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Personal Account Agreement Terms and Conditions


(Effective on Nov 2016)

 

1. TERMS DEFINITION

Bank of China (Canada) ("BOCC", "BOCC Group", "we", "us") agrees to open and administer a personal account (s) for you and you agree to be bound by the terms of this Agreement. If you already have an existing personal account with BOCC, you agree that this Agreement shall replace any previous one. If you have a joint Account, the instructions that you provided to BOCC with respect to who may deal with the joint Account will continue in effect until you choose to change them.

You confirm you have received the Disclosure Documentation and also agree to be bound by its terms, including any changes to or replacements made by BOCC from time to time.

1) "Account" means each personal deposit account you already have, as well as each account you asked BOCC to open for you when you signed the Signature Card or, if you signed a Signature Card in order to be added as a joint accountholder of an existing account or accounts, each such account;

2) "Agreement" means this Personal Account Agreement;

3) "ATM" means Automated Teller Machine;

4) "Home Branch of Account" means a branch which administers your Account and where you transact majority of your banking business;

5) "Disclosure Documentation" means the Account fees disclosure documentation and, if the Account is an interest-bearing Account, the interest disclosure documentation you received when you opened the Account or were added as a joint accountholder, as applicable;

6) "Electronic Access Device" means a personal computer, facsimile, wireless device, tablet device or any other electronic device that BOCC allow you to use to access the Services ;

7) "Electronic Communication" means any communication by an Electronic Access Device;

8) "Expenses" means all costs, charges, fees, legal expenses and out-of-pocket expenses (together with any goods and services tax or other applicable taxes) incurred from time to time in relation to the Account;

9) "Instrument" means a bill of exchange (including a cheque, draft or money order), promissory note or other order for the payment of money given verbally or in paper or electronic form, clearing item, payment item or other value item (including any automated clearing house payment, pre authorized deposit or debit payment), including any image or reproduction of the foregoing. Any such item will be considered an Instrument whether or not you are a party to it and whether it is in Canadian dollars or another currency;

10) "Notification" means documents that BOCC are required to send you in connection with your Account, including, without limitation, amendments to the Disclosures, this Agreement and any other agreements that you have entered into with BOCC, as well as notices on the change in fees and the introduction of new fees applicable to your Account;

11) "Online Banking" means BOCC online banking service;

12) "Telephone Banking" means a financial service BOCC provides to customer(s) who call the customer service hotline through public communication, mobile communication or integrated telephone line;

13) "Statement" means the monthly statement that shows the transactions and balances in the Account, which BOCC deliver or made available to you, whether by mail or electronically, if you have chosen this record keeping option;

14) "Signature Card" means the Account signature card you signed when opening each Account, or when requesting that you be added as a joint accountholder of the Account, as applicable;

15) "You" and "Your" refers to each person who has signed the signature card.
You confirm that all your information has been entered in the Bank's system(s) accurately and completely at the time of the relationship establishment and/or the account opening.

2. CHECKING YOUR ACCOUNT INFORMATION

If your record-keeping is by:

(a) Passbook. You agree to update your passbook at least once every 30 days and examine all Account entries and balances at that time;

(b) Statement or term-deposit confirmation letter. BOCC will mail or otherwise send you a statement or confirmation letter at your address as indicated in the Home Branch of Account's records. When you receive your statement or confirmation letter, you agree to examine all Account entries and balances in it. If a statement or confirmation letter is returned to BOCC because it cannot be delivered, you understand that until such time as you provide BOCC with a current mailing address no further statements or confirmation letter will be sent to you and you will be bound by paragraphs 2(c) and 2(d) as if your record-keeping is paperless;

(c) Paperless. You agree to use Online Banking and/or Telephone Banking at least once every 30 days in order to examine all Account entries and balances.
If upon your examination of the records, you discover errors, omissions or irregularities in your Account entries or balances, you agree to notify BOCC in writing, as follows:

(d) Passbook or Paperless Record-keeping. Within 30 days after the date on which the entry was, or should have been, posted to your Account according to BOCC's records, even if you have failed to update your passbook or use Online Banking and/or Telephone Banking to review Account entries as required by paragraph 2(a) or 2(c) above; and

(e) Statement or Term-deposit Confirmation Letter. Within 30 days after the date on which the statement or confirmation letter was mailed or otherwise sent to you. BOCC's records will be conclusive evidence of the date that BOCC mailed or sent you your Account statement or confirmation letter.
If you do not notify BOCC as required, it means that you have accepted the Account transaction information and Account Statements or confirmation letter as complete, correct and binding on you, and BOCC will be released from all claims by you in respect of the Account information and Account Statements or certificate including any transaction and balance errors.

