Royal Bank of Canada
NOMI Find & Save™ Service and NOMI Find & Save Account
Terms and Conditions
Effective as of: July 18, 2019
“We”, “us” and “our” mean Royal Bank of Canada (the Bank) or any of its deposit-taking subsidiaries.
“You” and “your” mean each person who has consented to these Terms, including any co-owner of a joint NOMI Find & Save Account.
“Terms” means the terms and conditions that apply to the NOMI Find & Save Service and NOMI Find & Save Account and the applicable interest rate found on our RateSetter.
These Terms apply to the NOMI Find & Save Service and NOMI Find & Save Account. In order for the NOMI Find & Save Service to be made available to you and the NOMI Find & Save Account to be opened, you must read the Terms and select the applicable confirmation button to confirm that you agree to them and they are a legally binding contract between you and us.
If you do not agree to these Terms, please click the decline button. You will not be able to proceed with opening the NOMI Find & Save Account and using the NOMI Find & Save Service until you have read and agreed to the Terms.
As you are opening the NOMI Find & Save Account electronically, you consent to our making your Terms available, and we will provide you with the Terms in electronic form as outlined in Part B below.
The Terms take effect on the date you select the applicable confirmation button (or on the next Business Day).Contents
PART A: NOMI FIND & SAVE SERVICE AND NOMI FIND & SAVE ACCOUNT
PART B: ELECTRONIC DISCLOSURE AND DOCUMENTS
PART C: COLLECTION AND USE OF PERSONAL INFORMATION
PART D: GENERAL
PART E: DEFINITIONS
PART A: NOMI FIND & SAVE SERVICE AND NOMI FIND & SAVE ACCOUNT
This Agreement applies to the NOMI Find & Save Service and the NOMI Find & Save Account you own with us. It replaces all prior agreements between you and us for a NOMI Find & Save Account.
This Agreement tells you about your rights and duties as a NOMI Find & Save Account owner. You should read it carefully. You will operate and use your NOMI Find & Save Account according to the terms of this Agreement and any other terms or conditions that we may advise you of from time to time.
- NOMI Find & Save Service
The NOMI Find & Save Service analyzes your spending and saving patterns in a designated Source Account, identifies funds that are available for saving and automatically transfers them to your NOMI Find & Save Account. The NOMI Find & Save Service will also automatically transfer money back to your linked Source Account to avoid a shortfall in your linked Source Account.
(a) Money Movement to NOMI Find & Save
The NOMI Find & Save Service will transfer funds from your designated Source Account to your NOMI Find & Save Account. You authorize us to debit your Source Account an amount within the range of debit amounts and according to the frequency disclosed to you from time to time in the RBC® Mobile App. The amount and frequency may be changed from time to time. You also authorize us to immediately credit your NOMI Find & Save Account with the amount debited from the Source Account.
You acknowledge and accept that the amount and frequency of each transfer from the Source Account to the NOMI Find & Save Account will be determined and made by us. The amount and frequency may vary depending on your banking activity in the Source Account over the three-month period prior to the transfer. You may not change either the amount or the frequency of these transfers from the Source Account to the NOMI Find & Save Account.
You have the option to receive notifications alerting you each time the NOMI Find & Save Service has transferred money. However, you waive any right to receive prior notice of the amount and timing of the transfers.
In addition to transfers made automatically by the NOMI Find & Save Service, any co-owner of a NOMI Find & Save Account may transfer funds to the NOMI Find & Save Account from any of their RBC Canadian-dollar Personal Deposit Accounts via the RBC Mobile App or Online Banking, or by contacting us toll-free at 1-800-769-2511 1-800-769-2511. There is no limit on the individual or cumulative amount or number of transfers that may be made to the NOMI Find & Save Account.
Any co-owner may pause the automatic transfers to the NOMI Find & Save Account for up to one year by selecting this option in the NOMI Find & Save settings menu found in the RBC Mobile App, and as a result the automatic debits from the Source Account will temporarily cease. Any co-owner may restart the NOMI Find & Save Service at any time by selecting this option in the NOMI Find & Save settings menu found in the RBC Mobile App. When the pause expires, provided your Source Account and your NOMI Find & Save Account have not been closed, the NOMI Find & Save Service will automatically restart.
Note: when NOMI Find & Save is paused, self-initiated fund transfers may still be initiated by any co-owner.
(b) Money Movement from NOMI Find & Save
You may withdraw funds from the NOMI Find & Save Account at any time by transferring them to the Source Account or any of your RBC Canadian-dollar Personal Deposit Accounts. There is no limit on the amount or the number of transfers that may be made. Other transactions to and from the NOMI Find & Save Account may be limited.
The NOMI Find & Save Service will transfer funds from your NOMI Find & Save Account to your Source Account in the event that your designated Source Account does not have sufficient funds to honour pending transactions. This is a mandatory feature of all NOMI Find & Save Accounts. You authorize us to debit your NOMI Find & Save Account, up to the daily limit that’s disclosed to you on the NOMI Find & Save website, in the event that pending transactions in your Source Account put or may put your Source Account into overdraft. You also authorize us to immediately credit your Source Account with the amount debited from your NOMI Find & Save Account.
Important: Transfers to the Source Account from the NOMI Find & Save Account will occur regardless of whether the linked NOMI Find & Save Account is solely owned or jointly owned, and regardless of the original source of the funds in the NOMI Find & Save Account. This means that funds held in a solely owned NOMI Find & Save Account, including funds that may have originally been transferred to the NOMI Find & Save Account from any of your other Personal Deposit Accounts, may be transferred to a jointly held Source Account to avoid overdraft in the Source Account.
