222 or (French) 1-866-461-2232
Fax: 1-866-814-2224 / 1-613-941-1436
The Canadian Payments Association
By signing the Tangerine Enrollment Form and providing an initial deposit cheque for each External Account, you agree that this authorization is provided for the benefit of your other financial institution(s) and you authorize us to process Funds Transfer requests against your Account according to the Rules of the Canadian Payments Association. You authorize and assure us that all individuals who have signed the Tangerine Enrollment Form or agreed to these Terms are all those who are required to sign on your chequing Account(s) at your other financial institution(s).
You agree that this authorization is provided for our benefit and for the benefit of the other designated financial institution(s). You also agree that this authorization is provided in consideration of us agreeing to process debits against your designated Account(s) in accordance with these Account Terms as agreed to with us. Cancelling this authorization does not terminate any other agreement that exists between you and Tangerine. Your authorization applies only to the method of payment and does not otherwise have any bearing on any agreement for services with us. The financial institution(s) at which you maintain your designated external chequing account(s) is (are) not required to verify that the debits are drawn in accordance with this authorization.
You further agree that your Client Number and assigned PIN or other security code or other signature equivalents may be used and will constitute valid authorization for Tangerine to process the debits from your Account(s) that you have requested.
2. Funds Transfer Pre-Authorized Debits
Your initial request and all such subsequent requests to have money transferred to and/or from your Tangerine Account to that of another financial institution constitutes a Funds Transfer Pre-Authorized Debit (“PAD”). All Funds Transfers are customer-initiated Pre-Authorized Debits where money is moved by the same customer from the account of one financial institution to the account of another financial institution. Tangerine will process a Funds Transfer and move funds only at the customer’s initiation and request and as per the customer’s instructions, including amount, frequency, etc. The timing and amount of Funds Transfers will vary according to the instructions received from you. To arrange a Funds Transfer, you may contact Tangerine at 1-888-826-4374 and provide your instructions and authorization to an Associate or you may log onto Tangerine’s banking website to initiate and authorize an electronic funds transfer online. It is your responsibility to either provide us with, or enter online, the correct information in order to process your Funds Transfer. Tangerine will process such transactions in accordance with the Rules of the Canadian Payments Association and these Account Terms. For an overview of your rights and responsibilities with respect to PADs, please visit the Canadian Payments Association at payments.ca.
The account(s) at your other financial institution(s) which we are authorized to draw funds from upon your request has been specified by you by providing an initial deposit cheque from that account. You agree to inform us by telephone or other means provided by us from time to time of any change in the account information provided before any request for the transfer of funds. You may cancel a PAD or revoke your authorization at any time by providing Tangerine with at least 30 days notice before your next scheduled PAD. You agree that your cancellation of this authorization will take effect upon its 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 can obtain a sample cancellation form or further cancellation information at Tangerine or the Canadian Payments Association at payments.ca.
4. Contact us
You waive your right to receive pre-notification of the amount of the PAD and agree that you do not require advance notice of the amount of PADs before the debit is processed. You acknowledge that you will not receive written notice from Tangerine of the amount to be debited or the due dates of the debiting.
You confirm that the information you have provided is correct and accurate and that you have authorized Tangerine to act on your instructions and process your requested Funds Transfer PAD(s).
You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD 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 Funds 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 the Canadian Payments Association are not applicable. However, if a discrepancy occurs in a Funds Transfer PAD that you initiated through Tangerine, please contact us 1-888-826-4374 and one of our Associates may assist you in clarifying the matter.
8. Third party Pre-Authorized Debits
You are responsible for establishing any PAD Agreement with third parties and providing them with all necessary and correct information to establish and enter into such an arrangement.
You assure us that all PAD Agreements you enter into with third parties are in accordance with the PAD Rules established by the Canadian Payments Association. You are responsible for informing the third party of any changes to your account details as well as if you wish to cancel a PAD.
You acknowledge and agree that you are responsible for any charges incurred if the debits cannot be processed due to insufficient funds or any other reason for which you may be held accountable.
We are not responsible for the failure of any third parties to act upon PAD instructions provided by you.
It is your responsibility to promptly examine your account transaction information regularly and address any concerns or discrepancies regarding any PAD in accordance with the PAD Rules established by the Canadian Payments Association within the stipulated time periods.
For further information on your rights and responsibilities regarding such third party PAD transactions, please refer to the Canadian Payments Association website at payments.ca.
B. Savings Accounts
You may open your Tangerine Savings Account in either Canadian or US currency. Interest is calculated daily on the closing balance and paid monthly. In exchange for opening and operating an Account with us you agree and consent to receiving Account statements by way of one or more electronic delivery methods which may be determined by us. Moreover, you agree that all telephone calls and other electronic correspondence may be recorded and kept as a record of your instructions.
C. Business Accounts
1. Internal procedures
All Business Clients will appoint up to three individuals, referred to as “Authorized Individuals”, who will be the only individuals permitted to transact on the Account(s). The identities of all Authorized Individuals will be confirmed through the standard process used to confirm the identity of a personal banking Client. Authorized Individuals don't need to have personal banking products with us in order to act on Business Accounts, but they do need to have their identity confirmed in the same way as a personal banking Client does. PINs belonging to Authorized Individuals must be kept confidential between the Authorized Individual and Tangerine. The Authorized Individual is solely responsible for his or her PIN security. We cannot ensure confidentiality when cellular phones, email or other non-secure methods of conveying instructions are used, as these may be intercepted by third parties. If an Authorized Individual’s PIN becomes known for any reason, by any other person, the Authorized Individual must immediately notify us. The Business and/or the Authorized Individual will remain liable for all transactions occurring before we are notified.
All Business Clients will comply with security procedures prescribed by us for electronic communication with us and will take any other steps reasonably necessary to prevent unauthorized access to and use of means of electronic communication with us, including, without limitation, preventing unauthorized access to your PIN. All Business Clients will, at all times, have in place and maintain commercially reasonable procedures designed to prevent, detect or avoid losses due to forged or unauthorized signatures, fraud or theft in relation to the operation of any Account, including, without limitation, instructions and instruments relating to any Account.
2. Account operation
The Tangerine Business Savings Account is a high interest savings account, and is intended to be the secondary bank account for your business. The Tangerine Business Savings Account is not intended to be used as an operating account and is not intended to provide general cheque clearing or currency trading services for your Business. The Business agrees by maintaining an Account with us that we reserve the right to close the Account should there be any misuse by the Business.
The Business agrees to provide all records that are required for the opening of the Account and continuing Account operation under Canadian law, including but not limited to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The Business agrees that an Account cannot be opened until the Bank has received all of the documentation necessary to complete its know your Client obligations contained in the PCMLTFA, which includes a fully completed application form, and personal cheques from each Authorized Individual. The Business Account requires these financial records on its own as of the date of the Account opening, and previously cleared cheques may not be sufficient. The Business agrees to forego any interest payments or other benefits from the Tangerine Business Savings Account until it has provided all of the items requested from us in order to open an Account.
In the case of partnership Accounts, Authorized Individuals who are not partners will be required to submit documentation that is satisfactory to us indicating that the partnership has authorized the operation of the Tangerine Business Savings Account by an individual who is not a partner of the partnership.
We will only process fund transfers that are destined to and from external accounts with identical ownership details. In the case of the Tangerine Business Savings Account, funds transfers cannot be set up with non-business accounts, or to the external account of an Authorized Individual.
3. Interest rate information
Interest rate information section applicable effective August 1, 2018:
Interest is calculated daily and based upon your daily Tangerine Business Savings Account balance and corresponding interest rate tier, as set out in the Business Savings Account Interest Rate Table. We reserve the right to modify the Business Savings Account interest rate tiers at our sole discretion with notice to the Business Savings Account holder as described in these Account Terms. The applicable interest rate is applied to the entire balance held in the Business Savings Account. Interest is accrued daily and paid monthly.
