Savings Accounts & GIC Investments
This agreement contains the complete general terms and conditions applicable to high-interest savings accounts and guaranteed investment certificates (GICs) of SUN Commercial Bank, Ltd.
This agreement contains important information regarding your accounts with SUN Commercial Bank, Ltd (the Bank). By opening and using each account, you agree to be bound by this agreement, as well as the terms of any other agreement or document to which it refers. Your acceptance extends to any periodic modification or replacement of contracts or documents we may make.
Please read this Agreement carefully, paying particular attention to the sections relevant to you. Because this Agreement covers several account types we offer, certain sections may not apply to your current situation. In case of conflict between General Terms provisions and those applicable to a specific account type, the latter shall prevail. If your Account is a registered product, RRSP or TFSA terms may apply. Please consult those documents in detail where applicable.
Do not hesitate to contact us with any questions. Please retain a copy of this agreement.
A. GENERAL TERMS AND CONDITIONS
This section applies to all accounts offered by SUN Commercial Bank, Ltd.
1 Definitions
Account: means all online bank accounts you hold with SUN Commercial Bank, Ltd, y compris tous les comptes d’épargne et les certificats de placement garanti (CPG), tels que décrits plus en détail dans le présent Contrat.
Account Agreement or Agreement: means this Account Agreement of SUN Commercial Bank, Ltd.
Alert Messages: means automated security alert messages and low balance alerts we may send you via online or mobile banking, email, or SMS.
Authorized Person: means an authorized signing officer or an official of a business authorized to give instructions on behalf of the business.
Beneficial Owners: mean natural persons who directly or indirectly own or control 25% or more of a corporation or non-corporate entity.
Business Day: means weekdays only and excludes Saturdays, Sundays, federal holidays, and publicly observed holidays.
Customer Number: means a unique number assigned to you by us upon opening your first account.
Document: means any document mentioned in this Account Agreement under the header "Consent to Electronic Delivery of Documents".
EFT / EFT: means Electronic Funds Transfer, including any transfer between your Accounts, or transfers between your Account(s) and linked Account(s).
Electronic Device: means any electronic device we authorize you to use to access online and mobile banking applications (computers, smartphones, tablets).
External Account: means a deposit account you hold with another Canadian financial institution.
Electronic Transaction(s): means transactions relating to an Account, including deposits, withdrawals, bill payments, pre-authorized debits, direct deposits, Interac e-Transfers®, and other authorized transactions.
GIC / Guaranteed Investment Certificate: means a guaranteed investment certificate of SUN Commercial Bank, Ltd, qu’il soit non enregistré ou acheté dans le cadre de votre REER ou CELI.
GIC Effective Date: means the date on which the term of a GIC begins.
GIC Maturity Date: means the date on which your GIC matures.
GIC Term: means the period during which you earn interest on your GIC, starting on the effective date and ending on the maturity date (excluded).
Interac e-Transfer ®: means a Canadian funds transfer service between bank accounts at participating financial institutions, offered by Interac Corp.
Instruction: means an instruction you communicate to us, either electronically or by other means, after identity verification.
Joint Account: means a savings account or GIC with more than one account holder.
Linked Account: means an external account in your name at another Canadian financial institution linked to your savings account.
Login ID: your customer number used in combination with your personal access code (PAC) to log in to services.
Mobile Banking Services: means the mobile app or dedicated interface through which you log in to services.
Mobile Cheque Deposit Service: means the Deposit Anywhere © remote cheque deposit service.
Online Banking Services: means the website and portal through which you can log in to access services.
PAC: means Personal Access Code which, when used with your customer number, allows access to your account.
PAD / PPA: means a pre-authorized debit/withdrawal from your bank account performed or authorized by SUN Commercial Bank, Ltd.
Third-Party Payee: means a business or organization to which you owe a payment for a service or product.
Politically Exposed Persons: persons who hold or have held a prominent public function in a government or the armed forces.
Primary Account Holder: means the person considered the primary account holder, including the first person listed for joint accounts.
RRSP: means a registered retirement savings plan under section 146 of the Income Tax Act (Canada).
Savings Account: means a high-interest savings account, non-registered or within an RRSP or TFSA.
TFSA: means a tax-free savings account under section 146.2 of the Income Tax Act (Canada).