The maximum amount that may be transferred to your Source Account from your NOMI Find & Save Account will be subject to a Business Day daily limit that is disclosed to you from time to time on the NOMI Find & Save website. In calculating how much of that daily limit may be made available to transfer from your NOMI Find & Save Account to your Source Account, we will look at and include within that calculation the amount of any deposits that you have made to your Source Account after the applicable cut-off time. For example: If you have a $1,000 in your Source Account and have a pre-authorized payment of $1,200 pending from this account, your NOMI Find & Save Account has $300, and $200 will be transferred automatically to your Source Account to honour this pending transaction.
You acknowledge and accept that the amount and frequency of each transfer will be determined and made by us. The amount and frequency may vary depending on your banking activity in the Source Account.
Transfers from the NOMI Find & Save Account to the Source Account are made once each Business Day on an overnight basis in an amount no greater than the maximum daily limit disclosed on the NOMI Find & Save website. The NOMI Find & Save Service cannot assist with real-time/Point of Sale transactions that may cause an overdraft in your Source Account.
Note: Transfers from your NOMI Find & Save Account to your Source Account will occur:
- prior to the application of any Overdraft Protection you have for your Source Account, or any discretionary overdraft we may otherwise permit you to incur in your Source Account. This means that even if you would otherwise be permitted to incur an overdraft in your Source Account, and even if you have Overdraft Protection, if sufficient funds are available in your NOMI Find & Save Account, there will be a transfer of funds from your NOMI Find & Save Account to your Source Account to avoid your Source Account becoming overdrawn;
- regardless of the ownership structure of the Source Account and the NOMI Find & Save Account. This means that if your NOMI Find & Save Account is solely owned and linked to a jointly owned Source Account, funds in your NOMI Find & Save Account will be available to be transferred to the jointly owned Source Account to cover any pending transactions or overdraft amounts in the jointly owned Source Account. Please note: Any funds you have transferred to your NOMI Find & Save Account from any other Personal Deposit Account will be available to cover any pending transactions or overdraft amounts in your Source Account;
- even if the automatic transfers to your NOMI Find & Save Account are paused; and
- until funds are no longer available in the NOMI Find & Save Account or the NOMI Find & Save Account is closed. Once there is a balance available in the NOMI Find & Save Account due to either automatic transfers or self-initiated transfers to the NOMI Find & Save Account, those funds can be transferred back to your Source Account to cover any pending transactions or overdraft amounts.
- The NOMI Find & Save Account
A NOMI Find & Save Account is automatically opened after you complete the mobile account opening application. The NOMI Find & Save Account will appear in your RBC Mobile App as well as in Online Banking.
- Selecting the Source Account
You can designate the Source Account from which the NOMI Find & Save Service will transfer money.
If you have more than one eligible Source Account, you may change the designated Source Account in the NOMI Find & Save Account settings in the RBC Mobile App. This capability is not available if the NOMI Find & Save Account is jointly owned or if there is a Designated Time Period during which invitations to co-owners of the Source Account are pending.
There are no fees related to the NOMI Find & Save Account or the NOMI Find & Save Service.
- Deposit Interest
We will pay you deposit interest on the credit balance in the NOMI Find & Save Account pursuant to the rate disclosed and the terms set out in our RateSetter.
- Joint NOMI Find & Save Accounts
A Source Account that is jointly held by two or more co-owners, designated as “Any One to Sign”, may be linked to a NOMI Find & Save Account that is either solely or jointly (designated as “Any One to Sign”) held. If the NOMI Find & Save Account is jointly held, all co-owners must also be co-owners of the Source Account.
The following additional provisions apply to a jointly held NOMI Find & Save Account:
- (a) Adding Co-Owner(s)
If you choose a Source Account for the NOMI Find & Save Service that is jointly held, we will automatically send an invitation to all co-owners of the Source Account to join the NOMI Find & Save Account. That invitation will remain open for a period of time, designated in your RBC Mobile App. During the Designated Time Period, until their consent has been provided, the NOMI Find & Save Account will be open in sole ownership and the NOMI Find & Save Service will commence immediately. If co-owners of the Source Account accept the invitation to join the NOMI Find & Save Account within the Designated Time Period, the sole-ownership status will be updated to joint ownership. If the co-owners of the Source Account do not accept the invitation to join the NOMI Find & Save Account within the Designated Time Period, it will remain a sole-ownership account. You may not change the Source Account during the Designated Time Period while the invitation to all co-owners of the Source Account is pending.
You agree that by adding one or a number of co-owners to the NOMI Find & Save Account, either by designating a jointly held account (“Any One to Sign”) as a Source Account or by adding a co-owner(s), each one of you will also have access to all of the complete, previous NOMI Find & Save Account history and transaction details, and you agree to this access being provided.
The invited co-owner may accept to join the NOMI Find & Save Account or may select a different Source Account. If they select a different Source Account, they will be prompted to open a separate NOMI Find & Save Account. Each customer may have only one NOMI Find & Save Account.
- (b) Terms
If the NOMI Find & Save Account is to be jointly held with one or more co-owners, each co-owner must agree to the Terms before the NOMI Find & Save Account may be opened as a jointly held account. Until all co-owners have been added, the NOMI Find & Save Account will be open as a sole-ownership account.
