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    Service Agreement

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    Page Contents

    Click the links below to jump to a section.

    Scope of Agreement ›
    Owner Service Satisfaction Guarantee ›
    Third-Party Determination ›
    Transactions on Owners' Accounts ›

    Electronic, Fax and Other Signatures ›
    Remote Access ›


    Evidence of Transactions ›

    Fees and Charges ›

    Joint Accounts ›
    Line of Credit ›
    Creditor Insurance ›
    Safe Deposit Box Rental ›

    Personal Information, Protection of Privacy and Confidentiality ›
    If Something Goes Wrong ›

    General Provisions ›
    Definitions ›

    Scope of Agreement

    This Service Agreement applies to all the Owner's Accounts with Libro Credit Union Limited ("Libro"), all Cards (excluding credit Cards) and all transactions on those Accounts and using those Cards. This agreement replaces any prior agreement the Owner may have with Libro governing the operation of deposit Accounts and the use of Cards and Electronic Signatures (such as Passwords) but does not replace or supersede any pre-existing agreement or provision in any pre-existing agreement about any loan, any other credit facility, or other separate agreements. References in any Libro documents or agreements to "Member Services Terms and Conditions" are deemed to mean this "Service Agreement."

    Nothing in this agreement will limit the rights of Libro under its Articles of Incorporation, lending licenses, General By-Laws, the Credit Unions and Caisses Populaires Act (Ontario), or any other applicable laws.

    This agreement is effective after January 1, 2014 for new Owners and effective March 1, 2014 for Owners who joined Libro before January 1, 2014.

    Owner Service Satisfaction Guarantee

    Libro is confident it will always meet or exceed the service expectations of all Owners in all their dealings with Libro (for example: promptness, professionalism, courtesy, accuracy, quality). However, if an Owner is dissatisfied with the service received from Libro on any particular transaction or if Libro has not delivered a service in the time or in the manner promised to the Owner, Libro will offer and/or the Owner may ask for a full refund of any service charge or fee directly related to that transaction or service. This applies to all Accounts and transactions as long as the Owner has operated them in accordance with this or other agreements with Libro.

    Service satisfaction refunds, at Libro's option and acting reasonably, may be limited to:

    • fees, service charges or commissions related to transactions on chequing and savings Accounts, and services connected to those Accounts, within the last three months;
    • fees related to the full current term on loans, mortgages, fixed rate deposits, insurance products, safe deposit box, wallet or equipment rentals, etc.;
    • fees and commissions related to individual transactions involving foreign currency exchanges, travellers' cheques, money orders, certified cheques, wires and drafts to the extent that service deficiencies were under Libro's control; or
    • on transactions involving purchases, trades or redemptions of mutual funds* or other securities*, whatever adjustments to fees, commissions or trade value will restore the total net cost to the Owner to that which was originally promised to and/or agreed by the Owner.

    Libro guarantees service satisfaction and fair open pricing but not always the lowest cost. Owners agree to the price of the financial service prior to or as part of their purchase decision. As such, service satisfaction refunds will not ordinarily include the amount of interest paid to or collected from Owners, foreign exchange conversion amounts or cost dissatisfaction after transactions are completed.

    Third-Party Determination

    Libro is subject to Anti-Money Laundering and Terrorist Financial Legislation which requires Libro to obtain identification of all third-party (meaning any individual or entity, other than the Owner(s) establishing the Account, who directs how the Account is operated or transactions that will flow through the Account) involvement with the operation of Accounts and transactions on those Accounts. Owners will notify Libro upon opening an Account whether there is a third party directing, instructing or influencing transactions. Further, for all cash transactions greater than the legal threshold, the Owner will specifically confirm that no third party exists or is directing the transaction.

    Transactions on Owners' Accounts

    Deposits and Other Credits

    Libro will accept, for deposit to Owners' Accounts, cash (including coin if packaged in rolls), cheques, money orders and travellers' cheques, all if properly endorsed as applicable. Other negotiable instruments may be accepted on an each case basis. Libro will also process credits to Owners' Accounts that it receives electronically from other authorized participants in the national clearing system.

    Libro may, at its option, place a hold on the Owner's Account for the amount of Items deposited until such Items have been verified and/or cleared and/or honoured. Such amounts held may earn interest at the applicable rate but are not available for withdrawal. Such holds are for the benefit of Libro, and a release of a hold does not mean that the deposit has cleared or that Libro has guaranteed the funds. Owners may not deposit coins, non-negotiable Items or anything not acceptable into any ATM. Owners will pay Libro for any damages, costs or losses suffered as a result of deposits excluded by this Agreement.

    The amount of any Item deposited by an Owner which is returned to Libro unpaid or dishonoured for any reason will be charged back by Libro to the Owner's Account. The Owner, not Libro, will be responsible for the collection of such amount from the original maker, drawer or payer of such Item.

    See the "Fees and Charges" section below about deposited Items that are returned.

    Withdrawals, Cheques and Other Debits

    Withdrawals which the Owner makes or transfers of funds which the Owner authorizes using a Card will be debited to the Owner's Account at the time the Owner makes or authorizes such transactions. The amount of cheques drawn on the Owner's Account will be debited to the Account at the time they are presented to Libro. Libro may debit any of the Owner's Accounts with Libro, whether held by the Owner solely or jointly with others, in the amounts of all sales or cash advance slips presented to Libro which bear the imprint of the Owner's Card or have otherwise been authorized by the Owner, including the use of the Owner's Electronic Signature. The Owner accepts responsibility to ensure that adequate procedures and systems are in place so that only authorized cheques are drawn on the Owner's Account.