Third-Party Service Provider: means a party retained by us to act on our behalf to provide our Services.
Bank, we, our, us: désigne SUN Commercial Bank, Ltd.
2 Eligibility
To be eligible to open and maintain an account with us, you must be a Canadian resident with a permanent address in Canada and have reached the age of majority in the province where you reside. Residents of Quebec cannot open accounts at this time. You may not open an account on behalf of another person. In certain exceptional cases, you may be authorized to open an account in the name of a Canadian business whose business address is located in Canada, outside of Quebec.
It is your responsibility to maintain a valid email address in your profile and inform us of any changes. By creating an account, you agree to receive all account-related communications and documents electronically.
3 Identity Verification and Account Opening Requirements
Federal law requires us to obtain, verify, and record information identifying any person opening an account. You accept this verification and agree to provide necessary documents. Your account will be activated once your identity is verified and your initial deposit is made.
We may contact credit reporting agencies or third parties to verify your identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Social Insurance Number (SIN): Your SIN is required for tax reporting purposes. Providing your SIN to credit reporting agencies is optional and not a condition of service access.
4 Interest
Interest will be calculated for each Account according to this Agreement. The applicable interest rate may vary based on account balance and is subject to change without notice.
5 Currency
All accounts operate exclusively in Canadian Dollars (CAD).
6 Privacy
By starting account opening, you consent to the collection, use, and disclosure of personal information under our Privacy Policy.
7 Account Holder Access
We will only accept account instructions from the account holder unless third-party access is explicitly authorized and accepted by us.
If we receive a court order to freeze funds on an Account, we may take all necessary steps to comply legally without liability to you.
8 Joint Accounts
In a joint account, each holder is jointly and severally liable for all account obligations. Any holder may perform transactions.
If a joint holder dies outside Quebec, positive balance may be transferred to surviving co-holders. In Quebec, the account may be frozen for estate settlement.
9 Business Accounts & Restricted Businesses
Businesses must designate authorized individuals. Identity verification of beneficial owners (25%+ ownership) and PEPs is required.
10 Electronic Identification (Login ID)
Your customer number and PAC code will be requested upon each access. You must keep your credentials confidential.
11 Instructions
Instructions given via online, mobile, or phone after identity verification are treated as written and signed instructions.
12 Electronic Communications From You
Electronic communications received from you are deemed authorized and admissible as legal evidence.
13 Online Account Transaction History
Monthly account statements are provided online. Paper copies are only sent by mail upon request, and fees may apply.
14 Transaction Verification (30-Day Limit)
You agree to review statements regularly. You must report errors or discrepancies within 30 days of settlement, after which transactions are deemed final.
15 Bankruptcy / Mental Incapacity
Account access will be restricted upon bankruptcy declaration or legal incapacity, subject to authorized legal representation.
16 Deposit Insurance (CDIC)
SUN Commercial Bank, Ltd is a member of the Canada Deposit Insurance Corporation (CDIC).
Eligible deposit products are protected by CDIC subject to rules. Visit www.cdic.ca or call 1-800-461-2342 for details.
17 Right of Set-off
We reserve the right to set off any amount in your Account to settle any debt or obligation owed to SUN Commercial Bank, Ltd. Vous acceptez que nous utilisions tout ou partie des fonds de vos Comptes pour payer toute dette que vous nous devez, sans préavis.
18 Consent to Electronic Delivery of Documents
Vous consentez à la transmission électronique de tous documents, déclarations, avis légaux (notamment au titre de la Loi sur les banques et des lois fiscales), avis de modification de taux et conditions par courriel, SMS ou via les services bancaires en ligne et mobiles.
Retention: Statements are available online for 7 years. Other documents are retained for at least 5 years after account closure.
You may revoke consent to electronic delivery by closing your account. Continued account use implies acceptance of modified terms.
19 Complaints or Concerns
We are committed to quality service. If you have a complaint, contact us. Our complaint resolution process is available on our website.
20 Official Contact Details
SUN Commercial Bank, Ltd
98 King St W, Toronto, ON M5H 1H1
Courriel : info@suncommercialebank.com
21 Conflict of Terms
In case of conflict between this Account Agreement and any other agreement, this Account Agreement shall prevail.
