Non-registered GIC Terms & Conditions

1. Agreement – This Agreement sets out the terms and conditions applicable to your Term Deposit product as shown on the Certificate of Deposit provided by Coast Capital Savings Federal Credit Union (“We” or “Us”). You have received, read and agreed to the terms and conditions of this Agreement and the Certificate of Deposit.

2. Interest – Interest will be set at the rate and paid at the frequency shown on the Certificate of Deposit. Interest will be calculated including the first day of the Term but excluding the last day of the Term. For interest payable on a monthly basis, the interest payable will vary, as the calculation will be based on the actual number of days in the applicable month.

3. Payment and Renewals – You may instruct us to either pay you the principal and any accrued interest at the Maturity Date, or to renew your Term Deposit.

4. Automatic Renewal – We may, at our sole discretion, automatically renew the Term Deposit if you have not provided us with instructions for the deposit of the principal and any interest. Subject to the Certificate of Deposit, upon renewal, your principal will be deposited into a new Term Deposit product with the same Term or Renewal Term. If you deposit funds into our 3 -Year Rising Rate Term Deposit product and do not specify renewal instructions, we may automatically renew the funds into a 3-Year Term Locked In Deposit product at maturity. If you deposit funds into our 7-Year Rising Rate Term Deposit product, we may automatically renew the funds into a 5-Year Locked In Term Deposit product at maturity. Any accrued interest will be either compounded or paid to your demand account.

The interest rate of the renewed Term Deposit will be the published rate as determined by us at the time of renewal. The balance of the terms and conditions of the renewed Term Deposit will be substantially the same as for this Term Deposit. You may cancel a renewed Term Deposit within twenty-one (21) days from the issuance (renewal) date and if you do, your principal will be returned, but no interest will apply from the issuance to the cancellation date.

5. Transfer and Redemption – Subject to the Certificate of Deposit, you cannot negotiate, transfer, or redeem the Term Deposit before the Maturity Date. We may, at our sole discretion, allow the early redemption of the Term Deposit subject to clawback of interest and payment of the penalty interest as may be established by us at the time of early redemption. If we allow for the early redemption of the Term Deposit, interest payable will be calculated to the date of early redemption.

6. Pledging – You may give this Term Deposit as security only to us and only to the extent permitted under applicable legislation. If the Term Deposit is granted as security to us, it may not be negotiated, transferred, or redeemed under any circumstance.

7. Paying Debts/Set-Off – We may apply the funds in this Term Deposit against any amounts you owe to us or any of our affiliates, without notice to you. If there is more than one owner of the Term Deposit, we may apply the funds against any amounts any one of you owes without notice to any of you. This right will survive the death of any one of you and may be exercised by us against the Term Deposit held by the survivor(s).

8. Taxes – You represent to us that, for so long as you have a Term Deposit with us, you have filed and will continue to file truthfully all necessary tax returns, forms and disclosures with respect to all of your transactions and Term Deposits with each appropriate taxation authority. You acknowledge and agree that you are responsible for timely payment of any taxes owing to any taxation authority in relation to such Term Deposits.

9. Survivorship – A Term Deposit with more than one owner will be held jointly with a right of survivorship, subject to Section 7 above. The surviving owner(s) will own all the Term Deposit funds remaining after any debts have been paid, subject to any applicable laws about the period of survivorship. If one of the owners dies, the other owner(s) must notify and provide us with acceptable proof of the death. Then, we will remove the deceased owner’s name from the Term Deposit, which will continue in the survivor’s name(s). We will be entitled to follow the direction of any surviving owner(s) without inquiring whether they have the beneficial right to the monies and without recognizing any claims of third parties. Once we have removed the deceased owner’s name form the Term Deposit, we will be fully discharged respecting the deceased owner and their estate’s interest in any Term Deposit. By acting on the right of survivorship, we will not be liable for any loss or legal costs incurred in any dispute between the estate of the deceased owner and the surviving owner(s) or a third party.

10. Disputes – If there is a dispute about the Term Deposit or the ownership of a Term Deposit, we may freeze the funds in any Term Deposit until such time as the dispute is resolved, apply to the court for directions, or pay the funds into court. In the event of any executions of third party demands or claims against or disputes related to a Term Deposit, you will reimburse to us any and all related expenses.

11. Amendments – We may make changes to this Agreement at any time. We will notify you prior to any such changes taking effect.

12. Personal Information – You agree to immediately notify us of any changes to your personal information including legal name, address, or Social Insurance Number.

13. Conflict – This Term Deposit is subject to the terms of your Personal Account and Services Agreement. In the event of a conflict between the terms and conditions of this Agreement, the Certificate of Deposit and your Personal Account and Services Agreement, the terms and conditions of your Personal Account and Services Agreement will prevail.

14. Governing Law – This Agreement is governed by the laws of the province or territory where the Branch of Account for the Term Deposit is located.

15. Privacy – The collection, use and disclosure of the personal information in this Agreement and the Certificate of Deposit is governed by the Coast Capital Savings Privacy Policy (a copy of which is available on our website

16. Complaints – If you have any questions or concerns regarding this Term Deposit, please contact your branch manager or call our Contact Centre at 1.888.517.7000. You may also contact the Financial Consumer Agency of Canada (FCAC) at any time. The FCAC supervises federally regulated financial institutions like us to ensure that we comply with federal consumer protection laws. FCAC may be contacted at:

427 Laurier Avenue West, 6th Floor
Ottawa, ON K1R 1B9

Phone: 4.866.461.2232 (toll-free) or 613.996.5454
Fax: 1.866.814.2224 (toll-free) or 613.941.1436