    Transfers to Other Accounts

    Libro may impose limits on the number or dollar value of transfers Owners may do from their Accounts to those of others. Where transfers are to accounts outside of Libro, Libro has no responsibility to Owners for issues resulting from delayed, corrupted, incomplete or compromised transfers that occur after the transfer transactions leave Libro's systems.

    Care and Control of Cheques and Statements

    The Owner is responsible for the care and control of cheques and statements. Owners will maintain cheques and statements safely at all times. If an Owner suspects or notices that they have lost cheques or lost control over the use of cheques or that cheques have been stolen, that Owner will advise Libro immediately. Cheques are for the Owner's use only. If the cheques are used by someone else, the Owner will be required to prove that reasonable precautions were taken to protect them. All cheque transactions will be reflected in the Owner's Account, even if the Owner did not perform or authorize the transaction. The Owner must promptly notify Libro of any forged or unauthorized cheque or material alteration as soon as they discover it. The Owner accepts responsibility for all cheque use, including any forgery, unless it is proven to Libro that the Owner took reasonable precautions to protect them.

    Transactions Conducted Remotely

    Libro offers certain products or services remotely. Any phone, internet or other third party connection costs are the responsibility of the Owner. By providing their Electronic Signature in any form (see the Electronic, Fax and Other Signatures and Remote Access sections for further details), Owners irrevocably authorize the completion of the requested transactions. Use of an Electronic Signature is the legal equivalent of written signed instructions.

    Bill Payments

    Libro will use its best efforts to forward any bill payment transactions to the merchants specified by the Owner for credit the next or second business day following the day they are authorized for payment by the Owner (Saturdays, Sundays and statutory holidays are not considered business days). Libro will not be responsible for delayed credit or late payments for reasons beyond Libro's control. It is the Owner's responsibility to ensure they pay bills in sufficient time to reach the merchant. Prior to processing, the computer will prompt the Owner with full transaction details. After the Owner has confirmed and authorized the transaction, it cannot be reversed by Libro: the Owner will need to contact the merchant directly. If there are insufficient funds available in the Owner's account or line of credit during a current or live session, the computer will advise the Owner that the transaction has failed: the Owner will remain responsible for bill payment through other channels. The Owner is responsible for ensuring there are sufficient funds or credit to satisfy post or future dated bill payments: Libro may not be able to notify the Owner of insufficient funds on that future date and the Owner assumes responsibility for resulting missed payments and/or missed/late payment charges including penalties or interest imposed by the merchant. Owners are responsible for entering and authorizing the correct payment amounts, merchant account identification, the account to be charged and to ensure each payment is entered and authorized only once.

    Maintaining Positive Account Balances

    The Owner will not make withdrawals, or transfer funds or write cheques or generate or authorize electronic or other transactions which cause the balance of their Accounts at Libro to go below zero dollars unless the Owner has pre-arranged a line-of-credit with Libro for that Account and then only up to the authorized limit on such line-of-credit. Libro will charge interest on any excess over the authorized limit at its normal rate for unauthorized overdrafts. The Owner assumes the risk of post-dated payments and postdated cheques presented through the clearing system ahead of the date on the cheque. The Owner is responsible for missed payments and/or missed/late payment charges including penalties or interest imposed by third parties resulting from insufficient funds in an Account.

    Clearing Cheques and Electronic Transactions

    Libro may clear or collect payment for Items that an Owner has presented to it through any Libro branch or through a bank, trust company or other agency that Libro deems best and, unless the Owner has advised Libro to the contrary beforehand, Libro may accept a cheque or clearing house voucher or slip or other evidence of payment (either paper or electronic) in settlement of the Owner's Items.

    Foreign Currency Transactions

    If the Owner uses a Card in a foreign currency transaction, the electronic network handling the transaction will fix the Canadian currency conversion rate. This rate will be used to calculate the Canadian dollar equivalent of the amount of the transaction and such equivalent amount will be charged to the Owner's Account.

    Owner Responsibility

    The Owner is responsible for any errors they make, such as mistakes made when writing cheques, paying bills, transferring funds or performing other transactions. Depending on the circumstances Libro may or may not be able to assist the Owner to correct such errors.

    Electronic, Fax and Other Signatures

    For the convenience and security of both the Owner and Libro, Libro will accept Electronic Signatures (see definition below) for most transactions.

    It is the Owner's responsibility to protect Electronic signatures, including without limitation, to use effective ones that are not easily guessed or discoverable, and keep them secret and confidential. Owners will not show or tell them to any other person, not even family members, with the exception of when necessary to provide them to Libro when authorizing a transaction Remotely. Owners will take reasonable precautions to prevent others from hearing, seeing or otherwise learning their Electronic Signature when using them. Owners will advise Libro immediately (within no more than 24 hours) if they discover any compromise of their Electronic Signature or suspect unauthorized access to Libro products and services using their identity.

    The Owner will not keep a physical record of Electronic Signatures unless it is in a form that cannot be read by others.

    Owners are responsible for any activity that occurs under their Electronic Signature. The Owner, and not Libro, will be liable and responsible for any and all losses created by the Owner's failure to keep Electronic Signatures confidential. The onus is on the Owner to establish that this confidentiality has not been breached. If the Owner has voluntarily provided any Electronic Signature information to any other person, they have automatically authorized any and all transactions requested by that person using that Electronic Signature and also any and all transactions requested by others to whom the person has communicated the Owner's Electronic Signature.