D. Guaranteed Investments (GIC)
We guarantee repayment at maturity of the principal sum and the interest earned on your GIC. Unless otherwise instructed by you, at maturity the principal and accrued interest on your investment will automatically be reinvested for the same term at the then prevailing interest rate. If you have selected to reinvest as part of your Maturity Instructions, we will send you two (2) notifications electronically to your Message Board. These notices will be delivered 21 days and 5 days prior to the maturity and reinvestment of your GIC.
Except where otherwise specifically stated, GIC terms of one year or longer have interest calculated on the basis of 365/366 days and compounded and/or paid annually. Except where otherwise specifically stated, where we offer GICs for terms of less than one year, interest is calculated on the basis of 365/366 and paid at maturity. Unless specified otherwise, an interest rate is an annual fixed interest rate and interest is accrued daily.
The principal amount is not redeemable and will not become payable until the maturity date, except in circumstances where early redemption is permitted. If your maturity instructions are to pay upon maturity, your principal and interest will be automatically deposited into the Tangerine Account you selected as part of your maturity instructions. If you do not have an Account set up for paying out the principal and interest, we will send you a bank draft. The rate of interest paid on a GIC that is cashed prior to maturity, when permitted, will be adjusted to equal the cashable interest rate agreed to on the original purchase of the GIC. Where no cashable interest rate is stated, the interest rate payable on a GIC redeemed prior to maturity, when permitted, is zero and only the principal amount will be payable.
If your instruction is to pay interest before maturity (i.e. not compounded to principal), interest will be automatically deposited into the Tangerine Account you selected as part of your maturity instructions. If you do not have an Account set up for paying out the interest, we will send you a bank draft.
A GIC is not negotiable and may not be assigned by you. You may contact us to cancel this GIC up to 30 calendar days following the issue date for the GIC. However, if the GIC is cancelled, it won’t earn any interest.
We may change the terms and conditions from time to time. We will give you a written notice of any changes as required by law. The manner in which Tangerine GICs are structured or administered does not place the Issuer in a conflict of interest.
E. Children’s Savings Account
In this section, “Account” means a Children’s Savings Account offered by Tangerine. “Child” shall mean a minor, according to the respective laws of the province in which he or she resides, holding a Children’s Savings Account with Tangerine. “Parent or Guardian” shall mean one (1) natural parent or court-appointed parent/guardian of the Child.
A Children’s Savings Account may be opened for a Child by his/her Parent or Guardian. There may only be one (1) Account per Child. The Children’s Savings Account shall be operated as a joint Account in Canadian dollars between a Parent or Guardian and the Child, where the Child shall be deemed the primary Account holder. As long as the Child is the Account holder of the Children’s Savings Account, the Child cannot hold any other Account with Tangerine Bank.
Before an Account can be opened, a Parent or Guardian must have a valid Account with Tangerine Bank, which is in good standing at the time of opening of a Children’s Savings Account. If the Parent or Guardian ceases to hold an Account with the bank, the bank reserves the right to settle the Children’s Savings Account in favour of either the Child or Parent or Guardian by any means it deems appropriate. The Parent or Guardian must agree to meet his/her identity verification and Anti-Money Laundering obligations and agree to provide all information and documents as may be required by the bank from time to time, including consents for e-signatures and for electronic delivery of any documents necessary for the maintenance of the Account. An Account for which information or documentation remains outstanding may be restricted or frozen until such time as the outstanding requirements are satisfied. The Parent or Guardian will have sole signing authority over the Account.
Once established, the Children’s Savings Account may be linked to the Child’s external chequing account by sending a cheque drawn on the Child’s external account to us and satisfying any other requirements for the purpose of linking accounts that we might require at that time.
Should a Parent or Guardian die or become incapacitated while holding a Children’s Savings Account, Tangerine may, at its discretion, convert the Account into a single Tangerine Savings Account held by the Child, or we may take instructions from the Executor or Attorney of the Parent or Guardian.
1. Account conversion
Unless otherwise specified, the Account will be converted into a Joint Savings Account held in both the Parent or Guardian and Child’s name upon the Child’s attainment of the age of majority in the province in which he or she resides. Prior to the Child’s attainment of the age of majority, Tangerine will use its best efforts to obtain all information required to complete Account conversion. Parent or Guardian agrees and acknowledges that any pre-authorized transactions such as automatic withdrawals or payments may be deleted upon conversion. Failure by the Parent or Guardian or Child to fulfill all the necessary requirements for conversion, including providing the necessary information to Tangerine Bank, may result in a “freeze” being placed on the newly created Tangerine Savings Account until such time as the requirements are met to the satisfaction of Tangerine Bank. At the time of conversion, any pending or reoccurring transactions that had been set up between the Children’s Savings Account and any accounts belonging to the Parent or Guardian will be cancelled.
2. Closing of Accounts
Except as may otherwise be necessary, only the Parent or Guardian authorized on the Children’s Savings Account may close the Account. A Parent or Guardian can close the Account with us at any time by calling our call centre at the toll-free telephone number (1-888-826-4374) provided herein. We also have the right to close the Account for any reason, and pay you the balance, if any, after applying our rights of set-off.
F. Retirement Savings Plan (RSP) Accounts
Tangerine Bank/Banque Tangerine (the “Issuer”), hereby declares that it agrees to act as the depository for the person hereafter referred to as the Annuitant (the “Annuitant”) as defined in the Income Tax Act (Canada), under the Issuer’s Retirement Savings Plan (the “Plan”) administered by Tangerine Bank/Banque Tangerine.
The Issuer will apply for registration of the Plan as a registered retirement savings plan (an “RRSP”) pursuant to the provisions of the Income Tax Act (Canada) and if applicable, the provisions of any income tax legislation of the province indicated in the Annuitant’s address as shown in the application. The Income Tax Act (Canada) and such applicable provincial income tax legislation are hereinafter collectively referred to as the “Tax Acts”.
Contributions made by the Annuitant, or the Annuitant’s Spouse, and the interest earned or accrued thereon, shall be held in trust by the Issuer until the Maturity Date of the Plan. Contributions received shall be invested as directed by the Annuitant. Failure by the Annuitant to give instructions to the Issuer prior to or at maturity of a Fixed Term Deposit will result in the proceeds of the maturing Fixed Term Deposit being reinvested for the same term at the then prevailing rate of interest.
All contributions received by the Issuer will be invested in an Account with the Issuer “in trust” for the Annuitant and will earn such interest, compounded at least annually, as will be declared by the Issuer from time to time.
4. Excess contributions
All contributions must be made in accordance with Section 146 of the Income Tax Act (Canada) to qualify for tax exemption. The Issuer shall, upon written application by the Annuitant or the Annuitant’s Spouse, refund to the taxpayer an amount, as defined in paragraph 146(2)(c.1) of the Income Tax Act (Canada).
5. Payment before maturity
The Annuitant may from time to time, prior to the maturity of the Plan, upon such notice as the Issuer may permit, request a full or partial refund of the contributions from the Issuer.
6. Maturity of the Plan
The date chosen by the Annuitant for provision of a retirement income at maturity of his/her Plan shall not be later than the end of the year in which the Annuitant attains the age in which maturity is required as provided for in the Income Tax Act (Canada). At maturity, the proceeds of the Plan will be used on the instructions of the Annuitant for:
The purchase of a life annuity for the Annuitant for his life or the lives jointly of the Annuitant and his/her Spouse, or the survivor of them; and/or
A fixed term annuity providing benefits up to the 90th birthday of the Annuitant or to the 90th birthday of the Annuitant’s Spouse, if younger.
No annuity shall be capable of surrender, exchange, or assignment in whole or in part. If such annuity would become payable to a person other than the Annuitant or, in the event of the Annuitant’s death, the annuity may only become payable to the Annuitant’s Spouse. Notwithstanding the foregoing, the Annuitant may request that the Plan be amended at maturity to transfer on his/her behalf all or a portion of the proceeds of the Plan to a Registered Retirement Income Fund as defined in Section 146.3 of the Income Tax Act (Canada).
