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Terms of Service

Last Updated: December 15, 2024

Important Notice:Please read these Terms of Service carefully before using Meridian Credit Union services. By accessing or using our services, you agree to be bound by these terms and conditions.

1. Acceptance of Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you and Meridian Credit Union - Vaughan Branch, located at 100 Promenade Parkway, Vaughan, L4K 0E5, Canada ("Meridian," "we," "us," or "our"). By opening an account, accessing our website, using our mobile applications, or utilizing any of our financial services, you acknowledge that you have read, understood, and agree to be bound by these Terms, as well as our Privacy Policy and any additional terms applicable to specific services.

If you do not agree to these Terms, you must immediately discontinue use of all Meridian services and close any accounts you may have opened. Your continued use of our services following any modifications to these Terms constitutes your acceptance of such changes.

2. Eligibility and Account Opening

2.1 Age and Capacity Requirements

To open an account or use our services, you must be at least 18 years of age (or the age of majority in your province of residence) and possess the legal capacity to enter into binding contracts. For accounts opened by minors, a parent or legal guardian must co-sign and assume responsibility for the account until the minor reaches the age of majority.

2.2 Identity Verification

In compliance with Canadian anti-money laundering regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, we are required to verify your identity before opening any account. You must provide valid government-issued identification and any additional documentation we may reasonably request. We reserve the right to refuse service or close accounts if we cannot adequately verify your identity or if we suspect fraudulent activity.

2.3 Accurate Information

You agree to provide accurate, current, and complete information during the account opening process and to promptly update such information as necessary. Providing false or misleading information may result in immediate account closure and potential legal action. You are responsible for maintaining the accuracy of your contact information, including your mailing address, email address, and telephone number.

3. Account Types and Services

3.1 Deposit Accounts

Meridian offers various deposit account types, including but not limited to chequing accounts, savings accounts, and term deposits. Each account type is subject to specific terms, conditions, interest rates, and fee schedules as outlined in our current rate sheet and fee schedule, which are available at our branch, on our website, or upon request. Interest rates are variable and subject to change without prior notice unless otherwise specified in a fixed-term agreement.

3.2 Borrowing Services

Meridian provides various borrowing solutions, including personal lines of credit, mortgages, and other secured and unsecured lending products. All borrowing is subject to credit approval and our standard underwriting criteria. Interest rates, repayment terms, and conditions vary by product and are determined based on factors including but not limited to creditworthiness, collateral value, and current market conditions. Specific terms will be outlined in your individual agreement.

3.3 Digital Banking Services

Our online and mobile banking platforms provide convenient access to your accounts 24 hours a day, 7 days a week, subject to scheduled maintenance and system availability. You are responsible for maintaining the confidentiality of your login credentials and for all activities that occur under your account. You must immediately notify us of any unauthorized access or security breach.

4. Interest Rates and Calculations

4.1 Deposit Account Interest

Interest on deposit accounts is calculated daily based on the closing balance and paid according to the frequency specified for your account type (monthly, quarterly, annually, or at maturity). Interest rates are expressed as annual percentage rates (APR) and may be tiered based on account balance. We reserve the right to change interest rates at any time for variable-rate accounts, with notice provided as required by applicable law.

4.2 Borrowing Interest and APR

Interest on borrowed funds is calculated using the method specified in your individual agreement, typically on a daily basis using the outstanding principal balance. The Annual Percentage Rate (APR) disclosed in your agreement includes the stated interest rate plus any applicable fees or charges, providing a comprehensive measure of the cost of borrowing. For variable-rate products, your interest rate may fluctuate based on changes to our prime rate or other benchmark rates as specified in your agreement.

4.3 Compounding

Unless otherwise specified, interest on deposit accounts compounds with the frequency of payment (e.g., monthly compounding for monthly interest payments). For borrowing products, interest typically compounds monthly or as specified in your agreement. The effective annual rate may differ from the stated annual rate due to compounding effects.

5. Fees and Charges

5.1 Account Maintenance Fees

Monthly account maintenance fees apply to most account types and are detailed in our current fee schedule. These fees may be waived if you maintain a specified minimum balance or meet other qualifying criteria. Fees are automatically debited from your account on the last business day of each month or as otherwise specified.

