Non-Registered GIC Terms & Conditions

  1. Agreement – This Agreement sets out the terms and conditions applicable to your Guaranteed Investment Certificate (“GIC”) 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. Start Date and Maturity Date – As shown on the Certificate of Deposit, your GIC has a Term that begins on the Start Date and ends on the Maturity Date.
  3. 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.
  4. Fees and Charges – Except as stated in the Certificate of Deposit, there are no fees or charges applicable to your GIC.
  5. Risks – You understand that there are certain associated risks that you should carefully consider and accept before purchasing a GIC. These risks include, but are not limited to: (i) the possibility that the rate of inflation may exceed the applicable rate of interest, (ii) the possibility that any applicable transfer or redemption limitations do not align with your investment horizons or desires to access funds during the Term, and (iii) limitations with respect to Canada Deposit Insurance Corporation Insurance coverage.
  6. Cancellation – You may cancel your purchase of a GIC by notifying us within twenty-one (21) days of the Start Date. If the GIC has been automatically renewed, you may cancel the renewal by notifying us within twenty-one (21) days following the renewal Start Date.  In these events, your principal will be returned, but no interest will be paid to you.  To initiate a cancellation request, please contact the Advice Centre at 1.888.517.7000 or make the request in person at a branch.
  7. 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 GIC. The principal and any accrued interest is paid on the Maturity Date, in accordance with this Agreement, and as shown on the Certificate of Deposit.
  8. Automatic Renewal – We may, at our sole discretion, automatically renew the GIC 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 GIC product with the same Term or Renewal Term. If you deposit funds into our 3 -Year Rising Rate GIC product and do not specify renewal instructions, we may automatically renew the funds into a 1-Year Redeemable GIC product at maturity. If you deposit funds into our 7-Year Rising Rate GIC product, we may automatically renew the funds into a 1-Year Redeemable GIC product at maturity. Any accrued interest will be either compounded or paid to your demand account as shown on the Certificate of Deposit.

    The interest rate of the renewed GIC will be the published rate as determined by us at the time of renewal.  The balance of the terms and conditions of the renewed GIC will be substantially the same as for this GIC.
  9. Transfer and Redemption – Except as Stated in the Certificate of Deposit, you cannot negotiate, transfer, or redeem the GIC before the Maturity Date. We may, at our sole discretion, allow the early redemption of the GIC subject to clawback of any interest accrued and/or paid up to the date of redemption. We may, at our sole discretion, allow the redemption the GIC before the Maturity Date in the event of your death. In this case, interest payable will be calculated to the date of redemption.
  10. Pledging – You may give this GIC as security only to us and only to the extent permitted under applicable legislation. If the GIC is granted as security to us, it may not be negotiated, transferred, or redeemed under any circumstance.
  11. Paying Debts/Set-Off – We may apply the funds in this GIC 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 GIC, 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 GIC held by the survivor(s).
  12. Taxes – You represent to us that, for so long as you have a GIC 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 GICs 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 GICs.
  13. Survivorship – A GIC 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 GIC 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 GIC, 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 from the GIC, we will be fully discharged respecting the deceased owner and their estate’s interest in any GIC. 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.
  14. Disputes – If there is a dispute about the GIC or the ownership of a GIC, we may freeze the funds in any GIC 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 GIC, you will reimburse to us any and all related expenses.
  15. Amendments – We may make changes to this Agreement at any time. We will notify you prior to any such changes taking effect.
  16. Personal Information – You agree to immediately notify us of any changes to your personal information including legal name, address, or Social Insurance Number.
  17. Conflict – This GIC 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.
  18. Governing Law – This Agreement is governed by the laws of the province or territory where the Branch of Account for the GIC is located.
  19. Privacy – The collection, use and disclosure of the personal information in this Agreement and the Certificate of Deposit is governed by the Coast Capital Privacy Policy (a copy of which is available on our website coastcaptialsavings.com).
  20. Resource Person – Should you have questions about the terms and conditions of this Agreement, you may contact an Investment Advisor at 1.888.517.7000
  21. Complaints – If you have a complaint or would like to learn more about Coast Capital’s complaint handling procedures, please connect with us in-person at a branch or by calling the Coast Capital Advice Centre at 1.888.517.7000.

You may also contact the Financial Consumer Agency of Canada (FCAC) at any time. The FCAC may be contacted at:

Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th Floor
Ottawa, ON K1R 1B9
Toll-Free: 1.866.461.2232