- (c) Signing Authorities
The authorities for a joint NOMI Find & Save Account may only be designated as “Any One to Sign”. This means that we may honour an Instrument and accept any other instruction or direction in respect of the joint NOMI Find & Save Account that has been signed, submitted or received by any one (or more) of the signing authorities, and for this purpose each authority appoints the other(s) as their agent(s). This means any one of the NOMI Find & Save Account co-owners may use the funds in the NOMI Find & Save Account for any purpose without obtaining the consent of the other co-owner(s). As the Source Account is designated as “Any One to Sign”, we shall have no duty or responsibility to consider or determine the ownership or entitlement of any specific funds as between co-owners in the Source Account or the Find & Save Account for the purpose of determining the amount or frequency of each debit from the Source Account to be credited to the Find & Save Account.
Any one of you may also receive Statements, Notifications and other transaction records for a joint NOMI Find & Save Account and make decisions related to the joint NOMI Find & Save Account that are administrative in nature (such as pausing or unpausing transfers or transferring funds to your NOMI Find & Save Account on a self-initiated basis).
- (d)Removing the Co-Owner(s)
You agree that if one or a number of co-owners are removed from the joint NOMI Find & Save Account, the joint NOMI Find & Save Account will be closed.
- (e) Estate Account
If this is an estate account with more than one Estate Representative, these provisions governing joint account owners will be adapted to the extent possible to multiple testamentary executors or liquidators, but the provisions on survivorship upon the death of any joint owner set out below will not apply.
- (f) Survivorship
Except for accounts located at a branch in Quebec, your joint NOMI Find & Save Account has the right of survivorship, which means it is your intention that, on your death, the balance of the joint NOMI Find & Save Account shall be paid to the surviving joint NOMI Find & Save Account holder(s), subject to our right of set-off. You irrevocably direct us, upon receipt of a demand from the surviving joint NOMI Find & Save Account holder(s) requesting the balance of the NOMI Find & Save Account, to pay to the surviving NOMI Find & Save Account holder(s) the balance upon our receipt of evidence of your death that is acceptable to us, and to act in accordance with such request by removing your name from the joint NOMI Find & Save Account, subject to any applicable laws on the period of survivorship. We shall be entitled, although not compelled, to do so without inquiring as to whether the surviving joint NOMI Find & Save Account holder(s) has, as between the surviving joint NOMI Find & Save Account holder(s) and your heirs, executors, administrators, assigns or any third party, the beneficial right to the monies so directed, and without recognizing any claim of any third parties. If a dispute arises between any of these parties, we will not be liable for any loss, damage or legal costs incurred. None of the foregoing releases you or your estate from liability for debts or overdrafts owing to us and incurred prior to and on your death.
For greater clarity, if a joint NOMI Find & Save Account is located at a branch outside Quebec but is subsequently moved to a branch in Quebec, this provision will not apply once the joint NOMI Find & Save Account is moved to the branch in Quebec. If a joint NOMI Find & Save Account is located at a branch in Quebec but is subsequently moved to a branch outside Quebec, this provision will apply once the joint NOMI Find & Save Account is moved to the branch outside Quebec.
- (a) Adding Co-Owner(s)
- Your Responsibilities
Your financial situation is unique. We do not make any representation, warranties or guarantees of any kind that these services are appropriate for you. Before signing up for the NOMI Find & Save Service and opening the NOMI Find & Save Account, you may consider obtaining additional information or advice from a financial adviser.
Each owner is jointly and severally (in Quebec, solidarily) responsible for ensuring your Source Account has sufficient funds for your needs, purposes and transactions. We are not responsible for any overdraft or other account fees that may be incurred in the Source Account, notwithstanding any transfers that may be made from your NOMI Find & Save Account to your Source Account by us. You are responsible for maintaining sufficient funds in the Source Account in order to avoid Overdraft Interest and any other charges. Each owner is jointly and severally (in Quebec, solidarily) liable to us for the performance of all of your duties under these Terms, including the repayment of any joint NOMI Find & Save Account overdraft (and Overdraft Interest) no matter who created it. This means the funds deposited into a joint NOMI Find & Save Account will be subject to creditor’s rights or other claims that might exist against any co-owner.
If your Source Account becomes depleted of funds or is closed, we will no longer be able to make deposits to the NOMI Find & Save Account. Your NOMI Find & Save Account will become inactive if deposits to it and transfers from it cease. You may reactivate your NOMI Find & Save Account by depositing funds into your Source Account or by transferring funds from your NOMI Find & Save Account to the Source Account. If your Source Account has been closed, you should change your Source Account (if you have another eligible account) or withdraw your funds from the NOMI Find & Save Account and close it.
If you have not done any transactions in your NOMI Find & Save Account for 24 months (two years) or more, your NOMI Find & Save Account will become inactive. You may choose to reactivate or close your NOMI Find & Save Account. When a NOMI Find & Save Account has been inactive for a period of two years, five years or nine years, we are required by law to notify you in writing by sending you an inactive account notice. We do not send notices in the third, fourth, sixth, seventh and eighth years of inactivity.
If your NOMI Find & Save Account remains inactive and the balance reaches zero at any time after we send you the two-year inactive account notice, we will close your NOMI Find & Save Account without further notice to you. If your NOMI Find & Save Account remains inactive and the balance is still unclaimed after the nine-year inactive account notice is sent, we will close your NOMI Find & Save Account. Deposit interest will be paid until the NOMI Find & Save Account is closed. The balance of your NOMI Find & Save Account will be transferred to the Bank of Canada after 10 years of inactivity.