Failing written instructions from the Annuitant, the assets of the Plan or the proceeds of the disposition thereof shall be transferred, at the discretion of the Issuer, to the Annuitant’s Tangerine Savings Account, external linked account or a retirement income fund (RIF).
7. Benefits after maturity
The Plan does not provide for the payment of any benefit to the Annuitant after maturity, except by way of retirement income, in full or partial commutation of the retirement income under the Plan or in respect of a commutation as defined in paragraph 146(2)(c.2) of the Income Tax Act (Canada).
After the maturity of the Plan or following a partial conversion, retirement income shall be paid to the Annuitant only by way of equal annual or more frequent periodic payments. In addition, in accordance with paragraph 146(2)(b.2) of the Income Tax Act (Canada), the aggregate of the periodic payments in a year under an annuity after the death of the Annuitant shall not exceed the aggregate of the payments made in a year before that death.
8. Designation of beneficiary
If the Annuitant is domiciled in a jurisdiction in which, according to applicable law, a participant in a Retirement Savings Plan may validly designate a beneficiary, the Annuitant may, by instrument in writing in a form prescribed by us and delivered to us prior to the Annuitant’s death, designate the Annuitant’s Spouse or any person as beneficiary to be entitled to receive the value of the Annuitant’s property in the trust fund upon the Annuitant’s death. Such person shall be deemed to be the designated beneficiary for the purposes of the RSP, unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in a form prescribed by and delivered to us prior to the Annuitant’s death, revoke such designation. Please note that any designation made on an RSP does not automatically carry over onto the Annuitant’s Retirement Income Fund (RIF) upon conversion. In order to continue a designation on an Annuitant’s RIF, a new designation must be made in a form prescribed by us and delivered to us prior to the Annuitant’s death.
9. Death of Annuitant
If the Annuitant dies prior to the purchase of an annuity, the Issuer shall realize the contributions and interest earned by the Annuitant in the Plan, and subject to the deduction of all proper charges, including income tax, the proceeds of such realization shall be held by the Issuer in trust. The proceeds shall be paid to the legal personal representatives of the Annuitant upon such representatives furnishing the Issuer with documentation as may be required or as counsel may advise.
10. No benefit
No advantage that is conditional on the existence of the Plan may be extended to the Annuitant or to any person with whom the Annuitant does not deal at arm’s length other than those advantages or benefits which may be permitted under the Income Tax Act (Canada).
The Issuer has no right of offset as regards the property held under the Plan in connection with any debt or obligation owing to the Issuer as defined in paragraph 146(2)(c.3).
Retirement income, property or investments held under the Plan, in whole or in part, may not be hypothecated, pledged, assigned, alienated or in any way given as security.
The Issuer may make amendments to the RSP Account Terms with approval from the Minister of Revenue and any provincial tax authorities, if applicable, provided that any amendments shall not have the effect of disqualifying the Plan as a Retirement Savings Plan within the meaning of the Tax Acts.
The Issuer may resign its trust and be discharged from all future duties and liabilities hereunder upon giving three months notice in writing to the Annuitant. The Issuer may provide shorter notice if the Annuitant so consents. Should the Annuitant elect to terminate the services of the Issuer and appoint a successor Issuer, the Issuer shall transfer the proceeds of the Plan to the successor Issuer within a period of three months from receipt of written notification from the Annuitant that a change of Issuer is directed.
14. Annuitant’s Account
The Issuer will:
maintain an Account for the Annuitant which will record particulars of all contributions to the Plan and their investment;
prepare and forward to the Annuitant an annual statement of the Plan showing all transactions during the preceding year; and
prepare and forward to the Annuitant and/or the Annuitant’s Spouse such receipts, other forms, documents and information as may be required to be provided by the Tax Acts.
15. Indemnification and protection of the Issuer
The Issuer shall not be liable in its personal capacity for or in respect of any taxes, interest or penalties which may be imposed on the Issuer in respect of the Plan, whether by way of assessment, reassessment or otherwise, or for any other charges imposed by any governmental authority, as a result of payments out of the Plan, the purchase, sale or retention of any investment (including, without limitation thereof, “non-qualified investments” and “foreign property” within the meaning of the Tax Acts), or otherwise. The Issuer may reimburse itself for or may pay any such taxes, interest, penalties, or charges out of the assets of the Plan (other than those taxes, penalties, interest and charges that this Issuer is liable for under the Income Tax Act (Canada) and that can’t be charged out of the assets of the Plan). The Annuitant and the heirs, executors and administrators of the Annuitant shall at all times indemnify and save harmless the Issuer in respect of any such taxes, interest, penalties or charges imposed upon the Issuer in respect of the Plan. In addition, the Issuer shall not be liable in its personal capacity for, or in respect of, any loss suffered or incurred by the Plan, the Annuitant or by any beneficiary under the Plan, caused by or resulting from any purchase, sale or retention of any investment unless caused by or resulting from the Issuer’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
16. Definition of a Spouse
The term “Spouse” incorporates the meanings of both a “spouse” as recognized in the Act for the purposes of a Registered Retirement Income Plan and a “common-law partner” as such term is defined in sub-section 248(1) of the Act.
17. Transfer to another Retirement Savings Plan Arrangement
Upon receiving your direction, Tangerine will transfer all or any part of the property held in connection with the Retirement Savings Plan (or an amount equal to its value) to another Retirement Savings Plan that you have arranged with another financial institution. A fee will apply to transfer your RSP funds to another financial institution. The current fee schedule is available at tangerine.ca/feeschedule.
G. Retirement Income Fund (RIF) Account
Tangerine Bank/Banque Tangerine, a chartered bank duly incorporated under the Bank Act (Canada), carrying on business as Tangerine and having its Head Office in the City of Toronto (hereinafter referred to as “we”, or “us”) hereby declares that it agrees to act as depository/carrier for the Tangerine Retirement Income Fund (hereinafter called the “RIF”) for the Account of the applicant (hereinafter called the “Annuitant”) subject to the following terms and conditions:
In consideration of the funds transferred from one or several Registered Retirement Savings Plans or another Registered Retirement Income Fund, of which the Applicant is the Annuitant as defined in the Income Tax Act (Canada), we undertake to pay to the Annuitant a retirement income in accordance with the provisions of the “applicable legislation”, an expression that will refer herein to the Income Tax Act (Canada) (the “Act”) and the regulations thereof, as amended from time to time, and if applicable, to the income tax legislation of the province in which the Annuitant resides.
Subject to the provisions of the applicable legislation, any person with a Registered Retirement Savings Plan or Registered Retirement Income Fund shall be eligible for and may participate in the RIF by completing and signing the Retirement Income Fund Enrollment Form.
3. Annuitant’s Account
We will maintain an Account in the Annuitant’s name (or any other person who, from time to time, becomes the Annuitant under Section 13 hereof) showing all the property transferred to the RIF, and all investment transactions made at the Annuitant’s direction by telephone, computer or other means (whether electronic or otherwise). The foregoing will have the same legal effect as if authorized by the Annuitant’s written instructions. We shall forward to the Annuitant, at least annually, a statement showing all transfers and investment transactions made and all income earned during such period.
Where necessary, the Annuitant agrees to complete an application form, as provided by us, including all the necessary information for the registration of the RIF (the “Application”). The Application shall be delivered to us, and we will then act as carrier and depository. Furthermore, we shall have the RIF registered with the relevant government authorities in accordance with the provisions of the applicable legislation. We shall provide all reports that may be required from time to time under the applicable legislation. No benefit or loan which is conditional on the existence of the RIF may be granted to the Annuitant or to a person with whom the Annuitant is not dealing at arm’s length, except for those described in the Act.
