Account Terms

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 FRIF) Account
H. Tax Free Savings Account (TFSA)
I. Terms that apply to the Tangerine Chequing Account only
J. Terms of use For Mobile Remote Deposit
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:

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.

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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.

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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.

1. Registration

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”.

2. Contributions

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.

3. Investments

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:

1. 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

2. A fixed term annuity providing benefits up to the 90^th birthday of the Annuitant or to the 90^th 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).

11. Compensation

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).

12. Assignment

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.

13. Amendments

1. 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.

2. 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:

1. maintain an Account for the Annuitant which will record particulars of all contributions to the Plan and their investment;

2. prepare and forward to the Annuitant an annual statement of the Plan showing all transactions during the preceding year; and

3. 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.

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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:

1. Objective

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.

2. Eligibility

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.

4. Registration

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.

6. Renewal

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:

1. 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.

2. 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.

3. 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:

1. A Registered Retirement Savings Plan of which the Applicant is the Annuitant;

2. A Registered Retirement Income Fund of which the Applicant is the Annuitant;

3. The Applicant, provided that the consideration is a sum as prescribed in sub-paragraph 60(l)(v) of the Act;

4. 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;

5. 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;

6. A Registered Pension Plan in accordance with subsection 147.3(5) or (7) of the Act; or

7. 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.

10. Transfer

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.

11. Assignment

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.

14. Notice

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.

15. Liability

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.

17. Documents:

The Annuitant shall receive:

1. A copy of this RIF Agreement;

2. Periodically, a statement showing the value of the RIF;

3. 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.

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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.

1. Registration

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.

2. Contributions

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.

3. Investments

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”.

5. Distributions

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.

8. Death

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.

10. Residency

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.

11. Amendments

1. 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.

2. 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

Tangerine will:

1. maintain an Account for you which will record particulars of all contributions to the Tax-Free Savings Account and their investment;

2. prepare and forward to you an annual Tax-Free Savings Account statement showing all transactions during the preceding year; and

3. 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.

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I. Terms that apply to the Tangerine Chequing Account only

1. Eligibility

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.

3. Instructions

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.

4. Transactions

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.

8. Charges

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.

9. Limits

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.

10. Forms

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.

15. Drafts

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.

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J. Terms of use for Mobile Remote Deposit

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.

2. Agency

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.

1. 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.

2. 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.

3. 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.

4. Only send one accurate and clear Image of the front and back of each cheque you want to deposit.

5. 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.

8. Limits

Daily, weekly and monthly deposit limits may apply.

9. Alterations

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

10. Representations

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:

1. Each Image is an accurate image of an original paper cheque and not of a photocopy or printout of an electronic copy.

2. 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.

3. You have not deposited or attempted to deposit or cash the cheque anywhere else or by any other means.

4. 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.

11. Indemnification

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.

13. Cancellation

You can disable this feature at any time by calling us at 1-888-826-4374.

14. Consent

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.

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K. Tangerine Agency Terms and Conditions

Background

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.

Some definitions

1. “Legible” means able to be read or deciphered by a human viewer.

2. “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.

3. “Viewable” means able to be seen without obstruction.

Agency appointment and responsibilities

1. 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.

2. As agent of Tangerine, you agree to capture an Image of the front and the back of each original paper cheque that you wish to deposit through the service in accordance with section 4 of the Terms of Use for Mobile Remote Deposit so that information contained in the MICR line of the cheque is Legible. Before transmitting an Image to Tangerine through the service, you agree to review the Image for clarity to ensure that it is Usable.

3. 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.

4. You will ensure that each Image created by you as Tangerine’s agent:

   1. is created in accordance with Rule A10;

   2. 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;

   3. is an Image of a cheque that contains all required and valid endorsements;

   4. displays the MICR line of the original cheque;

   5. is Usable and the following information is Legible or Viewable:

      1. the amount of the cheque;

      2. the payee of the cheque;

      3. the signature of the drawer of the cheque;

      4. the date of the cheque;

   6. shows the cheque number;

   7. includes the information identifying the drawer and the drawee bank (if applicable) that is preprinted on the cheque, including the MICR line;

   8. 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

   9. captures the following information from the MICR line of each original cheque:

      1. the transit number;

      2. the number of the account on which the cheque is drawn; and

      3. the amount of the cheque.

5. You agree to destroy the original paper cheque on behalf of Tangerine as soon as you receive the email referred to in section 6 of the Terms of Use For Mobile Remote Deposit directing you to destroy the cheque and in any event no later than 100 days after you deposited the cheque using the service. The cheque must be destroyed by way of shredding, pulping, burning, crushing, erasing or any other means that ensures that the cheque cannot be reused. You agree to indemnify Tangerine for any losses or damages that Tangerine may suffer if you fail to destroy the paper cheque within the time frame and in the manner specified.

6. 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.