- Account Closure
You may not switch or convert the NOMI Find & Save Account to another account. You may close the NOMI Find & Save Account at any time by contacting us. If the NOMI Find & Save Account is closed during the calendar month, the interest is calculated from the first day of the month to and including the day before the NOMI Find & Save Account is closed. The interest is paid to the NOMI Find & Save Account on the day the NOMI Find & Save Account is closed. We will then transfer the balance in your NOMI Find & Save Account to your Source Account and promptly close it. If the Source Account has already been closed, we may either issue any net balance of the funds to you in person (if you close your NOMI Find & Save Account in person) or issue a draft in the amount of any net balance in the NOMI Find & Save Account on the date of the closure, payable to you, and deliver it at your risk to your last recorded address or in any other manner we deem appropriate. Your termination of these Terms will not affect any of our rights or your obligations under these Terms.
We may close or suspend a NOMI Find & Save Account for any reason in our absolute discretion and without notice, including if you do not use it in accordance with these Terms and the law, or if, in our opinion, there is unusual, improper or suspicious activity in the NOMI Find & Save Account or the Source Account. If we close the NOMI Find & Save Account, we may transfer the funds to the Source Account. If the Source Account has already been closed, we may either issue any net balance of the funds to you in person or issue a draft in the amount of any net balance in the NOMI Find & Save Account on the date of the closure, payable to you, and deliver it at your risk to your last recorded address or in any other manner we deem appropriate. Payment of any funds on deposit in a joint NOMI Find & Save Account we close will be made to co-owners jointly.
- Freezing, Suspending, Restricting or Terminating Use of Your NOMI Find & Save Account and Services
We may suspend, freeze, restrict access to, restrain, block or terminate your right to use your NOMI Find & Save Account or any services related to your NOMI Find & Save Account, without notice and at our sole discretion, even if you are not in default of this Agreement if:
- there is unusual, improper or suspicious activity;
- you are a victim of fraud or identity theft in order to prevent future losses;
- we are required by law;
- there is a dispute about, or it is uncertain to us, who is entitled to the funds in the NOMI Find & Save Account;
- we have reasonable grounds to believe that you committed or may commit or may participate in fraud, used or will use the NOMI Find & Save Account for any unlawful purpose, or caused or will cause a loss;
- you operate the NOMI Find & Save Account in an unsatisfactory manner or contrary to our policies; or
- you violate the terms of any agreement applicable to the NOMI Find & Save Account or any related service.
In any such circumstances we may apply to the court for directions or pay the funds into court, for which payment shall be in Canadian dollars.
In any case, we shall fully recover any expenses incurred by us from the funds in the NOMI Find & Save Account.
We may debit or adjust any NOMI Find & Save Account, even if the debit creates an overdraft or results in a NOMI Find & Save Account being overdrawn in excess of your Overdraft Protection Limit in the following situations:
- if any amount that we determine, in our discretion, was credited to the NOMI Find & Save Account or otherwise paid to you, or on your behalf, as a result of:
- – an error
- – a transaction undertaken without a NOMI Find & Save Account owner’s authorization;
- – any Instrument which may be forged, fraudulent or unauthorized in any way, including as a result of a material alteration or any forged, fraudulent, unauthorized, missing or incomplete endorsement or signature, or for which we are unable to receive irrevocable settlement or payment, including an Instrument payable to another person and one that is missing endorsements or has forged, fraudulent or unauthorized endorsements;
- if there is a fraud claim against the Instrument, funds or payment or if we believe the payment was made as the result of any fraudulent, unlawful or improper activity;
- if the Instrument is dishonoured, unpaid or paid and subsequently returned for any reason; or
- if the Instrument is a duplicate.
You waive presentment for payment, notice of dishonour, protest and notice of protest on all Instruments requiring such action.
We may attempt to obtain payment for the Instrument from the drawer or the drawer’s financial institution, but we will not be liable for doing so late or improperly.
You acknowledge and agree that you do not acquire rights to funds deposited into your NOMI Find & Save Account in error merely by virtue of the fact that such deposit has been made, regardless of the length of time the funds remain in the NOMI Find & Save Account.
After your death, if we receive a request from the issuer or administrator of pension for the return pensions benefits including but not limited to Old Age Security or other social or income security benefits deposited into your NOMI Find & Save Account, we may rely on their request that such funds be owed and reimburse the payor, with or without notice to your Estate Representative.
If sufficient funds are not available in your NOMI Find & Save Account as a result of an adjustment, you agree to pay us the amount owed and you will be liable to us for any such amounts owed. You agree to immediately repay any overdraft in your NOMI Find & Save Account or over your Overdraft Protection Limit caused by any debit made under this section, together with interest.
If the debit or adjustment involves a currency exchange, you agree that you will be responsible for any cost or loss associated with the currency exchange, and we may charge this cost to your NOMI Find & Save Account. You acknowledge that the exchange rate used may result in revenue being earned by us on the conversion.
- Application of Funds
Even if we have not made any demand, the amount is not due and payable, and other third parties have made demands against you, we may at any time, without notice, apply the funds on deposit in a NOMI Find & Save Account to any debt or obligation you or any one of you, if this is a joint NOMI Find & Save Account, owe to the Bank.
If such debt or obligation is in a currency other than the currency of the NOMI Find & Save Account, we may use all or part of such credit balance to buy any currencies that may be necessary to pay the debt or obligation.
This right is in addition to any rights we may have at law or in equity to set-off or compensation, which we reserve against you, and if this is a joint NOMI Find & Save Account, against each of you jointly and severally.
On your death, all your debts owing to us incurred prior to and on your death may be paid, in part or in full, out of a joint NOMI Find & Save Account. The remaining balance, if any, of the joint NOMI Find & Save Account shall be paid to the surviving joint NOMI Find & Save Account holder(s) in accordance with the right of survivorship described in this Agreement.