5. Qualified investments
On receipt, we shall invest the RIF or property transferred, according to the Annuitant’s instructions, in deposits that may be offered by us, provided that they comply with the provisions of the applicable legislation. We may offer, from time to time, one or several investment options for the purposes of the RIF (hereinafter called the “investment options”), provided they are qualified investments under the applicable legislation. The Annuitant may, by instrument in writing in a form prescribed by us and delivered to us, choose an investment option or transfer all or a portion of the property of the RIF invested under one investment option to another available investment option, subject to the terms and conditions of such investment option. When the Annuitant has chosen an investment option, we shall inform the Annuitant of all the terms and conditions applicable to such an investment option that are in addition to the conditions specified herein. THE ANNUITANT SHALL BE FULLY LIABLE FOR DETERMINING THE TAX CONSEQUENCES OF TRANSFERRING PROPERTY TO THE RIF, FOR INVESTING THE TRANSFERRED PROPERTY ACCORDING TO AN INVESTMENT OPTION, FOR DECIDING ABOUT ANY PAYMENT TO BE MADE FROM THE RIF, AND FOR TRANSFERRING THE PROPERTY IN THE RIF TO ANOTHER CARRIER IN ACCORDANCE WITH THE PROVISIONS OF SECTION 10.
If the funds in a RIF are held in instruments with a defined duration, such as a GIC, at the maturity of such instrument, it shall be renewed automatically for the same term as the previous term unless the funds invested in such a RIF are required to pay the minimum amount in accordance with the provisions of section 7, any applicable income taxes, and/or to be distributed in accordance with Section 13 in the event of the Annuitant’s death and/or should the said same term no longer be offered. Upon renewal, a statement will be issued to the Annuitant for the Annuitant’s records. Where RIF funds are held in a GIC in which funds must be withdrawn prior to maturity in order to pay the minimum amount in accordance with the provisions of section 7, the GIC will be broken and the entire balance, plus interest earned to date, will be reversed back into the original RIF Savings Account held with Tangerine from which the funds were derived. Where the source of funds was not a RIF Account held with Tangerine, a companion RIF Savings Account will be created and you, the Annuitant, agree to complete all necessary statutory and/or bank requirement to effect the opening of said RIF Account.
7. Retirement income payments
The Annuitant may elect to base the term of the payments on the age of the Annuitant’s Spouse if such Spouse is younger. However, such election is to be made by the Annuitant by the end of the calendar year in which the Application for the RIF is made. This decision shall be IRREVOCABLE. No payments other than those described in paragraphs 146.3(2)(d), 146.3(2)(e) and 146.3(14)(b), or any other such provision as provided for by the Act from time to time, shall be made by us. In each calendar year beginning with the year in which this Application is accepted by us, we shall make payments to the Annuitant from the RIF subject to the following conditions:
Minimum payments. The total amount of all payments made under the RIF for the year must not be less than the required minimum amount, as defined in subsection 146.3(1) of the Act.
Refund. The Annuitant may, in the course of a given year, request a payment that exceeds the minimum amount by giving us instructions through any medium offered from time to time by Tangerine to pay such an excess amount subject to the terms and conditions of the investment options used to invest the property of the RIF.
Frequency of payments. The frequency of payments to be made during a given year shall be chosen by the Annuitant on the enrollment form based on the payment options offered by us.
8. Income tax information
We shall provide the Annuitant with appropriate information slips, in the prescribed form, as required by the Act, showing the total of all payments made from the RIF during the preceding calendar year, to enable the Annuitant to report such payments on the Annuitant’s income tax return.
9. Transfer of property
We shall accept property, in the form of cash, transferred from:
A Registered Retirement Savings Plan of which the Applicant is the Annuitant;
A Registered Retirement Income Fund of which the Applicant is the Annuitant;
The Applicant, provided that the consideration is a sum as prescribed in sub-paragraph 60(l)(v) of the Act;
A Registered Retirement Income Fund or a Registered Retirement Savings Plan of which the individual’s Spouse or former Spouse is the Annuitant, pursuant to a decree, order or judgment of a competent tribunal or a written separation agreement relating to the division of property between the Annuitant, and the Annuitant’s Spouse or former Spouse in settlement of rights arising out of the marriage, on or after the breakdown of the marriage;
A Registered Pension Plan of which the Annuitant, the Applicant, is a member within the meaning assigned by subsection 147.1(1) of the Act;
A Registered Pension Plan in accordance with subsection 147.3(5) or (7) of the Act; or
A Specified Pension Plan in circumstances to which subsection 146(21) of the Act applies.
Note that we will only accept transfers in cheque or EFT (electronic funds transfer) format. We do not accept as deposits traveller’s cheques, wire transfers, or bills or coinage of any sort.
On receipt of prior notice in writing from the Annuitant, and of any and all documents necessary under the circumstances which we may reasonably require, we shall transfer to any person who has agreed to be a carrier of another Registered Retirement Income Fund of the Annuitant’s, all or part of the property held in the RIF, or an amount equal to the value thereof at the time of such instructions, together with all information necessary for the continuance of the RIF. However, we shall retain an amount sufficient to ensure that the minimum amount referred to in section 7 hereof, for the year in which the transfer is made, may be paid to the Annuitant pursuant to the provisions of paragraph 146.3(2)(e.1) or 146.3(2)(e.2) of the Act. Any transfer required to be made shall, at our sole discretion, be made to a non-registered Savings Account held with us. If you do not have a non-registered Savings Account, you consent to us opening one on your behalf for any payments required to be made to you for any reason.
No payment made under the RIF may be assigned, either in whole or in part. We may not deduct sums as regards the property held under the RIF in connection with any debt or obligation owing to us, by the Annuitant. The property held under the RIF may not be pledged, assigned or alienated in any way as security for a loan or for any purpose other than that of allowing us to make, to the Annuitant, the payments contemplated in paragraph 146.3(2)(a) of the Act.
12. Designation of successor annuitant or beneficiary
If the Annuitant is domiciled in a jurisdiction in which, according to applicable law, a participant in a Retirement Income Fund may validly designate a beneficiary or a successor annuitant, the Annuitant may, by instrument in writing in a form prescribed by us and delivered to us prior to the Annuitant’s death, designate the Annuitant’s Spouse as successor annuitant or any person as beneficiary to be entitled to receive the value of the Annuitant’s property in the trust fund upon the Annuitant’s death. Such person shall be deemed to be the successor annuitant or designated beneficiary, as the case may be, for the purposes of the RIF, unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in a form prescribed by and delivered to us prior to the Annuitant’s death, revoke such designation.
13. Death of Annuitant
Except where the Annuitant’s Spouse becomes the Annuitant under the RIF pursuant to the terms and conditions of the RIF or the provisions of the Annuitant’s will, we shall, upon the Annuitant’s death, distribute the property of the RIF or an amount equal to the value of the RIF to the person(s) entitled thereto, upon receipt of satisfactory proof that the said person is the successor annuitant or that the person is entitled to receive the proceeds of the RIF, and upon receipt of the discharges and other documents that we may reasonably require, less all applicable income taxes, if any, in accordance with the provisions of the applicable legislation.
Any notice the Annuitant gives to us shall be sufficiently given if mailed, postage prepaid, addressed to us, and shall be deemed to have been given on the day that such notice is received by us. Any notice, statement or receipt given by us to the Annuitant shall be sufficiently given if mailed, postage prepaid, to the Annuitant at the address set out in the enrollment form or at any subsequent address of which the Annuitant shall have notified us and any such notice shall be deemed to have been given on the third business day following the day of mailing. Alternatively, we may, where permitted, provide any notice electronically by posting same on our website or by delivering said notice to your secure message board or via electronic mail.
We shall not be liable for the making, retention or sale of any investment or reinvestment as herein provided or for any loss or diminution of the assets comprising the Plan except due to our own negligence or wrongful act. When the total assets of the RIF have been paid hereunder, we shall be released from all liability and responsibility.