    Fax signatures are to be the Owner's signature on a document faxed to Libro. Libro has the option of either accepting the fax signature the same as if such signature was an original signature made in the physical presence of Libro staff or other witness or, instead, attempting to verify the fax signature by subsequent communication with the Owner. If such verification is not possible by reasonable means within a reasonable time, Libro may choose not to proceed with the transaction and will be under no liability for taking this course of action.

    The type of Electronic Signature for a transaction required will vary depending on the product, transaction amount or service channel involved at Libro's option.

    In some cases, only the Owner's original signature executed in the presence of Libro staff or other designated witnesses will be accepted.

    Remote Access

    Supplied Equipment and Software

    Unless specifically stated otherwise, all computer equipment, electronic devices and software provided by Libro to enable Remote access to Accounts remains the property of Libro. Owners use this equipment and software under a non-exclusive and non-transferable licence and only for the purposes intended. Libro may demand their return at any time and the Owner will comply promptly without making or keeping any copies.

    Supply of Quotes and Value Information

    Financial quotations such as interest rates, stock, bond, mutual fund* or other securities values (including index, option or market price indicators) provided electronically by Libro or through another supplier or company with which Libro has a networking, agency or similar agreement are made using sources regarded as reliable but cannot be guaranteed. The Owner releases Libro and its agents and third party suppliers of such information from all liability for any lack of accuracy or timeliness in relation to the information provided. Owners will assume the responsibility for confirming the amount of any trades or transactions authorized or completed using such information.

    Owner Visits and Contacts May Be Recorded

    Owners agree that Remote access sessions or in branch visits with Libro may be videotaped, stored or otherwise recorded. This Agreement is immediate and continuing and may, but need not, be confirmed prior to or during each call, visit or session. The contents of such records, if made, will be kept confidential but may be used by Libro for internal purposes or civil or criminal investigations.

    Owner Responsibility

    When accessing Libro Remotely, Owners must take typical security steps, such as having up to date antivirus protection, firewalls and software patches. If an Owner loss or Account compromise is contributed to by failure to do so, Libro may in its discretion reduce whatever liability it may otherwise have to the Owner. To ensure that an Owner is protected under the following Online Security Guarantee, they must do their part by practicing safe computing practices generally, in particular as noted below. By working together, Owner's Account information will remain protected.

    In the unlikely event that an Owner suffers a loss through unauthorized Remote activity on their Accounts, they will be reimbursed provided they have met the Electronic Signature confidentiality responsibilities outlined within this Agreement and they:

    • have installed and maintain up-to-date firewall and virus protection software on their personal computer or wireless device
    • have not responded to pop-ups, emails, or other Internet requests that ask to reveal personal information about themselves or their Accounts.
    • assist Libro in any investigation into improper access to their Accounts

    Multiple Signing Officers

    Where Owners are permitted to access Accounts remotely that otherwise require multiple signing authorities, the Owner is responsible for all transactions performed by one of the signing authorities remotely.

    Third Party Systems

    By its nature, Remote access requires the use of third party equipment, systems, and communications services to connect Owner and Libro. As those are not under Libro control, Libro has no responsibility to Owners for issues resulting from delayed, corrupted, incomplete or compromised communications.

    Document Viewing

    The Owner may view certain documents, such as cheques, remotely. The ability to see a document remotely does not mean that the document or the transaction contemplated in the document has been processed, cleared, or accepted by Libro.


    Card Ownership and Purpose

    Cards are issued at each Owner's request and will remain Libro property. Owners will return any and all Cards to Libro at its request for whatever reason (including, but not limited to, Owners not complying with this Agreement or closing their Accounts at Libro). Libro may restrict use of the Card or cancel this agreement at any time without notice. Owners will use the Card only to obtain Libro authorized services. On thirty days written notice, Libro may add to or drop from the permitted uses. The issuing by Libro of the Card is not representation or a warranty that any particular service is, or shall be, available at any future time. Credit Cards are subject to a separate agreement with the issuing company, which may contain provisions that are different than, and supersede, this Agreement.

    Extension of Credit Not Included in Issue of Card

    This Agreement, of itself, combined with permission to use the Card, does not give Owners any credit or privileges unless the Card is specifically identified as a credit card in which case a separate Card agreement with the card issuing company will apply. Owners may not overdraw their Accounts through the use of the Card except as provided by a separate line of credit agreement with Libro. If Owners exceed the limit of the Account balance or the approved line of credit limit (if any), Libro may cancel the Card and Owners will repay all amounts that are outstanding including any amount in excess of such limits. Libro will charge interest on such overdrawn amounts at its normal rate for unauthorized overdrafts.

    Reporting Lost or Stolen Cards

    If an Owner suspects they have lost a Card or lost control over the use of a Card or that it has been stolen, they will advise Libro immediately (within no more than 24 hours). On being so advised, Libro will cancel the Card immediately and the Owner's liability for further use of that Card will end. Owners may recover from Libro any direct losses they may suffer through the unauthorized use of that Card after Libro has cancelled the Card. Such recoverable losses are limited to the dollar value of unauthorized withdrawals or purchases.

    Owner Liability for Card Transactions

    Once an Owner has used a Card, the Owner is liable for all authorized and unauthorized uses of the Card by any person, up to the approved withdrawal limit (including funds accessible through a line of credit, if any) before the expiry or cancellation of the Card (unless the Card has been reported lost or stolen as per the previous paragraph). If the Owner's Account balance is altered due to technical problems, Card issuer errors or system malfunctions, the Owner will be liable only to the extent of any benefit received.