- Third Party Demands
We will comply with any lawful third-party demands that we receive. We may, but do not have to, notify you that we have received a legal notice or document before we comply with it. We may be required by law to restrict your account. Any payment we make to a third-party claimant in good faith is a discharge of our obligations to the extent of the amount paid.
You agree to fully indemnify us for, and we may fully recover, any Expenses we incur:
- to collect amounts you owe us, including Expenses related to the use of a collection agency;
- relating to any dispute about the funds in a NOMI Find & Save Account or the ownership of any NOMI Find & Save Account; or
- relating to executions of third-party demands or claims against or related to the NOMI Find & Save Account.
Such Expenses may be recovered by us from the funds in the NOMI Find & Save Account. All such payments shall be in Canadian dollars, with any conversion to occur on the date of payment at a currency conversion rate established by us.
- Access to and Use of Your NOMI Find & Save Account
We will determine how you may access your NOMI Find & Save Account, including ways to identify you when you require our services.
Depending on how your NOMI Find & Save Account is accessed and used, it may also be governed by the terms of any one of the following:
- Client Card Agreement
- Electronic Access Agreement
- Other agreements we have for services that govern the access and use of your NOMI Find & Save Account
Any matters not otherwise covered by these Terms in relation to the operation of your NOMI Find & Save Account are governed by the Personal Deposit Account Agreement.
- Access and transactions to and from your NOMI Find & Save Account may be subject to limits set by us.
- We can refuse a deposit to your NOMI Find & Save Account or acceptance of an Instrument.
- Under some circumstances we may prohibit immediate access to your NOMI Find & Save Account.
- Your NOMI Find & Save Account is for your personal use and will not be used for business purposes, and if we determine that your NOMI Find & Save Account is being used for business purposes, we can close the NOMI Find & Save Account.
You acknowledge and agree:
- that you are not carrying on or are associated with activities that are improper, illegal, unlawful; or that you are connected with a business that we may determine, at our sole discretion, is a restricted business;
- that the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations, as they may be amended from time to time, apply to the operation of your NOMI Find & Save Account, and that we will, from time to time, adopt policies and procedures to address the reporting, client identification and recordkeeping requirements of this legislation, which may be more rigorous than statutory or regulatory requirements;
- to abide by and comply with all such policies and procedures, as applicable;
- that the NOMI Find & Save Account is not to be used by, or on behalf of, a third party or parties without our prior written permission;
- that we reserve the right to prevent your NOMI Find & Save Account from being used for certain types of transactions as determined by us, including transactions connected to internet/online gambling, except for internet/online gambling-related transactions that are offered through a lawfully established provincially run lottery corporation in Canada;
- that you may not give anyone (other than RBC) a security interest to any funds in a NOMI Find & Save Account, whether by assignment, hypothec, transfer or otherwise.
- Returned Items
All Instruments deposited into the NOMI Find & Save Account are provisionally credited subject to final payment by the financial institution on which the Instrument is drawn. Instruments deposited into the NOMI Find & Save Account may be dishonoured, not paid or paid but subsequently returned either during or after the expiry of the hold period, or after we release the hold. An Instrument may be returned for any reason, including because it is counterfeit, has a forged signature or endorsement, has been altered or is stolen. We do not guarantee an Instrument deposited into a NOMI Find & Save Account. If the Instrument deposited is returned for any reason including after the hold period expires and funds have been made available for withdrawal, we will charge the amount of the Instrument to your NOMI Find & Save Account and reverse any credit given, including any interest earned on that credit, plus associated Expenses.
- Appointing a Legal Representative
You may appoint one or more Legal Representatives to act for you in respect of a NOMI Find & Save Account. However, please note the following:
- We may refuse to accept the appointment in our sole discretion if it is not satisfactory to us.
- We may refuse to honour any transaction made by a Legal Representative, or require satisfaction of certain conditions before honouring a transaction.
- A Legal Representative will have access to the previous NOMI Find & Save Account history and transaction details for the NOMI Find & Save Account, and you agree to this access being provided.
- Processing Transactions
You acknowledge that any transaction you make on a Business Day may not be processed by us on the same Business Day. We will not be responsible for any losses, damages or inconvenience suffered from a delay in the transaction.
- NOMI Find & Save Account Verification and Security of Your NOMI Find & Save Account
We have no responsibility for monitoring your NOMI Find & Save Account on your behalf. It is your responsibility to regularly examine all NOMI Find & Save Account transaction information in your Statements or other transaction records, including Digital Banking records or any other transaction confirmations. You must notify us in writing of any errors, irregularities, omissions, unauthorized transactions or forgeries related to or in the transaction information within 45 days from the date of your Statement. If you do not notify us as required, you will be deemed to have knowledge of and agreed to the transaction information, fees and Instruments posted to your NOMI Find & Save Account, and the account balance; you accept the NOMI Find & Save Account transaction information and Statements as complete, correct and binding on you; and we will be released from all claims by you in respect of the NOMI Find & Save Account transaction information and Statements or other transaction record, including any transaction and balance errors, and any claim of negligence, conversion, breach of trust, breach of fiduciary duty or breach of contract.
You agree to take all reasonable precautions to maintain the security and integrity of your NOMI Find & Save Account and to prevent fraudulent transactions in your NOMI Find & Save Account. You agree to advise us of any suspicious circumstances that you are aware of regarding any transaction in your NOMI Find & Save Account at the time of your instruction to us. You agree to keep your Client Card, any Instruments and your personal banking passwords and PIN safe at all times and to take reasonable steps to protect them. You must notify us immediately about any actual or suspected loss, theft or unauthorized use of any Instruments, or any other circumstances in which a person might reasonably conclude that fraud may occur in connection with your NOMI Find & Save Account or that security has been compromised. You are responsible for all use, including any forgery, of your Client Card, cheques or other Instruments, and even if you notify us within 45 days of the date of your Statement, we will have no responsibility for such use, including any forgery, unless you prove that you took reasonable precautions to protect them and you exercised reasonable care in examining your NOMI Find & Save Account transaction information and Statements.