3. ACCOUNT USE- You agree that your Account is to be used as a personal account only and not for business or non-personal purposes.

4. INSTRUCTIONS-You understand that BOCC, in its sole discretion, may act upon or refuse to act upon (for example due to fraud, unlawful or illegal activity) any written instructions or other information, including Electronic Funds Transfer, pre-authorized payments, wire transfers and the like relating to your Account or dealings that is provided by ordinary mail or other delivery method approved by BOCC. If you choose to send instructions or notice to BOCC through ordinary mail, it must be sent to the Home Branch of Account unless BOCC agrees otherwise. Instructions or information not addressed to any particular person will be considered to be addressed to the manager of Home branch.

5. INACTIVE ACCOUNTS- Your Account will be designated as inactive if there is no activity initiated by you for at least 365 days. If you do not initiate a transaction or communicate with us, we will send you a notice at the address on file with us. After 10 years of inactivity, your Canadian dollar Account balance becomes unclaimed under federal law and will be transferred to the Bank of Canada. To claim Account balances transferred to the Bank of Canada, you must file a claim with the Bank of Canada. This does not apply to foreign currency account (s).

6. LOSS OR THEFT NOTIFICATION- You agree to take reasonable precautions to maintain the safety of your passbook, BOCC bank card, and cheques at all times. You must notify BOCC as soon as possible (but no later than 24 hours) after learning or suspecting that your passbook, BOCC bank card or any cheques have been lost or stolen, or a fraud has occurred in connection with the Account. Subject to any other agreement you may have with BOCC, BOCC will not be liable for any improper withdrawal from the Account or other loss if you have not given BOCC notice as required by this paragraph 6, or if your estate has not given the Home Branch of Account immediate notice of your death.

7. LIABILITY- BOCC will not be liable for any loss, damage or inconvenience suffered by you except in a case where there has been negligence on BOCC’s part, even if we have been advised of the possibility of such damages. BOCC will not, under any circumstances (even if BOCC is negligent), be liable for any indirect, consequential, special, aggravated, punitive or exemplary damages whatsoever caused to you, regardless of the cause of action. In no event, even if BOCC is negligent, will BOCC be liable to you for any loss or damage suffered by you resulting from:

(a) Any failure, error, malfunction, delay or inaccessibility of any machine, system or equipment;

(b) Any failure, error or delay by any third party;

(c) Your failure to fulfill any of your obligations under this Agreement; or

(d) Any circumstances beyond our control.

8. MONEY OWING to BOCC- You authorize BOCC to charge its standard account service fees as set out in the Disclosure Documentation, which may be revised or replaced from time to time, to your Account.

9. INTEREST INFORMATION- Interest is paid on interest-bearing Account at rates that vary from time to time. You acknowledge that, from time to time, BOCC may change interest rates and the method by which interest is calculated. If you have an interest-bearing Account, BOCC will advise you of the interest rate(s) and any changes to how interest is calculated by posting the new rate(s) and any interest calculation changes in all of BOCC's branches, ATMs and on its website at: www.bankofchina.com/ca . If your balance falls below a certain level designated by BOCC, the interest rate on such Account is zero percent.

10. OVERDRAFTS- Are NOT PERMITTED.

11. JOINT ACCOUNTS- If more than one accountholder signs the Signature Card, then this is a joint Account, and the following terms also apply:

(a) Notices/Statements. BOCC need not send Account notices or statements to all joint accountholders. Notices and statements will be effective and binding on all of you when they are provided to any one of the joint accountholders at the Branch of Account, or sent by mail or electronic means to any one of the joint accountholders at his/her most recent address provided to BOCC. Notices will also be effective and binding on all of you when posted in BOCC branches, displayed on or near BOCC ATMs or posted on its website at: www.bankofchina.com/ca Any one of the joint accountholders may consent to receiving notices and statements by electronic means and such consent will be binding on all joint accountholders.

(b) Joint and Separate Liability. Each accountholder is individually liable, and all accountholders are jointly liable (or in Quebec, solitarily liable), to pay BOCC any amounts that any of you may owe in respect of the Account.

(c) Communications/Instructions. You authorize BOCC to communicate with any one of joint accountholder(s) in respect of matters relating to the joint Account. If you indicated on the Signature Card, or otherwise in writing, that any joint accountholder can deal with BOCC, then any joint accountholder may provide any instructions to BOCC regarding the operation of the joint Account including, but not limited to, transferring the joint Account from the Home Branch of Account to another BOCC branch or changing the joint Account address in the Home Branch of Account's records.