16. Amendments to the RIF
We may from time to time and at our discretion amend this Agreement, with the consent of the federal Minister of National Revenue and of any other relevant provincial tax administration, where necessary, by notifying the Annuitant in writing within thirty (30) days of such amendments; however, no such amendment shall cause the RIF to lose its status of a Registered Retirement Income Fund within the meaning ascribed thereto in the provisions of the applicable legislation.
The Annuitant shall receive:
A copy of this RIF Agreement;
Periodically, a statement showing the value of the RIF;
Year-end reports on amounts paid to the Annuitant.
18. Applicable laws
This Agreement shall be governed by and construed in accordance with the laws of the province or territory in which the Annuitant resides.
19. Proof of age
The statement of the Annuitant’s date of birth on the enrollment form shall constitute a certification by the Annuitant and an undertaking to furnish such further evidence of proof of age as may be required for the provision of a retirement income.
20. Definition of a Spouse
The term “Spouse” incorporates the meanings of both a “spouse” as recognized in the Act for the purposes of a Registered Retirement Income Plan and a “common-law partner” as such term is defined in sub-section 248(1) of the Act.
21. Transfer to another Retirement Income Fund arrangement
Upon receiving your direction, Tangerine will transfer all or any part of the property held in connection with the Retirement Income Fund (or an amount equal to its value) to another Retirement Income Fund that you have arranged with another financial institution. A fee will apply to transfer your RIF funds to another financial institution. The current fee schedule is available at tangerine.ca/feeschedule.
H. Tax-Free Savings Account (TFSA)
Tangerine Bank/Banque Tangerine hereby declares that it agrees to act as the depository for the person (referred to in this Tax-Free Savings Account Agreement as the “holder”, “you”, or “your”) under the arrangement to be registered under your Social Insurance Number as a Tax-Free Savings Account. “Tangerine” is the operating name of Tangerine Bank/Banque Tangerine and Tangerine is the Issuer of the Tax-Free Savings Account.
Tangerine will file an election to register the arrangement as a Tax-Free Savings Account in accordance with section 146.2 of the Income Tax Act (Canada) and if applicable, the provisions of any income tax legislation of the province where you reside. For this purpose, you must ensure that you provide Tangerine with your valid Social Insurance Number and address. The Income Tax Act (Canada) and any applicable provincial income tax legislation are hereinafter collectively referred to as the “Tax Acts”. The arrangement complies with prescribed conditions.
Contributions made by you shall be deposited with Tangerine, and the interest earned or accrued thereon shall be credited or added to the deposit by Tangerine. Contributions are to be made under the Tax-Free Savings Account to Tangerine for the purpose of Tangerine making distributions under the TFSA to you. Only you may make contributions under the Tax-Free Savings Account.
Contributions received shall be invested as directed by you.
4. Excess contributions
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 the Tax-Free Savings Account, in addition to your other similar arrangements held with Tangerine and at other financial institutions in order to determine if contributions made to the 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”.
You may from time to time, upon such notice as Tangerine may permit, request a full or partial refund of the contributions from Tangerine. The Tax-Free Savings Account permits Distributions to be made to reduce the amount of tax otherwise payable by the holder under sections 207.02 or 207.03 of the Income Tax Act (Canada).
6. Exclusive benefit
The Tax-Free Savings Account will be maintained for your exclusive benefit. Such benefit is determined without regard to any right of a person to receive a payment out of or under the arrangement only on or after the death of the holder. At all times while there is a holder of the Tax-Free Savings Account, anyone that is neither the holder nor the Issuer of the Tax-Free Savings Account is prohibited from having any rights under the Tax-Free Savings Account relating to the amount and timing of distributions and the investing of funds.
7. Transfer to another Tax-Free Savings Account arrangement
Upon receiving your direction, Tangerine will transfer all or any part of the property held in connection with the Tax-Free Savings Account (or an amount equal to its value) to another Tax-Free Savings Account that you have arranged with another financial institution. A fee will apply to transfer your TFSA funds to another financial institution. The current fee schedule is available at tangerine.ca/feeschedule.
Where you have not elected your spouse or common-law partner to become the holder of your Tax-Free Savings Account as provided for by section 14 or by your will, once Tangerine has received the documentation required, Tangerine shall pay the Tax-Free Savings Account proceeds by a single payment, less required income tax deductions, to your designated beneficiary and notify your estate representative of any resulting tax liability. In instances where you have not designated a beneficiary as provided for by section 14, the Tax-Free Savings Account proceeds will be paid by a single payment, less required income tax deductions, to your estate. When Tangerine has made the payment of the fund proceeds to your designated beneficiary or to your estate, Tangerine will be considered as fully discharged from any further liability with respect to your Tax-Free Savings Account.
9. Proof of age
The statement of your date of birth on the Tax-Free Savings Account Application will constitute your certification and agreement to provide such further evidence of proof of age as may be required for the establishment of your Tax-Free Savings Account. You must be at least eighteen (18) years of age at the time that a Tax-Free Savings Account Application is submitted to Tangerine. Tangerine will rely solely on your statements regarding your age and eligibility for a Tax-Free Savings Account, and will not be liable in any way for any tax consequences imposed as a result of incorrect statements submitted to Tangerine in respect of the Account opening process.
You agree to inform Tangerine without delay if you cease to be a resident of Canada for Canadian tax purposes. You will be solely responsible for any tax consequences arising from contributions made at a time in which you are a non-resident for Canadian tax purposes, even if you provided Tangerine with a notice under this section.
Tangerine may make amendments to the Tax-Free Savings Account Agreement with approval from the Minister of National Revenue and any provincial tax authorities if applicable, providing that any amendments shall not have the effect of disqualifying the TFSA as a Tax-Free Savings Account within the meaning of the Tax Acts.
Tangerine may resign from its agreement to act as the depositary under this Tax-Free Savings Account and be discharged from all future duties and liabilities hereunder upon giving you three months notice in writing. Tangerine may provide shorter notice if you also consent. Should you elect to terminate the services of the Issuer and appoint a successor issuer, Tangerine shall transfer the proceeds of the Tax-Free Savings Account to the successor issuer within a period of three months from receipt of written notification from you that a change of Issuer is directed.
12. Holder’s Account
maintain an Account for you which will record particulars of all contributions to the Tax-Free Savings Account and their investment;
prepare and forward to you an annual Tax-Free Savings Account statement showing all transactions during the preceding year; and
prepare and forward to you such receipts, other forms, documents and information as may be required to be provided by the Tax Acts.
13. Designation of successor holder or beneficiary
If you reside or are domiciled in a jurisdiction in which, according to applicable law, a participant in, or plan holder of, a Tax-Free Savings Account may validly designate a beneficiary or successor holder, you may, by instrument in writing designate your spouse or common-law partner as a successor holder or any other person as beneficiary to be entitled to receive the value of your deposits in your Tax-Free Savings Account in the event of your death. Such person shall be deemed to be the successor holder or designated beneficiary for the purposes of the Tax-Free Savings Account unless such person shall predecease you or unless you revoke such designation by instrument in writing in a form prescribed by Tangerine and delivered to Tangerine prior to your death.
14. Indemnification and protection of the Issuer
Tangerine shall not be liable in its personal capacity for or in respect of any taxes, interest or penalties which may be imposed on Tangerine in respect of the Tax-Free Savings Account, whether by way of assessment, reassessment or otherwise, or for any other charges imposed by any governmental authority, as a result of payments out of the Tax- Free Savings Account, the purchase, sale or retention of any investment, or otherwise. Tangerine may reimburse itself for or may pay any such taxes, interest, penalties, or charges out of the assets of the Tax-Free Savings Account (other than those taxes, penalties, interest and charges that the Issuer is liable for under the Income Tax Act (Canada) and that can’t be charged out of the assets of the Tax-Free Savings Account). You and your heirs, executors and administrators shall at all times indemnify and save harmless Tangerine in respect of any such taxes, interest, penalties or charges imposed upon Tangerine in respect of the Tax-Free Savings Account. In addition, Tangerine shall not be liable in its personal capacity for, or in respect of, any loss suffered or incurred by the Tax-Free Savings Account, you or by any beneficiary under the Tax-Free Savings Account, caused by or resulting from any purchase, sale or retention of any investment unless caused by or resulting from our dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
I. Terms that apply to the Tangerine Chequing Account only
In order to be eligible for a Tangerine Chequing Account, you must be a Canadian resident and 16 years of age or older.