    Owner Protection From Losses Due to False Card Transactions

    Owners may recover from Libro any direct losses such Owner may suffer through the unauthorized use of a Card after the Owner has advised Libro that such Card has been lost or stolen provided that the Owner has complied with all the other terms of this Agreement. For such claims, the Owner will present proof that is reasonably acceptable to Libro. Libro may, at its option, relieve the Owner from liability for unauthorized use in a case where the Owner may have accidentally contributed to unauthorized use. Owners promise to co-operate with Libro, police and other legal authorities in any investigation and proceedings seeking a finding of liability against a third party.

    Debit Card Code of Practice

    In concert with the Canadian financial industry, Libro has endorsed the voluntary Canadian Code of Practice for Consumer Debit Card Services, a copy of which is available on request. Libro will be guided by the principals of the Code in administering the operation of Debit Card matters.

    Card Renewals

    Cards are imprinted with an expiry date after which they are no longer valid. Unless the Owner advises Libro in advance that the Owner does not wish to renew the Card, the Owner will be deemed to have applied for a renewal Card before the expiry date and this Agreement continues to apply to the extended term of the Card.

    Evidence of Transactions

    Transaction Receipts

    When the Owner uses the Card in a machine, the paper transaction record it produces is a conclusive record of the Owner's instructions. Whether such a transaction record is issued or not, it is the Owner's responsibility to verify that the transaction has been executed properly by checking the statement. Without evidence to the contrary, the following Libro records are conclusive for all purposes:

    • instructions the Owner gives Libro by using a Card
    • the contents of envelopes the Owner deposits into an ATM
    • any withdrawal, deposit or transfer the Owner makes by using a Card and Electronic Signature.
    • and anything else communicated between the Owner and Libro (either verbally, and subsequently confirmed in writing, or in writing) about any electronic transaction.

    Statements of Account

    Unless Libro issues a certificate of deposit when the Account is opened, Libro will publish for the Owner a statement according to a regular schedule (monthly or quarterly, for example) that may be adjusted from time to time. Unless the Owner advises Libro differently, through a signed Service Request form, electronically or through our Contact Centre, Libro may, at its discretion, send by ordinary uninsured mail, deliver or hand out such statements to the Owner or the Owner's appointed agent using the latest address as shown on Libro records. Owners may choose to receive electronic statements rather than paper to the extent they are offered by Libro. Libro may consider such statements to be received by the Owner five days after mailing or on the date of physical or electronic delivery or left at the Owner's address.

    Verification of Transactions

    The Owner will check each statement promptly and advise Libro of any errors or omissions. If the Owner has not advised Libro within thirty days of either receiving the statement or deemed receipt, the statement and the transactions recorded on it are deemed to be correct. Libro is not liable for any errors or omissions which are brought to its attention after such thirty-day period. Libro is not liable for forged Items or other unauthorized transactions that are reported to the Owner in statements or otherwise unless the Owner has specifically complained about such alleged forged Items or unauthorized transactions within thirty (30) days of receipt of statement or deemed receipt.

    Electronic Updates

    If the Owner has accepted electronic access to Accounts and updates of Account information (transaction details and balances, statement downloads or statements automatically forwarded to the Owner via email or other electronic means), the Owner agrees to regard each electronic update as an official statement of Account. Further, the Owner agrees to perform such electronic updates at least every thirty days.

    Fees and Charges

    Schedule of Fees and Charges

    Libro has informed the Owner of and may charge the Owner's Account for its usual, published fees for opening, operating or closing Accounts as well as charges per transaction as applicable to each type of transaction and Account. New or amended fees will become effective only after a minimum of thirty (30) days following the date Libro has notified the Owner of such changed fees by one or more of the following methods: by notice published in Libro's newsletter, by way of pamphlet included with statements of Account, by electronic means or by posting a notice in all of Libro's branches.

    Returned Items

    If an Item that the Owner has cashed or deposited with Libro is returned unpaid or dishonoured for any reason, or if it is lost through no fault of Libro, Libro may charge the Owner's Account for that Item plus any costs incurred in handling that Item plus its normal fees or charges for such transactions. The Owner agrees not to protest such returned Items or the amounts charged back to the Account. The Owner agrees that Libro is not responsible for the collection of such Items from the original maker, drawer or payor (but Owners may request Libro to attempt collection of such Items, for which service Libro may request a fee).

    Collection and Payment

    Libro may collect the amount of all debits and charges to the Owner's Account(s) as authorized by this Agreement by reducing the balance of the Account. If any such transaction reduces the Account balance below zero, the Owner agrees to repay Libro for such overdrawn amounts either by immediately making a deposit to the Account, by making a direct payment to Libro or by allowing a debit or charge to another Account owned by the Owner, either solely or jointly with others. Libro may use the right of set-off (inter Account transfers) to recover any funds owing on one Owner Account from another without prior notice given to the Owner.