- Release of Funds on Death
We will require estate documentation to release funds from any NOMI Find & Save Account upon the death of the owner. Estate documentation means any document that may be required by us in our absolute discretion. Estate documentation may include a death certificate, probated will or notarial will (in Quebec). In the event of any dispute regarding the release of funds upon your death, we may pay the amounts held in any NOMI Find & Save Account into court and recover any expenses, including legal fees, incurred by us from the funds in a NOMI Find & Save Account. For further clarity, we may fully recover from the NOMI Find & Save Account any expenses for the translation of any documentation provided in connection with the release of the funds.
With respect to joint NOMI Find & Save Accounts, we are authorized to release any information about the NOMI Find & Save Account to the Estate Representative of the deceased NOMI Find & Save Account co-owner up to the date of the death, except in Quebec where the liquidator is entitled to all NOMI Find & Save Account information up to or after the death of a co-owner.
- Liability for Damages
We will not be liable for any loss, damage or inconvenience suffered by you except in a case where there has been negligence on our part, even if we have been advised of the possibility of such damages. We will not, under any circumstances (even if we are negligent), be liable for any indirect, consequential, special, aggravated, punitive or exemplary damages whatsoever caused to you, regardless of the cause of action. In no event, even if we are negligent, will we be liable to you for any loss or damage suffered by you resulting from:
- (a) any failure, error, malfunction, delay or inaccessibility of any machine, system or equipment;
- (b) any failure, error or delay by any third party;
- (c) your failure to fulfil any of your obligations under these Terms; or
- (d) any circumstances beyond our control.
- Representation on the Payment of Taxes
You represent to us that, for so long as you have a NOMI Find & Save Account with us, you have filed and will continue to file truthfully all necessary tax returns, forms and disclosures with respect to all of your transactions and accounts with each taxation authority having jurisdiction over your tax affairs by reason of your citizenship, residence or domicile. You acknowledge and agree that you are responsible for timely payment of any taxes owing to any taxation authority in relation to such accounts.
You will advise us of any changes to your province or territory of residence for tax residency purposes without delay. If you are no longer a resident of Canada, we may end this Agreement without your permission; and whether or not we end this Agreement, you will immediately pay all amounts owing under this Agreement free and clear of all foreign taxes and holdbacks and all withholding taxes.
PART B: ELECTRONIC DISCLOSURE AND DOCUMENTS
- Enrolment in Online Banking
You agree that you will stay enrolled in Online Banking during the time that the NOMI Find & Save Account is active.
- Electronic Signatures
You agree to adopt the eSignature as your signature and signature card for the purpose of opening the NOMI Find & Save Account.
- Consent to Electronic Availability of Terms
As you are opening the NOMI Find & Save Account electronically, you consent to us making these Terms available, and we will provide you with these Terms in electronic form for you to review through the RBC Mobile App.
After you electronically sign these Terms, we will deliver a copy of them to you in your NOMI Find & Save Message Centre, which can be found in the RBC Mobile App in the NOMI Find & Save settings. The Terms will be available in the NOMI Find & Save Message Centre for up to six months from the date we first send them to you, unless you delete them. If you want to retain copies of your electronic Terms, you can (i) print or save a copy of them now, or (ii) find a copy of them under the “Legal” link in Online Banking or under the “Legal” link in the “More” menu in the RBC Mobile App.
(b) Technical Requirements
Some electronic devices may not be compatible with the way these Terms are displayed. If you are experiencing any problems, please contact your branch or call us at 1-800-769-2511 1-800-769-2511.
- Consent to Receive Electronic Delivery of Statements and Notifications
As you are opening the NOMI Find & Save Account electronically, you consent to and we will provide you with Statements and Notifications in electronic form in Online Banking.
(a) Consent to Receive Electronic Delivery of Statements and Notifications
You consent to receive the following electronically in Online Banking:
- i. Statements; and
- ii. Notifications.
(b) Electronic Delivery Process
You acknowledge that:
- i. Through links in Digital Banking and links in messages sent to the Online Banking Message Centre or the RBC Mobile App, you can access any Statements that are currently in your archive of Statements.
- ii. Important information about your NOMI Find & Save Account and certain Notifications may appear on the Statements themselves. All other Notifications will be sent through the Online Banking Message Centre or through links in messages sent to the Online Banking Message Centre.
- iii. Your consent to electronic Statements and Notifications takes effect immediately.
- iv. We will notify you when new Statements and certain Notifications are available by sending messages to the Online Banking Message Centre or through links in messages sent to the Online Banking Message Centre.
- v. In addition to the notification mentioned above, an email will also be sent to the primary email address on file advising you that your electronic Statement is available. If you prefer not to receive these email notifications, you can change your email preferences in Online Banking. If you have requested email notification, you acknowledge and agree that email is not secure or reliable, and an email notification may not be received by you in a timely manner or at all. You must notify us of any change to your email address.
- vi. You will access Online Banking on at least a monthly basis in order to review your electronic Statement(s) and Notification(s).
- vii. Your request to receive email notification does not in any way change your obligations to access Online Banking at least once a month to review your electronic Statements and Notifications.
- viii. We will not be responsible to you in any way for any damages or costs incurred by you as a result of your failure to (i) receive an email notification, or (ii) review your Statements and Notifications as provided in these Terms.
