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Term Deposit Terms & Conditions


(Effective on May 2017)

 

1.Early Redemption

  • For non-redeemable term deposits, the Customer(s) cannot withdraw all or part of the principal amount prior to the maturity date.
  • For FLEXIBLE TERM DEPOSIT only :
    Withdrawal of all or part of the principal amount may be made prior to the maturity date subject to the following:
    • i.A  2- day prior written notice signed by the Customer (s)is duly received by the Bank;
    • ii.No interest will be payable by the Bank if the deposit is withdrawn within 90 days after opening the deposit.  If the deposit is   withdrawn between the period from 91 days after the deposit is opened to the maturity date, interest will be payable by the Bank  on the amount withdrawn at the rate specified on the term deposit receipt calculated from the day of opening to the day of  withdrawal.

2.Interest Calculation

The interest is calculated and payable at the Maturity date. At maturity, disposition of the principal and interest will be according to instructions provided to the Bank. If the due date falls on a non-business day, payment will be made on the following business day.

3.CDIC

The Term Deposit is eligible for deposit insurance from the Canada Deposit Insurance Corporation (“CDIC”), subject always to maximum coverage limitations as outlined in CDIC’s brochure “Protecting Your Deposits” and provided the deposits are in Canadian funds, are payable in Canada, and have a term of no more than 5 years.

For further information, please contact CDIC at 1-800-461-CDIC (2342) or visit their website at
http://www.cdic.ca/en/financial-community/Pages/protecting-your-deposits.aspx

4.Reinvestment

Unless otherwise instructed, reinvestment at maturity will be for the same term as stipulated in the deposit certificate. Interest rate payable on reinvestment will be the rate of the interest applicable on the date of renewal as posted in the branch. No interest will be paid for any period after maturity date of any term unless the deposit has been renewed at the end of such term. Interest will be calculated in the same manner as stipulated in the deposit certificate.

5.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.

6.Customer Privacy Policy

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.

7.Complaint Handling Procedures and Customer Service

Bank of China (Canada) is committed to providing high quality service to our customers.  If you are not satisfied and have a complaint relating to our services and/or charges, you can take the following steps:

  • i.Contact the branch employee or the branch manager where you do your business.
  • ii.If you are not satisfied with the resolution as a result of the above step, you can contact our Chief Compliance Officer by phone at (905) 771-6886, by fax at (905) 771-8555 or write to him/her at: 

    Bank of China (Canada)
    Suite 600, 50 Minthorn Boulevard, Markham, ON L3T 7X8
    E-mail: privacycompliance.ca@bankofchina.ca

    Within 90 days, you will be provided with the Bank’s decision in response to the complaint, including appropriate details and explanations regarding how our decision was reached.
  • iii. Bank of China (Canada) is also a member of the independent Ombudsman for Banking Services and Investments (OBSI).  In the unlikely event that you are still not satisfied or your complaint cannot be resolved within 90 days, you can contact the OBSI at:

    Ombudsman for Banking Services and Investments (OBSI)
    Suite 1505, 401 Bay Street, P.O. Box 5, Toronto, ON M5H 2Y4
    Toll free Telephone: 1-888-451-4519; Toll free fax: 1-888-422-2865; Greater Toronto area Telephone: 416-287-2877; Greater Toronto area fax: 416-225-4722;
    E-mail:  ombudsman@obsi.ca; Web site: www.obsi.ca

    If you consider that your complaint is related to a potential compliance violation of a consumer provision, you can also contact the Financial Consumer Agency of Canada (FCAC) at:

    Financial Consumer Agency of Canada
    6th Floor, Enterprise Building
    427 Laurier Avenue West, Ottawa, ON K1R 1B9
    Telephone: 1-866-461-3222    Fax: 1-866-814-2224    Web site: www.fcac-acfc.gc.ca

8.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.

9.Governing Law

This Term and Conditions shall be governed by and construed in accordance with the laws where the Home Branch of Account is located and the laws of Canada.

10.Language Choice

The parties have expressly requested that this Term and Conditions 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.

11.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).

12.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.

13.Agreement Changes

At any time with or without prior notice unless advance notice is required by law, BOCC may change any of the Terms and Conditions.  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 www.bankofchina.com/ca. BOCC will send any written notice to the most recent address provided to BOCC.

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