You must have a valid email address in order to open a Chequing Account. It is your responsibility to ensure you always have a valid email address on file for your Chequing Account.
The Tangerine Chequing Account is a personal bank Account and may not be used for business purposes. If Tangerine suspects your Chequing Account is being used for business purposes, we may close your Chequing Account.
2. Online Tangerine Chequing Account
The Tangerine Chequing Account is an online personal bank Account. When you sign up for a Chequing Account, you consent to Tangerine providing you with all communications and documents related to your Chequing Account electronically.
It is your responsibility to ensure that all information and instructions you provide to us or to third parties are accurate, timely and complete at all times. Tangerine is not responsible for acting upon the information or instructions you may provide to us.
It is your responsibility to ensure there are sufficient funds in your Tangerine Chequing Account required for any transactions you may authorize. You are responsible for transactions not processed due to insufficient funds and for any charges incurred. A Non-Sufficient Funds (NSF) Fee may apply to transactions that can’t be honoured due to insufficient funds.
Tangerine may not process a transaction or provide a service in the event there is a restriction on your Chequing Account, there are insufficient funds in your Chequing Account and/or Tangerine suspects any fraudulent, illegal or improper activity associated with your Chequing Account or the transaction. You acknowledge that there may be a delay in processing transactions, including, but not limited to, deposits, withdrawals, payments and funds transfers.
Tangerine may, in its sole discretion, permit transactions in a foreign currency.
For foreign currency transactions made without using Visa* Debit functionality, a converted Canadian dollar amount will be deducted from your Chequing Account based on an exchange rate set by Tangerine on the date the transaction is processed. This rate may differ from the rate in effect on the date of the transaction.
For foreign currency transactions made using Visa Debit functionality, a converted Canadian dollar amount will be deducted from your Chequing Account based on an exchange rate set by the applicable payment network and determined on the date of the transaction. Payment networks include Visa International, Visa Inc., ACXSYS Corporation, or other payment networks as appropriate. Foreign currency transactions are subject to a Foreign Currency Conversion Fee, which will be added to the exchange rate, and is reflected in the converted Canadian dollar amount of the transaction.
Tangerine is not responsible for any losses you may incur due to changes in foreign currency exchange rates or the unavailability of funds due to foreign currency restrictions.
A copy of our Fee Schedule, which outlines all charges associated with Tangerine Accounts, is available at tangerine.ca/feeschedule, and is also available in print if requested.
5. Withdrawals and deposits
You may deposit into or withdraw funds out of your Tangerine Chequing Account through our website, designated Automated Banking Machines (“ABMs”) or through other means provided by Tangerine from time to time. You are responsible for all authorized deposits and withdrawals made to your Chequing Account. Deposits or withdrawals deemed to be fraudulent or counterfeit by Tangerine in its sole discretion will not be processed and, as applicable, shall not be returned to you.
Funds deposited by cheque or designated ABMs are subject to verification, and a hold may be placed on the funds in accordance with Tangerine’s hold policy. Foreign currency deposits may not be accepted and may be returned to you at your expense.
Tangerine may adjust a deposit to your Chequing Account (even if the adjustment creates a negative balance in your Chequing Account) if we discover a discrepancy between the amount noted on the deposit slip and the amount received, or if we suspect any fraudulent, unlawful or improper activity. Any such adjustments will be posted to your Chequing Account. Tangerine shall not be responsible for any inconvenience to you that may result from an adjustment, including, but not limited to, any payments that may not be processed due to insufficient funds in your Chequing Account.
Tangerine is not responsible for the delay or failure of any third parties to act upon deposit instructions provided by you. You must contact the third party directly to cancel any direct, payroll or other deposit arrangement you may have or to resolve any dispute over the deposit.
6. Electronic payments
If you give us instructions to make payments to third parties, including instructions to pay any bill or invoice, you acknowledge that the instructions will result in funds being withdrawn from your Tangerine Chequing Account on the date the instructions are given or, in the case of post-dated payments, on the specified date. You acknowledge that third parties may not treat payments or post-dated payments as being received as of the date the instructions are given, or, in the case of post-dated payments, on the specified date.
Once electronic payment instructions have been sent, they will be final and irrevocable, so that it may not be possible to retrieve funds sent in error. We can update your bill profile if a biller informs us of a change or if we deem it necessary.
You are responsible for knowing your biller’s payment requirements. We may reject, cancel or return payments to you that do not meet these requirements. In addition, you are responsible for ensuring that your payments are requested with sufficient time to be processed by us and by the biller.
Payments may not be processed for a number of reasons, including, but not limited to, insufficient funds, inconsistency with the billing Account Number on your payment and/or the billing Account Number registered on your bill profile at the time of processing the payment, and a change in the status of the biller, or your bill profile.
Tangerine is not responsible for the delay or failure of any third parties to act upon instructions provided by you or any consequences resulting from such a delay or failure. We will not be responsible for any losses resulting from problems or disputes with third parties and you agree to settle your dispute directly with the third party. Tangerine is not responsible for our inability to retrieve electronic payments from third party accounts with us or from other financial institutions.
7. Email money transfer
To send an email money transfer, you must provide the recipient’s email address, and a security question and answer that is used to authenticate the recipient of the transfer. To receive an email money transfer, you must correctly answer the security question.
You agree that, as a sender of an email money transfer, it is your responsibility to (a) provide the accurate email address of the recipient; (b) create an effective security question and answer that is known only to you and the recipient, and (c) not to use a message that may accompany the transfer to send the recipient the answer to the security question. As a recipient, you agree to keep the answer to the security question confidential at all times and to use it only to receive the transfer.
We will be entitled to pay the transfer to anyone who claims it as the recipient and correctly answers the security question, whether or not that person is the person intended to receive the transfer. We will not be liable for losses incurred by you as a sender or recipient of an email money transfer as a result of misuse, forwarding of email to third parties, improper communication or disclosure of the answer to the security question.
There is no monthly fee for your Tangerine Chequing Account. For certain transactions and circumstances, a fee may apply. These fees are outlined in the Fee Schedule available at tangerine.ca/feeschedule, and available in print if requested. Tangerine will debit your Chequing Account when fees are applicable. Tangerine will provide you with 30 days advance notice of any changes to the charges applicable to your Chequing Account or any new charges applicable to your Chequing Account.
We may set limits for your use of your Tangerine Chequing Account from time to time. Your ABM withdrawal limits and debt purchase limits are communicated to you when you open your Chequing Account.
We may change these limits (dollar amount or otherwise) for transactions that may be carried out by you through electronic banking services, from time to time without prior notice to you. It is your responsibility to check your limits from time to time by contacting Tangerine.
For your convenience, Tangerine may provide PAD instruction forms, direct deposit instruction forms and/or payroll deposit instruction forms to be completed by you and to be provided by you to a third party and/or your employer, as applicable. Once completed by you, such forms will contain personal and sensitive information and you are solely responsible for safeguarding this information. Tangerine will not be responsible for the loss, theft or destruction of any such PAD form, any entry errors on the PAD form or for the misuse of any of your information on the form or for any losses that may flow from such loss, theft, destruction, error or misuse.
11. Use of electronic banking services
You will not use electronic banking services in connection with your Tangerine Chequing Account for illegal, fraudulent or defamatory purposes or take any steps which could undermine the security or integrity of or cause harm to or threaten to cause harm to any other user of any electronic banking service offered by us. We reserve the right to disable or cancel any electronic transactions and close any Chequing Accounts of payees who act contrary to the above.