(c) Document Options
You (the sole owner of the NOMI Find & Save Account or any co-owner of the joint NOMI Find & Save Account) can change your preference from electronic to paper Notifications for the NOMI Find & Save Account at any time by contacting any Royal Bank branch or by calling 1-800-769-2511 1-800-769-2511.
Your electronic Statements will be available for up to seven years as long as your account remains open and you continue to be enrolled in Online Banking. The electronic Notifications will be available in the Online Banking Message Centre for up to 90 days from the date we first notify you in the Online Banking Message Centre, unless you delete them. It is your responsibility to retain a copy of each document by printing or saving a copy while it is available to view in Online Banking or the RBC Mobile App (as applicable).
(e) Technical Requirements
All electronic Statements and some electronic Notifications are presented as PDF files and require you to have Adobe‡ Acrobat Reader‡ software installed on your device. We do not own or operate, and are not responsible for, Adobe Acrobat Reader software.
(f) Provision of Paper
We may provide you with paper Statements and Notifications if we deem it appropriate or if we are unable to provide you with them electronically.
PART C: COLLECTION AND USE OF PERSONAL INFORMATION
- Collection and Use of Personal Information
We may from time to time collect financial and other information about you such as:
- information establishing your identity (for example, name, address, phone number, date of birth, etc.) and your personal background;
- information related to transactions arising from your relationship with and through us, and from other financial institutions;
- information you provide on an application for any of our products and services;
- information for the provision of products and services; and
- information about financial behaviour such as your payment history and credit worthiness.
We may collect and confirm this information during the course of our relationship. We may obtain this information from a variety of sources, including from you, from service arrangements you make with or through us, from credit reporting agencies and financial institutions, from registries, from references you provide to us and from other sources, as is necessary for the provision of our products and services.
You acknowledge receipt of notice that from time to time reports about you may be obtained by us from credit reporting agencies.
- Using your personal information
This information may be used from time to time for the following purposes:
- to verify your identity and investigate your personal background;
- to open and operate your NOMI Find & Save Account(s) and provide you with products and services you may request;
- to better understand your financial situation;
- to determine your eligibility for products and services we offer;
- to help us better understand the current and future needs of our clients;
- to communicate to you any benefit, feature and other information about products and services you have with us;
- to help us better manage our business and your relationship with us;
- to maintain the accuracy and integrity of information held by a credit reporting agency; and
- as required or permitted by law.
For these purposes, we may:
- make this information available to our employees, our agents and service providers, who are required to maintain the confidentiality of this information;
- share this information with other financial institutions; and
- give credit, financial and other related information to credit reporting agencies, who may share it with others.
In the event our service provider is located outside of Canada, or if you have a U.S. dollar account and information is shared with and used by our U.S. employees and agents, the recipient of the information is bound by, and the information may be disclosed in accordance with, the laws of the jurisdiction in which the recipient of the information is located.
Upon your request, we may give this information to other persons. We may also use this information and share it with RBC companies;
- (a) to manage our risks and operations and those of RBC companies;
- (b) to comply with valid requests for information about you from regulators, government agencies, public bodies and other entities that have a right to issue such requests; and
- (c) to let RBC companies know your choices under “Other uses of your personal information” for the sole purpose of honouring your choices.
If we have your social insurance number, we may use it for tax-related purposes if you hold a product generating income and share it with the appropriate government agencies, and we may also share it with credit reporting agencies as an aid to identify you.
- Other uses of your personal information
- We may use this information to promote our products and services, and promote products and services of third parties we select, that may be of interest to you. We may communicate with you through various channels, including telephone, electronic device or mail, using the contact information you have provided.
- We may also, where not prohibited by law, share this information with RBC companies for the purpose of referring you to them or promoting to you products and services that may be of interest to you. We and RBC companies may communicate with you through various channels, including telephone, computer or mail, using the contact information you have provided. You acknowledge that as a result of such sharing, they may advise us of those products or services provided.
- If you also deal with RBC companies, we may, where not prohibited by law, consolidate this information with information they have about you to allow us and any of them to manage your relationship with RBC companies and our business.
You understand that we and RBC companies are separate, affiliated corporations. RBC companies include our affiliates which are engaged in the business of providing any one or more of the following services to the public: deposits, loans and other personal financial services; credit, charge and payment card services; trust and custodial services; securities and brokerage services; and insurance services.
You may choose not to have this information shared or used for any of these “Other uses” by contacting us as set out below, and in this event, you will not be refused credit or other services just for that reason. We will respect your choices and, as mentioned above, we may share your choices with RBC companies for the sole purpose of honouring your choices regarding “Other uses of your personal information.”
- Your right to access your personal information
You may obtain access to the information we hold about you at any time and review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask questions about our privacy policies or to request that the information not be used for any or all of the purposes outlined in “Other uses of your personal information” you may do so now or at any time in the future by:
- contacting your branch; or
- calling us toll-free at 1-800-769-2511 1-800-769-2511.
- Our privacy policies
You may obtain more information about our privacy policies by asking for a copy of our “Financial fraud prevention and privacy protection” brochure, by calling us at the toll-free number shown above or by visiting our website at www.rbc.com/privacysecurity.
PART D: GENERAL
We will contact you using the information you provide in Digital Banking. You will advise us of any changes to your contact information that you have provided in connection with Digital Banking.
- Changes to the Terms
We may change the Terms by providing you with notice, including by providing you with notice (i) in your Statements, or (ii) in the Online Banking Message Centre or elsewhere in Digital Banking, or (iii) sent to the primary email address on file with us, or (iv) sent to your mailing address last appearing in our records.
