Payment Instruments Terms and Conditions
This agreement governs the usage of Payment Instruments (defined below) offered through the Account. This agreement serves as a supplement to the Wealthsimple Chequing User Agreement and the Wealthsimple Investments Inc. Client Account Agreement the terms of which are hereby incorporated by reference, as applicable, except to the extent they are varied herein. By using a Payment Instrument associated with your Account, you agree to the following terms and conditions.
Payment instrument (“Payment Instrument” or “Instrument”) refers to any material or document that can be evidenced as an instruction to facilitate a payment and may include methods such as, but not limited to, cheque, certified cheque, electronic instrument, money order, wire transfer, or bank draft as available through your Account as part of the Services. By requesting an Instrument through the Site, you agree to have any associated fee for the request be charged to your Account. Wealthsimple may choose to charge additional fees for services as set out in the schedule below. Not all services may be available to all account types, and the list of services offered is subject to change. Applicable fees will be posted to the Account. Funds deposited from any Instruments may be subject to a hold period.
In the course of performing the Airline’s obligations hereunder, the Airline shall: (i) only use Personal Information for the purposes of fulfilling its obligations in accordance with the Agreement and as otherwise instructed by the Corporation in writing from time to time; (ii) not disclose any Personal Information to any third party without the prior written consent of the Corporation; (iii) where any disclosure or transfer of Personal Information is required by law, promptly notify the Corporation in writing before complying with any such requirement for disclosure (except where legally prohibited to do so); (iv) limit access to Personal Information only to those who need to have access to the Personal Information for the purposes of fulfilling the obligations under this Agreement (v) notify the Corporation in writing immediately upon the Airline becoming aware of, or suspecting, any loss, theft, damage or unauthorized or unlawful access or processing, and comply with all instructions of the Corporation in connection therewith and (vi) enter into a written agreement with each third party that has access to Personal Information that imposes obligations on the third party that are substantially similar to those imposed on the Airline. “Personal Information” means information about an identifiable individual that is transferred by the Corporation, or its authorized users, to the Airline.
Payment Obligation
By providing an Instrument to a payee, you are warranting that you have the Funds available to cover the transaction amount. It is your responsibility to ensure that you have sufficient Funds available to cover the amount of the payment.
You are responsible for ensuring and verifying that any Instrument is processed, accessed, sent, received, and accepted as intended without delay. You are also responsible for safeguarding any Instruments associated with your Account, and must notify us immediately if you become aware that any Instrument associated with your Account may have been lost, stolen, or otherwise compromised. We are not required or obligated to verify that an Instrument has been issued by you if we have not received notification from you of a potential loss, theft, or unauthorized use/replication of Instruments made available to you.
Rejected or Returned Instruments
We may, at our sole discretion and without prior notification to you, refuse or return any Instrument deposited into your Account or intended for deposit by the bearer of the Instrument. If an Instrument deposited into your Account is refused or returned, we may reverse any associated credit applied to your Account. You are solely responsible for any potential fees or charges related to a refused or returned Instrument. The posting of a reversal of a credit or debit to your Account related to a refused or returned Instrument will be considered a notification to you of said refusal or return.
Collection and Use of Information
We, our banking partners, or any other financial institutions may create and retain a digital representation of the Instrument in the course of exchanging, clearing, and/or settling the payment. This information will be treated in accordance with the Privacy Policy. This digital representation may be treated as if it were the original Instrument. We may choose to make the digital representation available to you through the Site and/or at your request. In addition, we may require collection of your personal information, such as your signature, in order to carry out the services. Your personal information will be treated in accordance with our Privacy Policy. We may share this information with our Partners and/or other financial institutions in order to process your transactions and comply with regulatory obligations.
Mobile Cheque Deposit Service
We may provide you with the ability to deposit eligible Instruments into the Account by capturing a digital representation of the front and back of the original Instrument through the Wealthsimple mobile application (“Mobile Cheque Deposit”).
Instruments that are eligible for Mobile Cheque Deposit include bank drafts, cheques, money orders, and any other Instruments that we deem to be eligible. Eligible Instruments must be issued by, drawn on, or payable through a Canadian financial institution in Canadian currency, and must not be postdated (a payment for a future date) or more than six (6) months old.
When you create the digital representation using Mobile Cheque Deposit, you are acting as Wealthsimple’s agent for the limited purpose of creating the digital representation. Any digital representation you create in this manner will be treated as if Wealthsimple had created the digital representation itself. You may not delegate your agency duties.
After you have deposited an Instrument using Mobile Cheque Deposit you must: clearly write “Deposited” on the front of the Instrument; keep the Instrument in a safe and secure place for six (6) business days following the date of deposit; as soon as possible following the expiry of this six (6) business day period, but in any event no later than 120 days following creation of the digital representation of the Instrument, promptly destroy the Instrument by a secure method that ensures that the Instrument cannot be reused. You are responsible for any and all costs associated with obtaining a replacement Instrument if required.
In addition, the terms below will apply to the use of Mobile Cheque Deposit:
All relevant information must be present, clear, and legible. Required information includes: the date, payee, payee institution, amount in words and figures, signature of the payor, cheque number and magnetic ink character recognition information and any other information as may be required by us;
Each Instrument must be in the standard format approved by Payments Canada;
You must be the individual named on the Instrument to use Mobile Cheque Deposit. Instruments payable to someone else and endorsed over to you will not be accepted;
Instruments can only be deposited once. You may not deposit, or attempt to deposit, any Instrument that has been cashed or deposited or transferred to any other person or company;
If you breach these provisions, intentionally or inadvertently, you are liable for any returned Instrument charges and any other related charges; and
You agree to cooperate with the investigation of any Mobile Cheque Deposits as needed.
Termination of Agreement
We may, at our sole discretion and without notice to you, terminate this agreement if we are made aware of a breach of the terms set out in this agreement. We may immediately suspend your use of this Service and terminate this Agreement if we have reason to suspect that you have used the Service for fraudulent, illegal, or money laundering purposes, or if you have, in our sole discretion, misused the Service. The limitations of liability set out in the Wealthsimple Chequing User Agreement apply to this Agreement and to your use of the Service.
Additional Fees, unless otherwise stated:
Ordering New Cheque Book: $50.00
Payment Instrument rejected or returned due to insufficient funds in the Account: $45.00
Stop payments: $15.00
Bank Draft: $10.00