Account management agreement - National Bank of Canada

Changes to the General Information and Agreement Governing Investment, Transaction and Margin Accounts ("the Agreement")

Certain sections of the Agreement that affect your rights and obligations have been amended for clarity and ease of reading.

Personal Information

We collect information, such as identity information, financial information and information concerning your habits as regards the use of our services for reasons in addition to those already provided for, namely to prevent, detect and control fraud, avoid or correct errors, and comply with antimoney laundering legislation. We also need your social insurance number in order to satisfy tax requirements, particularly for RRSP contributions. We safeguard this information and disclose it only to parties who require it to perform their work.

Joint Accounts

When you and one or more individuals hold an account jointly, you authorize us to deal with each of you in managing your account. You act as one another’s agent to carry out transactions in the account, and you can individually act on behalf of all the accountholder(s).
However, if you would like withdrawals by cheques or withdrawals made at the counter to bear the signatures of all accountholders, we will respect your wishes.

Mailing Address for Statements and Notices

We can send you your account statements and notices in electronic form via our Internet Banking Solutions. You are deemed to have received them as soon as they are sent out by our systems, and you must consequently notify us if you do not receive them on time. If you have a joint transaction or investment account, your account statements and notices will be sent to the main accountholder at his or her address. If the account you hold jointly is a margin account, you can still request to have all regulatory information sent directly to you by selecting the "separate disclosure" option.

Hold Funds Period

Even if the hold funds period expires, any item credited to your account may subsequently be debited from your account if it is dishonoured. You therefore remain responsible for the item at all times. The end of a hold funds period is not a guarantee or representation by us that an item will not potentially be debited from your account.

Care and Control of Cheques, Statements and Other Documents

You are responsible for the care and control of your cheques, passbooks, statements and other documents we give you from time to time that contain information about your banking transactions. You must keep them in a safe place at all times and notify us if they are lost or stolen immediately upon becoming aware of the fact.

Checking your Account Entries

You must check all deposits and withdrawals made in your accounts within the prescribed time. If you use our Internet Banking Solutions, you can receive electronic versions of your statements of account instead of paper versions. In addition, you can access a detailed list of your most recent transactions at any time. You should therefore monitor your account closely and notify us immediately if you detect an error or irregularity in an account when you check your statements.

Service Charges

Our service charges are debited on the first business day following the business day on which your billing cycle ends. If the cycle ends on a non-business day, our service charges are indicated on your monthly statement or passbook dated the last business day before the cycle ends. You can therefore immediately know what the applicable service charges are for the cycle, even if they are debited at a later date.

Depositing Cheques

The cheques you deposit must be made to you and endorsed. Cheques that are not endorsed can only be accepted for deposit to your account. We do not accept cheques made out to and endorsed by a third party because we cannot verify that the endorsing signature is valid. If such a cheque were to be deposited to your account, you would remain responsible for the validity of the endorsement.

Overdrafts

You must ensure that your account is not overdrawn. You must therefore maintain sufficient available funds in your account at all times to enable you to pay all items debited from your account. If you fail to fulfill this obligation, we may apply the credit balance of an account that you hold to the debit balance on your overdrawn account and we may refuse to pay all or part of the item debited from your account without notifying you beforehand, whether you hold the account individually or jointly. In such a case, you may also incur certain service charges such as fees to process an item refused for non-sufficient funds and overdraft fees.