Registered Term Deposit 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 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 Locked In Term 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 Coast Capital Savings 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. 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.

8. 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.

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

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

11. Conflict – This Term Deposit is subject to the terms and conditions of your Declaration of Trust or Depositary Agreement, whichever applies to your registered plan with us. In the event of a conflict between the terms and conditions of this Agreement, the Certificate of Deposit and your Declaration of Trust or Depositary Agreement, the terms and conditions of your Declaration of Trust or Depositary Agreement will prevail.

12. 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.

13. 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 coastcaptialsavings.com).

14. 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
www.fcac-acfc.gc.ca