5.2 Transaction Fees

Certain transactions may incur fees, including but not limited to: excessive withdrawals from savings accounts, wire transfers, certified cheques, stop payment requests, overdraft protection, non-sufficient funds (NSF) charges, and foreign currency transactions. A complete list of transaction fees is available in our fee schedule. We reserve the right to modify fees with 30 days' advance notice.

5.3 Third-Party Fees

When using services provided by third parties (such as ATM networks not owned by Meridian), you may incur additional fees charged by those third parties. We are not responsible for third-party fees, and such fees are in addition to any fees we may charge for the same transaction.

5.4 Early Withdrawal Penalties

For fixed-term deposit products, early withdrawal prior to maturity may result in penalties, including forfeiture of accrued interest and/or payment of an early redemption fee. The specific penalty structure is outlined in your term deposit agreement and varies based on the remaining term and amount withdrawn.

6. Member Obligations and Responsibilities

6.1 Account Monitoring

You are responsible for regularly monitoring your account activity and reviewing your statements promptly upon receipt. You must notify us immediately of any discrepancies, unauthorized transactions, or suspected fraudulent activity. Failure to report errors or unauthorized transactions within 30 days of the statement date may limit your ability to dispute such transactions.

6.2 Sufficient Funds

You must maintain sufficient funds in your account to cover all transactions, including cheques, pre-authorized payments, debit card purchases, and automatic bill payments. Overdrawing your account may result in NSF fees, returned payment fees, and potential damage to your credit rating. Repeated overdrafts may result in account closure or restriction of services.

6.3 Timely Payments

For all borrowing products, you are obligated to make payments in full and on time as specified in your agreement. Late payments may result in late payment fees, increased interest rates, negative credit reporting, and potential acceleration of the entire outstanding balance. If you anticipate difficulty making a payment, you must contact us immediately to discuss potential solutions.

6.4 Proper Use of Services

You agree to use Meridian services only for lawful purposes and in accordance with these Terms. Prohibited activities include but are not limited to: fraudulent transactions, money laundering, financing of illegal activities, violation of any applicable laws or regulations, and any activity that could harm Meridian's reputation or operations.

6.5 Security Obligations

You must take reasonable precautions to protect your account information, including keeping your PIN, passwords, and security questions confidential. Never share your login credentials with anyone, including individuals claiming to represent Meridian. You should use strong, unique passwords and enable multi-factor authentication when available. Immediately report lost or stolen debit cards, cheques, or any compromise of your account security.

7. Default and Remedies

7.1 Events of Default

You will be in default under these Terms and any specific product agreement if: (a) you fail to make any payment when due; (b) you breach any other term or condition of your agreement; (c) you provide false or misleading information; (d) you become insolvent or file for bankruptcy; (e) any collateral securing your obligations is damaged, destroyed, or significantly decreases in value; or (f) we reasonably believe that the prospect of payment or performance is impaired.

7.2 Consequences of Default

Upon default, we may, at our discretion and without prior notice: (a) declare all outstanding amounts immediately due and payable; (b) increase the interest rate to the default rate specified in your agreement; (c) suspend or terminate your access to credit facilities; (d) exercise our rights against any collateral; (e) report the default to credit bureaus; (f) commence legal proceedings to recover amounts owed; and (g) set off any amounts you owe us against any deposits or other amounts we owe you.

7.3 Collection Costs

If we engage collection agencies or legal counsel to recover amounts you owe, you will be responsible for all reasonable costs incurred, including but not limited to collection agency fees, legal fees, court costs, and other expenses, to the extent permitted by law.

7.4 Right to Cure

For certain defaults, we may provide you with a notice period to cure the default before exercising our remedies. However, we are not obligated to provide such notice for all types of defaults, particularly in cases of fraud, material misrepresentation, or where immediate action is necessary to protect our interests.

8. Privacy and Data Protection

8.1 Privacy Policy

Our collection, use, and disclosure of your personal information is governed by our Privacy Policy, which is incorporated into these Terms by reference. We are committed to protecting your privacy in accordance with applicable Canadian privacy legislation, including the Personal Information Protection and Electronic Documents Act (PIPEDA). Our complete Privacy Policy is available on our website and at our branch locations.