22 Limitation of Liability
We disclaim liability for losses or damages arising from Account use, except in cases of gross negligence on our part.
23 Indemnification and Loss
You agree to indemnify us against claims or liabilities arising from services provided or third-party account access.
24 Contract Modifications
We may modify this Agreement at any time via website posting or electronic notice. You may opt out by closing your account within 30 days without fee.
25 Language / Language Stipulation
The parties expressly wish that this account agreement and all related documents be drafted in French and/or English.
26 Juridiction
This account agreement is governed by the laws of Ontario and Canada, under exclusive jurisdiction of Ontario courts.
B. HIGH INTEREST SAVINGS ACCOUNTS
1 Application & General Framework
This section applies to high-interest savings accounts offered by SUN Commercial Bank, Ltd. L’ouverture d’un compte d’épargne personnel est la première étape pour ouvrir tout autre compte chez nous (notamment REER ou CELI). Nos comptes d’épargne n’exigent aucun frais minimum.
2 Interest Calculation and Payment
Interest accrues daily from opening, calculated by balance tiers. Interest is paid into the account on the 1st business day of the following month.
3 Service Fees
Service fees are detailed in our fee schedule. We are authorized to deduct fees directly. Fee increases will be notified 60 days prior.
4 Transactions électroniques et limites
Deposits made after 11:59 PM EST count as next business day. Accounts cannot have negative balances. Linked transfer takes 1-3 business days.
5 Linked Accounts
Vous pouvez lier un compte externe auprès d'une autre institution financière canadienne à votre nom en nous fournissant un chèque encodé. Nous ne traiterons que les transactions entre comptes dont les informations de propriété sont strictement identiques. La mise en place d'un compte lié prend entre 5 et 7 jours ouvrables.
6 Interac e-Transfer®
Interac e-Transfer® lets you send CAD via email or SMS. Recipient has 30 days to claim funds before expiry and return.
7 Interac e-Transfer® Auto-Deposit
If your email or mobile is registered for auto-deposit, transfers are directly deposited without security question and cannot be recalled.
8 Paiements électroniques de factures
You can make one-time or recurring bill payments to registered payees from your savings account.
9 Pre-Authorized Debits (PAD / PPA)
Pre-authorized debits and withdrawals are executed under Payments Canada regulations.
10 Hold Policy and Fund Locking
Standard hold period on deposited cheques/transfers is 5 business days. Up to $100 may be released next day for accounts older than 90 days.
11 Inactive or Dormant Accounts
Accounts with no customer-initiated transaction for 1 year are inactive. Legal notices sent at 2, 5, 9 years. Unclaimed balances transferred to Bank of Canada after 10 years.
12 Mobile Cheque Deposit Service 'Deposit Anywhere' ©
Mobile deposit lets you deposit CAD cheques via app photo. Keep original paper cheque for 14 days then destroy. Post-dated/stale cheques not accepted.
C. GUARANTEED INVESTMENT CERTIFICATE (GIC) TERMS AND CONDITIONS
1 GIC Issuance and Term
GICs of SUN Commercial Bank, Ltd are fixed-term investments issued for a specified period starting on the Effective Date and ending on Maturity. Non-registered or RRSP/TFSA.
2 GIC Interest Calculation
For GICs under 1 year, simple interest is calculated daily and paid at maturity. For 1+ year terms, interest is compounded annually (365/366 days).
3 Non-Transferability
GICs are non-negotiable, non-assignable, and non-transferable to third parties without prior written consent.
4 No Redemption Before Maturity
GICs of SUN Commercial Bank, Ltd are non-redeemable prior to maturity except under exceptional legal circumstances or death of the sole account holder.
5 7-Day Cancellation Right & Renewal at Maturity
7-Day Cancellation Right: You have the right to cancel a GIC purchase within 7 days of initial effective date without penalty. Principal refunded in full without interest.
At maturity, principal and interest auto-renew for the same term at current rate unless instructed otherwise. 10-business-day grace period applies post-renewal.
SUN Commercial Bank, Ltd — Head Office & Savings Department
SUN Commercial Bank, Ltd
98 King St W, Toronto, ON M5H 1H1
Branch: 1 Place Ville-Marie, Montréal, QC H3B 2E7