    Joint Accounts

    Owners may own and operate selected Accounts as joint Accounts. Such Accounts will be marked as such on the records of Libro. Unless the Owners request that it be recorded specifically to the contrary for a particular joint Account, Owners agree with each other and with Libro that the following provisions will apply to any and all joint Accounts:

    1. all funds in the joint Accounts at all times, together with accrued dividends or interest are owned by the specified individual Owners and/or their survivor(s) jointly;
    2. the funds belong to all the joint Owners with right of survivorship unless the joint Owners of the Account have given written notice to Libro to the contrary and Libro has acknowledged receipt of such notice;
    3. the joint Owners will specify to Libro the number of such joint Owners required to sign Items or authorize debit transactions on the joint Account;
    4. if only one joint Owner's signature or authorization is required as indicated by Libro's records, Libro may charge or debit the amount of any Item signed or transaction authorized by one of the joint Owners to the joint Account whether drawn on the joint Account or another Account at Libro owned and operated by the Owner signing that Item or authorizing that transaction: these charges or debits may include Items returned or dishonoured on other Accounts, seizures or lawful third party demands and Libro's use of its right of set-off.
    5. all of the Owners owning and operating the joint Account must give specific consent and sign for pledging any of the funds in the joint Account as security for a loan from Libro;
    6. subject to relevant legislation and government regulations, the death or lack of legal capacity of any one of the Owners who is a joint Owner of the Account will not affect the rights of the survivor(s) or the other joint Owners, who have legal capacity, to draw on the funds in the joint Account;
    7. everything in this Agreement shall refer to each and all of the Owners who are joint Owners of the Account, individually and jointly, and all liabilities under this Agreement and with regard to the joint Accounts will be several as well as joint (that is, each of the Owners individually and collectively will be responsible for the full amount); and
    8. even though any application or form, which acknowledges this Agreement, may be intended to be signed by more persons than those who have actually signed it or the signature of one or more of the persons who have signed it may be void due to lack of legal capacity, this Agreement will still be binding on those who have signed it and who have legal capacity.

    Line of Credit

    Libro may offer the Owner a line of credit. If the Owner or Owners jointly accept this offer by signing the line of credit promissory note, the Owner(s) acknowledges and agrees with Libro and with each other if more than one Owner signs the promissory note, that, in consideration of Libro providing such a credit and service, the following terms and conditions will apply:

    1. Line of Credit Limit - The Owner may borrow up to the authorized maximum limit specified on the line of credit promissory note. All funds advanced under the line of credit are payable on demand.
    2. The total of all funds advanced to the Owner, including the principal balance, interest and other charges at any one time under this agreement will not exceed this limit. Libro may reduce the line of credit limit at any time without notifying the Owner in advance.
    3. Interest Rate - The Owner will pay interest on a monthly basis on the money advanced by Libro from time to time which remains outstanding at the current rate of interest per annum, as announced by Libro from time to time. Libro may vary this interest rate from time to time. Notice of any interest rate change will be sent to the Owner at their address as recorded at Libro with the subsequent monthly Account statement. Any omission in notifying the Owner will not excuse him/her from any liability to repay the personal line of credit, including interest at the changed rate.
    4. Interest Calculation - The interest will be calculated daily on the closing daily balance, charged at each month end to the Owner's Account and added to the line of credit principal balance outstanding at that time, if any. If interest is not paid but added to the Owner's Account, this will result in interest on interest (which is known as compounding). Interest is calculated on the basis of a 365/366 day year. Interest will continue to be payable by the Owner before and after demand, default and judgment.
    5. Advances and Repayments - The process of borrowing involves revolving advances of money by Libro, payments by the Owner and re-advances by Libro. The Owner understands that Libro will not advance any money under this line of credit unless there are insufficient funds in the Owner's Account to cover a cheque drawn by the Owner or a cash withdrawal, transfer of funds from the Owner's Account or a Card transaction or bill payment or any other debit to the Account authorized by the Owner. In that case, Libro will advance money to the Owner by honouring the cheque, disbursing the cash, processing the transfer of funds, paying the bill or honouring the Card transaction and authorizing the negative balance on the Owner's Account. Thus, a negative balance on the Owner's Account will be considered a loan to the Owner and an outstanding personal line of credit balance. The Owner understands that all deposits to their Account will be taken as payments for both principal and interest on the line of credit if there are line of credit balances outstanding at the time of the deposit. The Owner will not be required to make any particular payments at any particular time (unless otherwise specifically required by Libro) except that the Owner promises to pay the full amount owing on the line of credit, both principal and interest, on Libro demand. Libro may take the payment at any time and need not notify the Owner in person in advance of such an action. The Owner may also choose to repay the line of credit at any time at their option.
    6. Security - From time to time and as Libro requests, the Owner agrees to give security sufficient to cover the amounts owing under the line of credit and under this Agreement. The Owner understands and agrees that Libro has a lien on any and all types or classes of shares held in Libro, all savings and investment deposits, and funds on deposit in Accounts at Libro and may set off any sum standing to the credit of the Owner on the books of Libro towards payment of any liability of the Owner to Libro under the line of credit or otherwise under this Agreement. In any event, any savings or investment deposits of an Owner have been set up as a registered retirement savings plan for such Owner, Libro shall not have a lien on such savings or deposits, but at the request of Libro the Owner will pay out of such plan and pay to Libro an amount sufficient to satisfy the liabilities of the Owner to Libro under this line of credit or otherwise under this Agreement (net of any applicable taxes).
    7. Annual Review - The Owner agrees to an annual review of this line of credit. Libro has the option of automatically renewing the line of credit but, if a more formal review is deemed by Libro to be necessary, Libro will notify the Owner of the time for such review and the Owner will bring up-todate information on their financial position each time.
    8. Insurance - Unless specifically arranged by the Owner, balances owing to Libro on the line of credit will not be life insured.

    Creditor Insurance

    If available in connection with the specific loan or credit product requested, the Owner may choose to buy creditor insurance coverage according to the following terms and conditions:

    • If choosing to buy insurance, the Owner will agree to pay premiums according to the type and amount of insurance selected at the prevailing rate.
    • Requests for creditor insurance coverage may be authorized by the borrower's (Owner's) signature, original or via fax, by verbal agreement in person or by Electronic Signature. Some types of insurance coverage may require a separate signed original application and may be subject to additional requirements depending on the type and amount of coverage requested.
    • The borrower/Owner must meet all the eligibility requirements of the insurance provider that are in effect at the time of the request for the type and amount of coverage desired. The onus of establishing eligibility is on the borrower/Owner and not on Libro.