(d) Sharing Information. You acknowledge that each joint accountholder may be provided with Account information including transactions and Account related information of other joint accountholders. This includes information about the Account prior to it becoming a joint Account.

(e) Debits. (This paragraph 11(e) does not apply if the Signature Card indicates that all of you must sign cheques, receipts, other vouchers or payment Instruments.) BOCC may accept as a valid discharge any cheque, receipt, other voucher or payment Instrument which is signed by any of the joint accountholders specified on the Signature Card. BOCC has no obligation to obtain signatures or consents from all of you.

(f) Electronic and Other Debits. If you indicated on the Signature Card, or otherwise in writing, that debits can be made by one joint accountholder, then any joint accountholder may debit the joint Account by any means which BOCC may permit from time to time (including electronically, orally, by telephone, or otherwise). Each joint accountholder is responsible for any unauthorized debit which may occur by any of these means, or as set out in any agreement governing that method of debit.

(g) Deposits. Each joint accountholder authorizes BOCC to deposit to the Account all deposits, including cash and Instruments which are payable to, or for the credit or account of, any one or more joint accountholder(s), even if they are not endorsed by any joint accountholder.

(h) Joint Tenancy. (This paragraph will not apply if a joint accountholder is domiciled in Quebec at the time of his/her death.) All money which is now or may later be credited to the Account (including all interest) is the joint property of all of you with the ""right of survivorship"". That means that if one of the joint accountholders dies, all money in the Account automatically becomes the property of the other accountholder(s). In order to make this legally effective, all of you assign such money to the other accountholder (or to the others jointly if there is more than two accountholders). After your death, BOCC will only have obligations with respect to the Account to the surviving accountholder(s), and anyone else making a claim against the Account after your death must deal with the surviving accountholder(s).

(i) Incompetency/Capacity. If one joint accountholder is declared mentally incompetent or incapable of managing his/her affairs, all of you consent that the legally appointed representative of the incapacitated joint accountholder has the same right of access to the joint Account as did the incapacitated joint accountholder. BOCC may rely on a legally appointed representative who is acting for any one joint accountholder.

12. SET-OFFS -BOCC may apply a credit (positive) balance in any of your Accounts against any debt or liability any of you may owe to BOCC or any affiliate of BOCC no matter how long it has been owed. BOCC may do so in any manner it considers necessary without first giving you notice and regardless of whether the Accounts are individual or joint Accounts. This right operates despite any demands that may have been made by a third party. You acknowledge that in the event that BOCC or its affiliate receives notice of your bankruptcy, insolvency or similar arrangement, either BOCC or its affiliate, as applicable, can immediately exercise this right of set-off without prior notice to you. This right is in addition to any rights which BOCC may have at law or in equity in respect to set-off or consolidation of accounts.

13. ACCOUNT FREEZE OR CLOSURE- BOCC may freeze or close your Account without notice if compelled by law; you did or may commit fraud; the Account was used for any unlawful or improper purpose, cause a loss to BOCC, operate the Account contrary to BOCC policies, or violate the terms of any agreement applicable to the Account or if you are a victim of fraud or identity theft.

14. LEGAL REPRESENTATIVES-BOCC may accept and act in accordance with instructions from your legal representative (for example, by way of power of attorney or if deceased, your estate representative), if such legal representative demonstrates legal authority to act on your behalf to BOCC's satisfaction, which may include requiring a court order to prove such authority.

15. THIRD PARTY DEMANDS- BOCC will comply with any lawful third party demands that it receives in respect of your Account without notice to you. You agree that if BOCC complies with a third party demand, it may charge its reasonable costs to do so against your Account, as disclosed in the Disclosure Documentation.

16. INSTRUMENTS

(a) Unpaid Instruments. You agree that a waiting period or "hold" as disclosed in BOCC's Disclosure Statement from time to time will be placed on the amount of Instruments deposited or transferred to your Account before you are able to withdraw the funds. Instruments may be returned unpaid for any reason, either during or after the expiry of the applicable hold period, or after release by BOCC of the hold. You will be solely responsible for returned Instruments and BOCC has the right to charge the amount of any returned Instrument to the Account. In that case, BOCC may attempt on your behalf to obtain payment for the Instrument from the drawer of the Instrument or the drawer's financial institution, but BOCC will not be liable for doing so late or improperly or not doing so at all.