8.2 Information Collection and Use

We collect personal information necessary to provide financial services, assess creditworthiness, comply with legal obligations, and improve our services. This information may include identification details, financial information, transaction history, credit history, and other relevant data. We use this information to process transactions, manage your accounts, communicate with you, detect and prevent fraud, and fulfill regulatory requirements.

8.3 Information Sharing

We may share your information with: (a) service providers who assist us in delivering services; (b) credit bureaus and credit reporting agencies; (c) other financial institutions for transaction processing; (d) regulatory authorities and law enforcement when required by law; (e) legal and professional advisors; and (f) potential purchasers in the event of a business sale or merger. We do not sell your personal information to third parties for marketing purposes.

8.4 Data Security

We implement industry-standard security measures to protect your information from unauthorized access, disclosure, alteration, or destruction. However, no method of transmission over the internet or electronic storage is completely secure, and we cannot guarantee absolute security. You acknowledge and accept the inherent security risks of electronic communications and transactions.

8.5 Your Privacy Rights

You have the right to access your personal information, request corrections, withdraw consent for certain uses (subject to legal and contractual restrictions), and file complaints with privacy regulators. To exercise these rights or for privacy-related inquiries, please contact our Privacy Officer using the contact information provided in our Privacy Policy.

9. Limitation of Liability

9.1 Service Availability

While we strive to provide uninterrupted service, we do not guarantee that our services, including online and mobile banking, will be available at all times. We are not liable for any losses or damages resulting from service interruptions, system failures, scheduled maintenance, or circumstances beyond our reasonable control, including but not limited to natural disasters, power outages, telecommunications failures, or cyber attacks.

9.2 Indirect Damages

To the maximum extent permitted by law, Meridian shall not be liable for any indirect, incidental, consequential, special, or punitive damages, including but not limited to lost profits, lost business opportunities, or loss of data, even if we have been advised of the possibility of such damages. This limitation applies regardless of the legal theory upon which the claim is based.

9.3 Maximum Liability

Our total liability to you for any claims arising from or related to these Terms or our services shall not exceed the greater of: (a) the amount of fees you paid to us in the 12 months preceding the claim, or (b) $1,000 CAD. This limitation does not apply to liability that cannot be excluded or limited by law, such as liability for fraud or gross negligence.

9.4 Third-Party Services

We are not responsible for the actions, errors, or omissions of third-party service providers, including payment processors, ATM networks, or merchants. Any disputes regarding third-party services should be directed to the relevant third party.

10. Dispute Resolution

10.1 Internal Complaint Process

If you have a complaint or dispute regarding our services, you should first contact us at 905-832-6500 or visit our branch at 100 Promenade Parkway, Vaughan, L4K 0E5, Canada. We will investigate your complaint and provide a response within a reasonable timeframe, typically within 30 business days.

10.2 External Dispute Resolution

If you are not satisfied with our response to your complaint, you may escalate the matter to an external dispute resolution service. As a member of the Canadian credit union system, we participate in an independent dispute resolution process. Information about this process and how to access it will be provided if your internal complaint is not resolved to your satisfaction.

10.3 Governing Law

These Terms are governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. You irrevocably submit to the exclusive jurisdiction of the courts of Ontario for any legal proceedings arising from or related to these Terms or our services.

10.4 Class Action Waiver

To the extent permitted by law, you agree that any dispute resolution proceedings will be conducted on an individual basis and not as a class action, consolidated action, or representative action. You waive any right to participate in a class action lawsuit or class-wide arbitration against Meridian.

11. Account Closure and Termination

11.1 Voluntary Closure

You may close your account at any time by providing written notice and returning all unused cheques, debit cards, and other account access devices. You remain responsible for all outstanding transactions, fees, and obligations incurred prior to closure. Any remaining balance will be returned to you after deducting applicable fees and charges.

11.2 Involuntary Closure

We reserve the right to close your account or terminate services at any time, with or without cause, upon providing reasonable notice as required by law. We may close accounts immediately without notice in cases of fraud, illegal activity, breach of these Terms, or if we reasonably believe that continuing the relationship poses a risk to Meridian or other members.

11.3 Inactive Accounts

Accounts with no member-initiated activity for an extended period may be classified as inactive or dormant. Inactive accounts may be subject to additional fees and restrictions. After a period specified by applicable law, unclaimed balances may be transferred to the appropriate government authority in accordance with unclaimed property legislation.