    Safe Deposit Box Rental

    Owners acknowledge that if they rent a safe deposit box, the following terms and conditions will apply.


    The Owner will receive two keys to the outer lock of the box. The Owner agrees to immediately notify Libro if a key is lost, and to pay any cost incurred by Libro (including transportation charges) to reset the lock to new keys. Upon termination of this Agreement or when the Owner no longer wishes to rent a safe deposit box, the Owner agrees to empty the box and to return the keys to Libro.


    The Owner shall not store anything that might pose a hazard to Libro, its staff or other box users, including without limitation, any flammable, explosive, hazardous, biodegradable, noxious or similar materials.

    Access to Box

    Libro will allow no one but the Owner or the Owner's authorized agent access to the box. If the Owner is a joint tenant, or if the Owner is renting the box as a tenant in common, see paragraphs below. The Owner may have access to the box only during Libro's normal business hours, and Libro may deny access at any time if in the opinion of any of its staff, granting access would expose them to danger from any cause.

    Legal Bar Access to Box

    If a statute, judgment, court order, warrant, writ of assistance, direction, or other legal process prohibits Libro from allowing the Owner access to the box or its contents, Libro may also refuse access to the box by any person until the prohibition is lifted.

    Libro May Fulfill Any Legal Duty Regarding the Box

    Libro may fulfil any duty to take or not to take any action regarding the box, access to it, its contents, or the execution of any warrant or other process allowing access to the box imposed on Libro by statute, regulation or court order.

    Termination of Rental Agreement

    Libro may terminate the Rental Agreement for the safe deposit box at any time by mailing a notice of termination to the Owner's address as last shown in Libro's records. The Owner may terminate the safe deposit box portion of this Agreement at any time by emptying the box, surrendering the keys, and paying rent up to that time. If the Owner has paid rent beyond that time, Libro may, at their option, either return the excess rent to the Owner or apply it against any debt owed to Libro. If the Owner were to subsequently rent another box from Libro, these same terms and conditions would then again apply.

    Effect of Non-performance of Owner's Obligations

    If the Owner does not fulfil their obligations under this Agreement, Libro may refuse access to the box until they are fulfilled. Libro may also, thirty (30) days after notice has been sent to the Owner at the Owner's address as last shown in Libro's records, have the box forcibly opened at the Owner's expense in the presence of two Libro staff members, remove the contents, and store them as collateral security for the performance of the Owner's obligations for the expenses resulting from the Owner's non-performance, and for a storage fee. Libro may also, thirty (30) days after mailing to the Owner a notice of sale, sell all or some of the contents in storage either privately or publicly and apply the proceeds against the obligations, fees, and expenses (including the expenses of the sale) owed by the Owner to Libro.

    Appointment of Agent

    If the box is rented to an individual Owner, such Owner may appoint an agent empowered to have access to the box or to surrender it. The appointment of an agent is automatically terminated upon death of the Owner. The appointment of any agent shall be in writing in the form provided by Libro or in such other form as Libro may approve (such as a Power of Attorney which does not specifically exclude access to safe deposit boxes) and shall be lodged with Libro. Any such agent may thereafter exercise the rights and powers conferred upon him until notice in writing of the revocation of his appointment shall be given to Libro by the Owner, or if more than one, any of them.

    In the event of legal disability of any Owner who is not a joint tenant, their duly appointed legal representative may exercise all the rights and powers under this Agreement.

    Renting as a Tenant in Common

    Each Owner, if renting a safe deposit box as a tenant in common, has the right to access the box, to surrender the keys, and to appoint an agent for either or both of those purposes, but the Owner or their agent may exercise those rights only in the presence of all of the other tenants in common or their agents. If and when Libro receives written notice of the death of an Owner (as tenant in common), their rights under this agreement pass onto the tenant's legal representative.

    Renting as a Joint Tenant

    Each Owner, if renting a safe deposit box as a joint tenant, has the right to access the box, to surrender the keys, and to appoint an agent for either or both of those purposes. The Owner or their agent may exercise those rights in the absence of the other joint tenant(s). If and when Libro receives written notice of the death of an Owner (as joint tenant), their rights under this agreement pass to the other surviving joint tenant(s).

    Agreement Not Assignable

    The portion of this Agreement relating to the renting of a safe deposit box, including the rights to the box or access to it, is not transferable by assignment or subletting.

    Waiver of Liability

    The Owner shall have no claim against Libro in respect to the renting of the safe deposit box to the Owner unless Libro fails to exercise ordinary diligence to prevent any unauthorized person from opening the box, and in this regard, no loss from the contents of the box is a proof or creates a presumption that the box was opened without authority.

    Libro shall not be liable for any delay, damage, or inconvenience caused by any accident to or failure in the working of the box or the vault, or the mechanism of the locks, or for any reason beyond Libro's control. Contents stored in a safe deposit box are not insured.

    Indemnifying Libro Against Loss

    The Owner agrees to indemnify and save harmless Libro against any costs, losses, expenses, liabilities or other claims whether direct or indirect or consequential (including all legal fees on a solicitor and his client basis) that Libro may incur or for which Libro may become liable arising from or out of the Owner's violation of the terms of this Agreement, use of the safe deposit box or access to it, or to its contents, or arising from entry into the box or a search of its contents made under legal authorization.

