Terms & Conditions

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Terms, Conditions and Financial Literacy

Joint Account and Power of Attorney

Joint Account Information

Non-registered Guaranteed Investment Certificates (GICs)

When a VersaBank Non-registered GIC investment is made and joint tenants with right of survivorship is indicated, or GICs are applied for by more than one Depositor and no special instructions are noted, then the Depositors shall be joint tenants and the Depositors agree that the Bank will, upon presentation of the death certificate, repay the investment balance to the survivor(s). This repayment will be made at the written request of the survivor(s). The Bank will reregister the deposit at the request of the survivor(s).

When a GIC is applied for by more than one Depositor and it is explicitly stated that a payment may be made to any of these individuals, or to any other person at the direction of any of these individuals, any such payment shall constitute full payment by the Bank.

Important Information About Joint Accounts

Joint holders share equal access and responsibility for a GICs (unless stated otherwise). Each GIC holder is able to make transactions without the consent of the other joint holders. Joint holders are responsible, both jointly and individually, for the GIC. VersaBank may disclose your account information to any joint account holder.

To learn more about joint accounts please refer to the Financial Consumer Agency of Canada.

Power of Attorney (POA) Information

VersaBank does not provide legal advice or POA forms. We recommend obtaining legal advice when considering a POA.

A Power of Attorney (POA) is a legal document that grants another individual the authority to act on your behalf in specific or all legal and financial matters. This person, known as your attorney, can serve as your legal representative to perform certain actions for you.

A POA can be an important part of managing financial affairs if individuals are unable to do so due to illness, disability, or other reasons. It ensures that someone you trust can make important decisions on your behalf. It is important to understand the risk of a POA.

POA Risks

A Power of Attorney (POA) can be a powerful and useful tool, but it also comes with several risks:

Financial Mismanagement: The POA has access to finances and assets, which can lead to mismanagement or even theft if the POA is not trustworthy.
Legal Liabilities: The POA has a legal duty to act in the best interests of the person who appointed them. Failure to do so could result in legal consequences.
Family Conflicts: Disagreements among family members can arise if they suspect the POA is abusing their power or making poor decisions.
Abuse of Power: a POA can be exploited, leading to significant financial and personal harm.

To mitigate risks, it is important to choose a trustworthy POA, define their powers, and include provisions for regular review and accountability.

VersaBank POA Requirements

The following are the minimum requirements:

A valid Power of Attorney document in acceptable form according to the laws of the province in which it was executed must be provided. The document must be the original or a certified true copy that is properly dated, signed, and witnessed.
A Power of Attorney must complete all client identification requirements.

VersaBank reserves the right to refuse a POA and to decline acting on POA instructions. If a POA is refused, you have the right to further the decision.

VersaBank has adopted the Canadian Bankers Association (CBA) Commitment on Powers of Attorney and Joint Deposit Accounts

For more information about Powers of Attorney, please visit:

Prohibited Conduct

Section 627.04 of the Bank Act prohibits banks from practicing coercive tied selling and from taking advantage of a person. It is against the law for a bank to “impose undue pressure on a person, or coerce a person, for any purpose, including to obtain a product or service from a particular person — including the institution and any of its affiliates — as a condition for obtaining another product or service from the institution” or “take advantage of a person”.

Contact Us

Please let us know if you have any questions about prohibited conduct or any dealings with VersaBank. Our contact information is set out below:

Telephone: 1.800.213.4282
E-mail: [email protected]
Write to us at: VersaBank 2002-140 Fullarton Street London, Ontario N6A 5P2

Fees

At VersaBank we are committed to open and transparent dealings. We do not charge any fees for the purchase of our Guaranteed Investment Certificates (GICs). A fee may be associated with the re-registration, transfer of ownership or assignment of a deposit product.

Service Type	Fee
Nominee GIC - External Re-registration/Transfer of Ownership	$25.00 per registration
Nominee GIC - Internal Re-registration	$15.00 per registration
Assignment of a Guaranteed Investment Certificate	$25.00 per assignment

Fraud

Learn to identify and protect your clients from some common types of financial scams, including identity fraud, telemarketing and romance scams.

Identity Fraud
Identity Fraud is when someone uses personal information without an individuals knowledge or consent. It is important to always be careful when sharing personal information.

Never share passwords or Personal identification Numbers (PINs). VersaBank will never call and ask for passwords or PINs!

Telemarketing Scams

Telemarketing Scams are clever and may trick anyone who answers the phone into giving out personal information.

The caller may say that they are employed by a bank, the Canada Revenue Agency, or even pose as a family member that’s in an emergency and needs money. It is important not to take the bait. Never give out personal or banking information over the phone to someone that is not known. Do not be pressured by time sensitive requests. If an individual receives a suspicious sounding call, hang up!

Romance Scams

Romance Scams occur when a fraudster develops an online romantic relationship with you. Once they think an individual has fallen for their spiel, they tell them they are in trouble and need money. Learn how to protect from these criminals. Always be wary of an online love interest that asks for money!

Emergency Scams

Emergency scams, including variations called “grandparent scams”, use urgency and the manipulation of emotions to extort money from victims. In these scams, fraudsters cold call seniors, on landline phones, claiming to be a grandchild, family member, law enforcement officer or lawyer calling on behalf of their loved one. They’ll say that the person’s loved one was involved in an emergency situation, such as a collision, charged by law enforcement, legal peril, being sick or injured, etc. They demand the senior provide payment immediately for supposed bail, legal fees, fines or other amounts “owed” to stop the family member from going to jail or to get them released from custody. This is a scam.

The fraudsters isolate the victims by informing them that there is a court-imposed gag order, and they’re forbidden from discussing the matter. The victims are directed to attend their financial institution to withdraw the requested amount in cash. The fraudsters will then send someone to pick it up from the victim’s home or have the victim send the money via courier services. There have also been reports of victims paying with cryptocurrency

Victim of fraud? What to do.

Contact your financial institutions immediately
Advise credit agencies
Update your Personal Identification Numbers (PINs) and Security Passcodes
Contact your local law enforcement authority

To learn more about fraud or report a fraud:

Contact the Canadian Anti-Fraud Centre.

The Canadian Bankers Association website offers valuable tips and information on how to avoid various types of fraud and scams.

Deposit Insurance

VersaBank is a member of the Canada Deposit Insurance Corporation (CDIC). VersaBank deposit products are eligible for deposit insurance subject to the maximum coverage limitations as outlined by the CDIC.

For more information about what’s covered and how it works, click the digital symbol.

Additional details can be found on CDIC, Regulators & Helpful Links