(b) Processing and Returns. You waive presentment, protest and notice of dishonour on every Instrument received by BOCC in any way for discount, deposit, collection or acceptance on your Account. You will be liable to BOCC for any Instrument received for your Account as if it was presented, protested and given notice of dishonour in the usual way. BOCC, in its discretion, may note or protest any such Instrument for any reason at your expense however, BOCC will not be liable to you for any failure or omission to note or protest any such Instrument.

(c) Outstanding Instruments. You will continue to be liable for Instruments drawn on or deposited to the Account which are outstanding and have not been cleared even after the Account has been closed.

17. FOREIGN ACCOUNT CURRENCY-BOCC may, in its discretion, permit transactions, including any deposits or returned items, in a currency different from that of your Account. BOCC 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. You agree that BOCC may deduct from your Account in the same currency as your Account, any claims BOCC may have against you, and any service or other charges related to your Account.

18. LIMITATION OF LIABILITY-You understand and agree that, except as otherwise provided in this Agreement, BOCC will be liable to you only for direct damages resulting from gross negligence, fraud or willful misconduct of BOCC arising directly from the performance of BOCC of its obligations under this Agreement and BOCC will not be liable to you for any other direct damages. In addition, BOCC will not under any circumstances be liable to you for any other damages; foreseeable, unforeseeable, indirect and the like. These limitations apply to any act or omission of BOCC, its affiliates, agents or suppliers, whether or not the act or omission would otherwise give rise to a cause of action in contract, tort, statute or any other doctrine of law. Gross negligence in this paragraph means conduct which is (I) a marked and flagrant departure from the conduct ordinarily expected of a reasonable and prudent person in the position of BOCC, or (II) so wanton and reckless as to constitute an utter disregard for harmful, foreseeable and avoidable consequences.

19. NON-RESIDENTS-You will advise BOCC if you cease to be a Canadian resident, and agree to immediately pay to BOCC all amounts which you may owe under this Agreement, net of taxes and withholdings.

20. OTHER BRANCHES-If you wish to perform Account transactions at a BOCC branch other than the Home Branch of Account, you agree to comply with BOCC's requirements in that regard. BOCC may charge to the Account the amount of any Instrument drawn on the Account, as soon as it is negotiated or deposited at any BOCC branch or agency. BOCC may pay the Instrument even if it is not physically delivered to or presented at the address of the BOCC branch shown on the front of the Instrument.

21. AGREEMENT CHANGES-At any time with or without prior notice unless advance notice is required by law, BOCC may change any of the terms of this Agreement. BOCC may inform you about those changes by sending you a notice (written or electronic), posting or displaying a notice in the branches, BOCC ATMs or on its website at: www.bankofchina.com/ca. BOCC will send any written notice to the most recent address provided to BOCC.

22. NOTICE OF CHANGE- If your record-keeping is paperless or by mean of a passbook, you agree that BOCC may, at its option, provide you with notice of any new or increased account service fee in writing, including by electronic means on BOCC’s website, at least 60 days before the effective date of the increase or new account service fee. BOCC may also post a notice at its branches for a period of not less than 60 days immediately before the effective date of the increase or new account service fee.

23. GOVERNING LAW-This Agreement shall be governed by and construed in accordance with the laws where the Home Branch of Account is located and the laws of Canada.

24. NON-WAIVER- If BOCC fails to exercise or delays exercising any of its rights under this Agreement, this will not be a waiver of nor will it prevent BOCC from exercising these rights again in the future.

25. LANGUAGE CHOICE- The parties have expressly requested that this Agreement and any related documents be drafted in English. Les parties ont expressément exigé que cette Entente et tout document qui s’y rattache, soient rédigés en anglais.

PERSONAL INFORMATION

You consent to the collection, use and sharing of your personal information as described in BOCC's CUSTOMER PRIVACY POLICY. This includes collecting, during the course of your relationship with Bank of China (Canada) ("BOCC") information about you from, and sharing it with, the BOCC Group, credit bureaus, government institutions or registries, regulators and self-regulatory organizations, other financial institutions, and other such parties for the purposes of: (i) identifying you; (ii) qualifying you for products and services; (iii) verifying information you give us; (iv) protecting you and BOCC from fraud and errors; (v) facilitating tax and other reporting duties; (vi) complying with legal, regulatory and self-regulatory obligations; or (vii) telling you about other products and services of the BOCC. If you wish to withdraw your consent to (vii) you may contact BOCC toll free Customer Service Hotline at 1 844-669-5566 at any time.

BOCC's CUSTOMER PRIVACY POLICY is available at any branch or its website at: www.bankofchina.com/ca. This Policy may be amended, replaced or supplemented from time to time. The BOCC Group includes BOCC and its parent bank, and global affiliates.

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