11.4 Survival of Terms

Certain provisions of these Terms survive account closure or termination, including but not limited to: obligations to pay outstanding amounts, indemnification provisions, limitation of liability, dispute resolution procedures, and any other provisions that by their nature should survive termination.

12. Modifications to Terms

12.1 Right to Modify

We reserve the right to modify these Terms at any time. Changes may be made to reflect changes in law, regulatory requirements, industry practices, or our business operations. We will provide notice of material changes as required by applicable law, typically at least 30 days before the changes take effect.

12.2 Notice of Changes

Notice of changes will be provided through one or more of the following methods: posting on our website, email notification, message in online banking, statement insert, or written notice sent to your address on file. It is your responsibility to review notices and stay informed of changes to these Terms.

12.3 Acceptance of Changes

Your continued use of our services after changes take effect constitutes your acceptance of the modified Terms. If you do not agree to the changes, you must discontinue use of our services and close your accounts before the effective date of the changes.

13. General Provisions

13.1 Entire Agreement

These Terms, together with any product-specific agreements, our Privacy Policy, and fee schedules, constitute the entire agreement between you and Meridian regarding the subject matter herein and supersede all prior or contemporaneous communications, agreements, and understandings, whether written or oral.

13.2 Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or if such modification is not possible, the provision shall be severed from these Terms. The remaining provisions shall continue in full force and effect.

13.3 Waiver

Our failure to enforce any provision of these Terms or to exercise any right or remedy shall not constitute a waiver of such provision, right, or remedy. No waiver shall be effective unless made in writing and signed by an authorized representative of Meridian. Any waiver shall apply only to the specific instance and shall not constitute a continuing waiver or waiver of any other provision.

13.4 Assignment

You may not assign, transfer, or delegate your rights or obligations under these Terms without our prior written consent. We may assign, transfer, or delegate our rights and obligations under these Terms without your consent, including in connection with a merger, acquisition, corporate reorganization, or sale of assets.

13.5 Force Majeure

Neither party shall be liable for any failure or delay in performance due to circumstances beyond their reasonable control, including but not limited to acts of God, war, terrorism, civil unrest, labor disputes, government actions, pandemics, natural disasters, or failures of telecommunications or computer systems.

13.6 Language

These Terms are drafted in English. If these Terms are translated into any other language, the English version shall prevail in the event of any conflict or inconsistency.

13.7 Electronic Communications

You consent to receive communications from us electronically, including via email, online banking messages, or through our website. Electronic communications satisfy any legal requirement that communications be in writing. You may withdraw your consent to electronic communications at any time by contacting us, though this may limit your ability to use certain services.

14. Regulatory Compliance and Disclosures

14.1 Deposit Protection

Eligible deposits held with Meridian Credit Union are protected by deposit insurance provided by the Financial Services Regulatory Authority of Ontario (FSRA) through the Deposit Insurance Corporation of Ontario (DICO). Coverage limits and eligibility criteria apply. For detailed information about deposit insurance coverage, please visit the FSRA website or contact us.

14.2 Anti-Money Laundering

We are required to comply with Canadian anti-money laundering and anti-terrorist financing legislation. This includes verifying your identity, monitoring transactions for suspicious activity, and reporting certain transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). We may request additional information or documentation to fulfill these obligations.

14.3 Tax Reporting

We are required to report certain information to the Canada Revenue Agency (CRA) and may be required to report to foreign tax authorities under international tax compliance agreements. You are responsible for reporting your income and paying applicable taxes. We provide tax information slips as required by law, but we do not provide tax advice.

14.4 Credit Reporting

We report account and payment information to credit bureaus. This information may affect your credit score and credit history. You have the right to request a copy of your credit report and to dispute inaccurate information with the credit bureau.

15. Contact Information

For questions about these Terms of Service, to report issues, or to contact us regarding your accounts, please use the following contact information:

Meridian Credit Union - Vaughan Branch

100 Promenade Parkway
Vaughan, L4K 0E5
Canada

Phone: 905-832-6500

Important:These Terms of Service are effective as of December 15, 2024. By continuing to use Meridian Credit Union services, you acknowledge that you have read, understood, and agree to be bound by these Terms. Please retain a copy of these Terms for your records.