    Personal Information, Protection of Privacy and Confidentiality

    Libro's privacy policy as it exists from time to time forms part of this Agreement. Owners may request a copy of this policy through any branch of Libro, by calling 1-800-361-8222 or email to service@libro.ca or online from www.libro.ca.

    Owners may contact the Privacy Officer by calling 1-800-361-8222 or email to privacy.officer@libro.ca or by writing to the attention of the Privacy Officer, Libro Credit Union, P.O. Box 399, London, ON N6A 4W1.

    If Something Goes Wrong

    Owner Liability

    With regard to cheques or other negotiable Items the Owner has presented to or cleared through Libro but which have been returned unpaid or rejected or dishonoured by others, the Owner will pay Libro the amount of any claims made against it and repay Libro for any costs incurred as a result of handling any such Items. This indemnity applies to any claims made or costs incurred under any laws in any place where the Items may be payable or as a result of Libro's endorsement on those Items. It also applies to claims made because of Items forged or containing forgery or unauthorized signatures.

    Actions of Merchants and Resolving Disputes With Merchants

    Libro is not liable to Owners for any merchant's action, failure to act or refusal to honour a Card issued by Libro or by one of its third party suppliers. This will be whether or not such failure or refusal is the result of any error or malfunction in equipment used in Point-of-sale transactions. Any dispute related to goods or services supplied in a Point-of-sale transaction is strictly between the Owner and the merchant for which Owners will raise no defence or claim against Libro.

    Disputes Between the Owner and Libro

    Libro is committed to resolve all conflicts and disputes fairly, quickly and internally. If an Owner has a problem, dispute or complaint with any transaction (which is not related to goods or services provided by merchants or which is not a credit granting or extension decision or which is not related to a demand for repayment), the Owner will first try to resolve it with the Libro employee who processed the transaction or who is responsible for monitoring such transactions. Libro will not unreasonably prevent the Owner from using any funds subject to dispute. If the size of the transaction is beyond the individual staff person's authority (or if the Owner is not satisfied with the first offer to resolve the problem), the Owner will deal with the Branch Manager of their home branch of Libro.

    Libro's records are presumed accurate. In cases of dispute as to the date and time of a particular transaction or of a communication between the Owner and Libro, the Owner and Libro agree to rely on:

    • firstly, computer generated listings, logs or transaction records,
    • secondly, records generated by the telephone system or telephone company,
    • thirdly, notes or logs (including the current date and/or time), recorded manually by Libro staff at the time of the transaction or communication,
    • fourthly, notes recorded manually by the Owner at the time of the transaction or communication.

    Owner's Right to Appeal

    If the Owner is not satisfied with a Libro decision, the Owner may ask any Libro staff member for direction on the Libro appeal process. If not fully satisfied, the Owner can contact the Financial Services Commission of Ontario.

    Termination of Services, Accounts

    Libro and Owners will treat each other with mutual respect. If a dispute cannot be resolved in a mutually satisfactory manner, or the Owner has breached/violated the terms of this Agreement, or the Owner has conducted themselves in a manner which is abusive of or offensive to Libro employees or the Libro board, Libro may terminate services and close Accounts without prior notice. In such an event, any remaining credit balances in Accounts will be returned to the Owner, less any and all service charges or fees due to Libro per its then current fee schedules, and any debit balances may at Libro's option become due.

    General Provisions

    • Changes to Agreement - This Agreement may be changed from time to time by Libro. Libro will notify Owners at least 30 days in advance of the effective date of any changes by mail, facsimile, electronic notice, or publishing a notice in a newsletter sent to all Owners. By requesting, authorizing or processing transactions covered by such changes after the effective date, Owners will have indicated their agreement with such changes as of the effective date of such changes.
    • Owner Information Updates - Owners will update Libro immediately of any changes to their contact information, including address, email address, and phone number.
    • Trademarks* - This Agreement, other Libro documents, and various Libro points of delivery, Cards and communications contain registered and unregistered trademarks that either belong to Libro or belong to third parties and are used by Libro with permission. Owners may not make unauthorized or infringing uses of those trademarks. More detail can be found at www.libro.ca/trademarks
    • Politically Exposed Foreign Persons (PEFP) - Libro and Owners must comply with various regulatory and compliance requirements imposed by applicable authorities from time to time. Current requirements include the following:

      Like all financial institutions in Canada, Libro, along with its Owners, is subject to federal Anti-Money Laundering and Terrorist Financial Legislation as administered and enforced by FINTRAC [Financial Transactions Reports Analysis Centre of Canada]. Under this law, we must obtain identification of all third-party, non-Owner involvement with the operation of Accounts and transactions on those Accounts as well as any connection to politically exposed foreign persons [PEFP].

      Owners will notify Libro upon opening an Account whether there is or will be any third party directing, instructing or influencing transactions.

      Similarly, Owners must declare whether or not they are a PEFP or related to one. If yes, Owners will declare the source of the funds being deposited.