We reserve the right to restrict or deny any services we provide as part of your Chequing Account in the event we determine any abuse of said services on your part.
For our mutual protection, we may record all telephone calls that relate to the use of or include instructions for using electronic banking services in connection with your Chequing Account.
12. Interest rate information
Interest is calculated daily and based upon your daily Tangerine Chequing Account balance and corresponding tier as set out in the Chequing Account Interest Rate Table. We reserve the right to modify the Chequing Account interest rate tiers at our complete discretion with appropriate notice to the Chequing Account holder. The applicable interest rate is applied to the entire balance held in the Chequing Account. Interest is accrued daily and paid monthly.
13. Debit purchases
Debit purchase transactions may not appear on your Tangerine Chequing Account statement until the merchant processes payment (typically one to two business days).
14. Cheque orders, cheque responsibility and stop payment
As Tangerine makes available, you may order cheques for your Chequing Account.
You are responsible for the care and control of your cheques and they are for your use only. You will notify Tangerine immediately in the event your cheques are lost or have been stolen or if you suspect your cheques have been compromised. Tangerine is not responsible for the misuse or unauthorized use of your cheques.
Tangerine may not process a cheque if there are insufficient funds in your Chequing Account and may charge you a fee as set out in the Fee Schedule. You are responsible for being aware of your Chequing Account balance at all times and Tangerine will not be responsible for cheques that are not processed due to insufficient funds and any consequences that may result because the cheques are not processed.
For a fee as set out in the Fee Schedule, you may contact a Tangerine representative by phone to request a stop payment on any cheque you may have written that has not already been paid. You must provide the Tangerine representative with the information requested for us to be able to enter a stop payment. Tangerine will use best efforts to stop the payment, however, Tangerine can make no guarantees that a stop payment will be successful and is not responsible in the event the stop payment is not effective. If the information you give us is not accurate or complete, if you do not give us other reasonable information requested about the cheque, or if the cheque was processed or irrevocable, Tangerine will not be responsible if it is not able to effect the stop payment of a cheque.
Tangerine may scan and post an electronic image of your cheques on your Tangerine secure website for you to view. You understand and agree that, if applicable, joint Chequing Account holders will be able to view all cheques written from the joint Chequing Account.
For a fee set out in the Fee Schedule, you may order a draft in Canadian funds online through the Tangerine website. The maximum value of a draft you may order is equivalent to the amount available in your Chequing Account. At your option, drafts will be couriered to your home or to the Tangerine Café for pickup by you. You understand that a draft should be treated and protected like cash and that Tangerine is in no way responsible for the loss, theft or misuse of the draft. Tangerine is not responsible for any errors on your part when placing the order for the draft, including but not limited to any entry errors.
In the event you choose to courier your draft to the Tangerine Café, for your security, you must provide adequate identification and verification as requested from the Tangerine Café Representative. Tangerine may refuse to give you the draft should you not provide the requested identification and verification. Should you not pick up your draft from the Tangerine Café within a reasonable period of time, Tangerine may, at its option, destroy the draft and credit the value of the draft (not including the value of the fee charged for the draft) back to your Chequing Account.
16. Tangerine Overdraft Protection
Eligibility: Overdraft Protection is available to Clients of Tangerine Bank with a Chequing Account. All Applicants must submit to a credit check in order to receive Overdraft Protection. Overdraft Protection may be denied if the Account holder’s credit report or history does not meet Tangerine Bank’s criteria for the coverage.
Limit: Overdraft Protection is available in amounts ranging from $250 to $5,000. The amount of coverage you are extended is at our discretion. We’ll tell you how much coverage you have been extended once your application is approved. You can ask to have your Overdraft Protection limit reduced or increased at any time. Requests for limit increases will trigger a credit bureau check.
Your Overdraft Protection will take effect once your application is approved by us and upon your acceptance of the Overdraft offer we will present to you when you are approved.
Overdraft Protection covers overdrawn balances in your Account that result from a cheque, Pre-Authorized Payment or any other debit we authorize, such as an electronic bill payment, ABM and Client Card transactions and email money transfers. We may refuse any debit if the amount would cause your Overdraft Protection limit to be exceeded.
Fees & interest: An Overdraft Protection Fee and interest charges may apply when your Account becomes overdrawn. There is no monthly fee for Overdraft Protection if your Tangerine Chequing Account doesn’t go into overdraft. We may waive the Overdraft Protection fee at our discretion at any time. The Fee Schedule and the applicable interest rate are available at tangerine.ca/feeschedule, and are also available in print if requested.
Payment: You must bring your Account to a positive balance for one (1) full calendar day at least once every ninety (90) days. Overdraft interest charges are added to the overdrawn amounts, so that further interest accrues on the overdrawn balance including interest charges.
Joint Accounts: Joint Account holders must agree to receive Overdraft Protection when their joint Account holder applies for it. If the joint Account holder doesn’t agree, Overdraft Protection won’t be extended to the joint Account. Joint Account holders are together, jointly and severally liable for any and all overdrawn balances on the Account, including any such balances that may have gone into Default. This means that each joint Account holder is liable for the full overdrawn amount on the Account, regardless of how that overdraft was accrued. Each joint Account holder may terminate the Overdraft Protection on their joint Account at any time without the consent of the other joint Account holder. If a joint Account holder requests an increase in the Overdraft Protection limit, the other joint Account holder must consent or the limit won’t be increased. Conversely, a joint Account holder may request that their Overdraft Protection limit be lowered at any time without the consent of the other joint Account holder.
Default: If you fail to comply with any of the terms of Tangerine’s Overdraft Protection (for example, if you fail to return your balance to positive within 90 days), your Account will be considered to be in Default. When in Default, we may close your Account and forward the overdrawn balance to a debt collection agency. Defaults are reported to credit bureaus, which can adversely affect your credit history and/or rating.
Term and termination: Overdraft Protection is provided to you on a perpetual basis. Although we can terminate the agreement, without reason, by giving you 30 days written notice, we may terminate the agreement at any time if you are in Default without notice to you. You can cancel the Overdraft feature on your Account any time, however prior to cancellation you are obligated to pay your overdrawn balances in full.
17. Email communications
Tangerine may provide you with email notifications upon the happening of certain events relating to your Chequing Account. You understand and agree that it is solely your responsibility to ensure that you provide us with an accurate, valid, private and secure email address for email communications with you.
If you choose to provide us with a mobile email address, you understand that we will use this address for email communications with you. We are not responsible for any fees charged by your mobile carrier or any third parties in association with using your mobile email or mobile device.
We are not responsible for the failure of email communications to reach you or for the inadvertent disclosure of private and confidential information to third parties due to your failure to provide an accurate, secure and private email address. We will not be responsible in the event email notifications do not reach your email address in real time nor for any consequences resulting from a delay in receipt of an email notification.
18. Chequing Account electronic statements
Your Tangerine Chequing Account statement will be provided separately from any other statement(s) for other Accounts you may have with us. The Chequing Account statement will be posted for you to view on the Tangerine website every month. You understand and agree that we will not provide you with a hardcopy of your Chequing Account statement.
1. The service
Through the Mobile Remote Deposit application feature (“Cheque-In™”), you can deposit cheques to your Tangerine Chequing and Tangerine Savings Accounts without sending in the paper cheque. You take a picture of the front and back of the cheque with your supported mobile device and send the image (“Image”) to Tangerine using our remote capture software. To use Cheque-In you need to agree to the terms set out below.
You acknowledge and agree that when you create an Image using Cheque-In, you are acting as Tangerine’s agent for the purpose of creating the Image and that any Image created by you in this way will be treated for legal purposes just as if Tangerine had created the Image itself under the rules of the Canadian Payments Association (“CPA”). The terms of your appointment as Tangerine’s agent are set out in more detail below under the heading “Agency Terms and Conditions”.