      Further, for all cash transactions greater than $10,000, the Owner will specifically confirm that no third party is directing the transaction and similarly, for all electronic funds transfers of $100,000 or more, repeat the PEFP and source of funds declarations.
    • Foreign Account Tax Compliance Act (FATCA) - Libro is subject to federal Foreign Account Tax Compliance Act (FATCA) and the Inter-governmental Agreement (IGA) between Canada and United States as administered and enforced by Canada Revenue Agency. Owners must declare and provide proof whether or not they are a U.S Person for tax purpose upon account opening with Libro.
    • Acts Beyond Control of Either Party - Neither the Owner nor Libro will be responsible to the other for any delay, failure in performance, loss or damage due to fire, explosion, power blackout, earthquake, flood, the weather elements, strike, embargo, labour disputes, acts or omissions of carriers, equipment, suppliers, acts of regulatory or governmental agencies or other causes beyond the reasonable control of the Owner or Libro, except the Owner must pay all interest, principal and other charges and other services provided under this Agreement on the particular due dates.
    • Applicable Law - This Agreement shall be governed by the laws of the Province of Ontario. If any provision of this Agreement is contrary to applicable law, this Agreement shall continue in force with such amendment as may be required by law.
    • Assignment - Libro may assign all or part of its rights or duties under this Agreement (including without limitation loan syndication and securitization) without notifying the Owner. The Owner may not assign this Agreement without the prior written consent of Libro.
    • Severability - If any part of this Agreement is found invalid or unenforceable, the rest of the Agreement will remain valid and enforceable.
    • Who is Bound by this Agreement - This Agreement shall be binding on and ensure to the benefit of Libro and the benefit of Libro's successors and assigns. It shall also be binding on the Owner and their heirs, successors and personal representatives, including executors and administrators.
    • Non-Waiver - Any failure by Libro to object or take action with respect to breach of this Agreement shall not constitute a waiver of Libro's right to take action at a later date based on that breach. No course of conduct by Libro will give rise to any reasonable expectation which is in any way inconsistent with the terms and conditions of this Agreement which can only be amended with the express written consent of Libro.
    • Method of Communication - Libro may communicate with the Owner by ordinary uninsured mail or other means, including hand delivery or facsimile transmission. Mailed information is deemed to be received by the Owner five (5) days after mailing (unless otherwise specifically stated). Delivered information is deemed to be received when delivered or left at the Owner's address. Messages sent by facsimile are deemed to be received when Libro receives a fax confirmation.
    • Joint and Several -Owners who are joint Owners for Accounts are jointly and severally (which means individually and collectively) liable with the other Owner(s) for payment of all interest, principal, charges and all other liabilities and obligations for those Accounts.
    • Limitations - The contents of Libro promotional or explanatory material or unwritten statements do not add to or alter this Agreement. No promises implied by law (whether described as warranties, conditions, representations, or otherwise, and whether relating to merchantability, fitness, noninfringement, or otherwise) apply. Owners cannot collect any damages from Libro for any reason (whether under legal theories of contract, tort, negligence, strict liability, operation of law or otherwise) that are not direct damages.


    Terms used in this Agreement shall have the meanings set forth below:

    ATM means any automated banking (or teller) machine connected to a network which accepts a Card and Electronic Signature.

    Account and/or Accounts mean any individual account or accounts within the entire set of chequing, savings, investment, retirement and loan accounts all belonging to and operated by one or more Owners individually and/or jointly with each other under one general folio identification number. Card means a virtual or physical electronic transaction, stored value or credit Card (containing a magnetically encoded strip, embedded computer chip, or other technology such as RFID (radio frequency identification) or NFC (near field communications)) issued by Libro to the Owner.

    Electronic Signature means a form of individual specific information used by the Owner to authenticate their identity to Libro to enable access to information and/or authorize a transaction or service request. Forms of Electronic Signature accepted by Libro may change from time to time, and may include, without limitation: a signature sent by fax, Passwords used in conjunction with identification numbers or codes or a Card or other device identifying the Owner, and signatures made by electronic pens or electronic pads. Instructions given by such methods are deemed given when received by Libro.

    Item or Items mean cash, withdrawal slips, cheques, promissory notes, money orders, travellers' cheques, bond interest coupons, or other bills of exchange or orders for payment including such orders as may be transmitted by telephone, facsimile, personal computer or other electronic means, including those originating at automated banking machines and at electronic Terminals operated by retail merchants.

    Libro means Libro Credit Union Limited, and any predecessor Credit Union by way of amalgamation or purchase and sale, and its subsidiaries, assigns, and successors. Where used in a context that limits Libro's liability it also includes its directors, officers, employees, and others for whom Libro is responsible. Owner and/or Owners mean each Owner of the credit union (also variously called member, customer, client, borrower, Cardholder, lessee, etc.), both individually (severally) and jointly with other Owners as well as the Owner's authorized attorneys, heirs, executors, duly authorized agents and/or permitted assigns.

    Password means an alphanumeric code assigned to and/or chosen by the Owner, used during telephone or other Remote contact sessions with Libro staff or computer systems as identification and/or authorization for transactions. Passwords include codes sometimes referred to as PINs (Personal Identification Number) and PACs (Personal Access Code).

    Point-of-sale transaction means use of a Card (and Password, when necessary) either to transfer funds from the Owner's Account at Libro or stored value on a Card to buy or lease goods or services (or a token or voucher exchangeable for goods or services) from a merchant, seller, lessor or service provider or to transfer funds into the Owner's Account at Libro or onto the Card from a merchant's account or Card (in the case of a return or refund, for example).

    Remote or remotely means accessing Libro products and services outside of a physical branch by any means, such as by telephone, computer, or other communications networks. Terminal means any electronic device (including any combination of ATMs, merchant registers and checkout equipment, public or private telephones, computers, and electronic wallets) which is capable of reading information from and/or writing information to a Card for the purposes of completing a financial transaction including the transfer of monetary value from or to the Card.


    *Mutual funds are offered through Credential Asset Management Inc. and mutual funds and other securities are offered through Credential Securities Inc. and Credential Direct®, a division of Credential Securities Inc., which operates as a separate business unit. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund. ®Credential, Credential Securities and Credential Direct are registered marks owned by Credential Financial Inc. and are used under license.