3. Hardware and software
To use Cheque-In you need to first download the Tangerine Mobile Banking app onto your mobile device. We support smartphones and tablets on Apple® and Android™ platforms. Some mobile banking features may not be available on certain devices.
4. Cheque criteria
You agree to the following whenever you use Cheque-In to deposit a cheque remotely.
Only paper cheques that are made payable to you directly can be deposited using Cheque-In. We will not accept a cheque that was payable to someone else and endorsed over to you.
Each cheque must be in the standard format approved by the Canadian Payments Association. The date, drawee institution, payee, amount in words and figures, signature of the drawer and magnetic ink character recognition (MICR) information must be clearly legible.
Each Image captured through Cheque-In must be a picture of the original paper cheque, not of a photocopy or printout of an electronic copy.
Only send one accurate and clear Image of the front and back of each cheque you want to deposit.
Your remotely deposited cheque is considered received by us when you receive an email from us confirming the deposit. However, this does not necessarily mean that Tangerine has accepted the cheque for deposit. We reserve the right to reject a cheque for deposit if the Image does not meet the above requirements.
As used in these Mobile Terms, the term “cheques” also includes payment instruments drawn on the Government of Canada, which are technically known as Receiver General warrants.
5. Geographic limitation
Cheques may only be deposited while you are physically located in Canada. Cheques must be drawn on Canadian financial institutions or on the Government of Canada, in Canadian dollars, and must be submitted through Canadian devices and networks.
6. Destruction of paper cheque
After you have deposited a cheque remotely using Cheque-In, do not send us the paper cheque. You need to keep the paper cheque in a safe and secure place until we email you directing you to destroy it. You should receive this email within five (5) business days. If the email doesn’t arrive within that timeframe, please contact us at 1-888-826-4374.
7. Duplicate deposits
If you have deposited a cheque through Cheque-In, you must not deposit or attempt to deposit (either physically or electronically) or cash the same cheque anywhere else (whether with Tangerine or another financial institution). 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 Cheque-In 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 Tangerine. These charges may be debited from any of your Accounts with us. Depending on the facts, you may also be liable for fraud.
Daily, weekly and monthly deposit limits may apply.
You may not alter or cover up anything on either the front or back of a cheque to be submitted for remote deposit using Cheque-In. Also, you may not write anything on the front of the cheque, either before or after remote deposit, except for your Customer Identification File (CIF) number.
Every time you submit a cheque to us for remote deposit using Cheque-In, you are deemed to give us the following representations and warranties:
Each Image is an accurate image of an original paper cheque and not of a photocopy 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 deposited or attempted to deposit or cash the cheque anywhere else or by any other means.
You have not created any images or copies of the cheque other than the Image submitted through Cheque-In or if you have done so, you have deleted or destroyed the other image or copy.
You agree to indemnify Tangerine for any losses or liabilities it may suffer or incur as a result of your use of Cheque-In without complying with the requirements in the paragraphs above or below, including not destroying an original paper cheque when Tangerine directs you to do so in an email. You acknowledge that Tangerine will not be liable for any losses or liabilities that you may suffer as a result of your use of Cheque-In, including if the feature is not available for any reason.
12. Further obligations
You agree to take full responsibility for anyone using this mobile device. Please view a complete copy of our Mobile Banking Terms & Conditions. You agree to comply with any further obligations that may be required in order to ensure that Cheque-In functions correctly and efficiently. Tangerine may at any time suspend, terminate or discontinue the Cheque-In feature, at its own discretion, without notice to you.
You can disable this feature at any time by calling us at 1-888-826-4374.
By clicking on the "Yes, I Agree" button, you are acknowledging your understanding of, and agreement to the above. You also agree to be bound by Tangerine’s Web Terms and Conditions, Account Terms, Mobile Banking Terms and Conditions and Privacy Code.
K. Tangerine Agency Terms and Conditions
To understand the reason for the provisions in this part (the "Agency Terms"), you need to know a little bit about how cheques are cleared in Canada. Tangerine is a member of the Canadian Payments Association (CPA). This is the body (created by an act of Parliament and supervised by the Bank of Canada) that sets the rules for clearing and settling cheques in Canada. When Tangerine accepts a customer’s deposit of a cheque drawn on another bank (known as the “drawee bank”), Tangerine must then have the cheque “cleared” and “settled” through the clearing system administered by the CPA, a process known as “exchange”. The end result of an exchange is that Tangerine gets reimbursed by the drawee bank for the amount that it has provisionally credited to its Client’s Account (unless the cheque is returned for “insufficient funds” or some other reason). Traditionally, clearance and settlement have been carried out by physically moving the paper cheques through the system so that they are returned or “presented” to the drawee banks for payment. Recently the CPA created rules that allow CPA members to exchange cheques electronically, without having to move the paper around, by using accurate photographic images of the cheques which are copied into a specially formatted document known as a “Clearing Replacement Document” or CRD. A CRD functions legally just as if it were the original paper cheque. Any CPA member that creates a CRD for exchange must destroy the paper original within 120 days of creating the Image.
The CPA rules do not specifically authorize a bank’s customer to produce an Image for the purposes of creating a CRD or to destroy the original paper cheque on behalf of the bank, but a bank can appoint someone else (an agent or subcontractor) to carry out these tasks on its behalf. The purpose of these Agency Terms is to set out the terms and conditions on which Tangerine is appointing you as its agent to produce Images of cheques that you wish to deposit through the service so that the Images can be used to create CRDs.
“Legible” means able to be read or deciphered by a human viewer.
“Usable” means clearly represented, Legible or Viewable, as applicable. A Usable Image is a digital representation of the front and back of a cheque, where any field or portion that would be required to be present and Legible on the original cheque (e.g. MICR line) is present and Legible in the Image, and any field or portion that would be required to be present and Viewable on the original cheque (e.g. signature) is present and Viewable in the Image.
“Viewable” means able to be seen without obstruction.
Agency appointment and responsibilities
Tangerine hereby appoints you to be Tangerine’s agent to act for and on behalf of Tangerine to create Images of cheques that you wish to deposit with Tangerine using the service, in accordance with the Rules of the CPA, and in particular, Rule A10, Images, Image Printouts, Clearing Replacement Documents and Return Replacement Documents (“Rule A10”), which you acknowledge having read. The appointment becomes effective the first time that you use the service. You accept this appointment and agree to act as Tangerine’s agent for this purpose and to create Images in accordance with these Agency Terms and Rule A10. You may not delegate your agency duties to anyone else. You acknowledge that you are obtaining a benefit by creating Images on behalf of Tangerine and you agree that you do not have any right to receive any other remuneration for your agency duties.
You agree to abide by all laws and rules applicable to you and to Tangerine related to the creation, storage and destruction of Images, including Rule A10.
You will ensure that each Image created by you as Tangerine’s agent:
is created in accordance with Rule A10;
accurately represents all of the information on the front and back of the original cheque as of the time that the original cheque was created by the drawer;
is an Image of a cheque that contains all required and valid endorsements;
displays the MICR line of the original cheque;
is Usable and the following information is Legible or Viewable:
the amount of the cheque;
the payee of the cheque;
the signature of the drawer of the cheque;
the date of the cheque;
shows the cheque number;
includes the information identifying the drawer and the drawee bank (if applicable) that is preprinted on the cheque, including the MICR line;
includes all other information placed on the original cheque prior to the time an Image of the original cheque is created, such as any required identification written on the front of the cheque and any endorsements applied (whether physical or virtual) to the back of the cheque; and
captures the following information from the MICR line of each original cheque:
the transit number;
the number of the account on which the cheque is drawn; and
the amount of the cheque.
These Agency Terms are part of and are subject to the Mobile Terms.
®Apple is a registered trademark of Apple Inc.
™Android is a trademark of Google Inc.
*Visa Int. / Licensed User.
Tangerine is a registered trademark of The Bank of Nova Scotia, used under licence.
Forward Banking is a registered trademark of Tangerine Bank.