We may change the interest rates, fees and other operating conditions of a NOMI Find & Save Account periodically as set out below:
- (a) We will notify you of changes in the interest rate applicable to funds on deposit in a NOMI Find & Save Account (and the manner of calculating the amount of interest we will pay you on those funds) by statements displayed in our branches or otherwise provided before or after the date of the change.
- (b) We will notify you of any new fees or increases to fees applicable to a NOMI Find & Save Account by notice included with any account statements or separately at least 30 days before the effective date of the change.
If you use or access the NOMI Find & Save Account or have funds on deposit in the NOMI Find & Save Account after the effective date of a change, it will mean that you have agreed to the change.
- Changes to the Services
You understand that we may add, remove or change any part or feature of the NOMI Find & Save Service without giving you notice. These Terms apply to any of the NOMI Find & Save Services (or parts or features thereof) added or changed by us.
If any part of these Terms is deemed unenforceable for any reason, the unenforceable portion of these Terms will not affect the enforceability of the remainder of the Terms, which will continue to be in full force and effect as if these Terms had been executed without the unenforceable portion.
- Governing Law and Jurisdiction
These Terms and all services related to the operation of the NOMI Find & Save Account will be governed by the laws of Canada and by the laws of the province in which the branch of the NOMI Find & Save Account is located. You agree to submit to and be bound by those laws and the courts of that jurisdiction.
You and we have expressly requested that this agreement and all related documents, including notices, be drawn up in the English language. Vous et nous avons expressément demandé que cette entente et tout document y afférent, y compris tout avis, soient rédigés en langue anglaise. (Quebec only/Québec seulement).
- Complaint or Compliment
If you have a problem or concern, you may telephone or visit your Branch. We publish a brochure “How to Make a Complaint” about getting assistance with problems and concerns you have about NOMI Find & Save and whom to contact. You may obtain a copy of the brochure at any of our branches in Canada or by contacting us.
The following can provide you with information and further review of your complaint if you are not satisfied after you have followed the escalation procedure outlined in the “How to Make a Complaint” brochure:
- ADR Chambers Banking Ombuds Office
The Financial Consumer Agency of Canada (FCAC) supervises all federally regulated financial institutions to ensure they comply with federal consumer protection provisions. Specific complaints made in writing will be assessed by the FCAC on a case-by-case basis to determine whether a federal consumer protection issue exists and, if so, what action should be taken. Regulatory complaints should be submitted in writing to:
- Financial Consumer Agency of Canada
- ADR Chambers Banking Ombuds Office
PART E: DEFINITIONS
In these Terms:
“Business Day” refers to regular weekdays (Monday to Friday) and excludes Saturdays, Sundays, bank holidays and federal or provincial statutory holidays.
“Designated Time Period” means the period of time the invitation to all co-owners of the Source Account will remain open for them to join the NOMI Find & Save Account. The period of time is shown in the RBC Mobile App.
“Digital Banking” means our Mobile and Online Banking services.
“eSignature” means the electronic information created by clicking on the applicable confirmation button to confirm you agree to the Terms and to submit your application, which includes the current date and time, the session identification number and your client number.
“eStatement” is an online-only Statement in PDF that you can save or print if needed, and that can be accessed as far back as seven years through Online Banking or the RBC Mobile App.
“Estate Representative” means an executor, estate trustee, administrator, liquidator or other like representative of your Estate.
“Instrument” refers to a cheque or other promissory note, draft, money order, order for payment, bill payment remittance, bankers’ acceptance, coupon, electronic debit or credit, or other payment tool (including an Interac e-Transfer‡ transaction) that is negotiable in Canadian or other foreign currency funds.
“Legal Representative” means an attorney or mandatary you appoint, or any committee, property guardian, or similar representative appointed by a court, to act for you in respect of an Account.
“Mobile Banking” means access to certain services, features, functionality, content and information through our websites that are specifically designed for mobile users or through the RBC Mobile App.
“NOMI Find & Save Account” means a sole or jointly (“Any One to Sign”) held personal deposit account that is a savings account, created to hold the funds we transfer from the Source Account.
“NOMI Find & Save Message Centre” means our communication centre related to the NOMI Find & Save Service located in the RBC Mobile App, where information may be securely communicated between you and us.
“NOMI Find & Save Service” means a service that enables us to review and analyze your banking activity in the Source Account and periodically transfer funds from your Source Account to your NOMI Find & Save Account.
“Notifications” means notices that we are required by law to send you about a change to this Agreement, increases in fees, information about the applicable rate of interest, and the introduction of new fees applicable to your NOMI Find & Save Account.
“Online Banking” means our online banking service accessed through the RBC website where you may access your Account information and perform transactions electronically. It is part of Digital Banking.
“Online Banking Message Centre” means our online communication centre located in Online Banking, where information may be securely communicated between you and us.
“Overdraft Protection” is an optional service that allows you to overdraw your account balance for a monthly fee plus applicable Overdraft Interest. Some accounts waive the Overdraft Protection monthly fee. Overdraft Protection requires a credit application and is subject to credit approval.
“Overdraft Protection Limit” means the maximum amount that we have set for you to overdraw your Source Account if your Overdraft Protection application is approved.
“Overdraft Interest” means the interest we apply to the overdrawn balance in your Source Account.
“Point of Sale Purchase” allows you to use your RBC Client Card to pay for items at a merchant or service provider, and the amount is electronically debited from your Account.
“RBC Mobile App” means a program that you can download onto a mobile or wireless device in order to access Mobile Banking.
“RateSetter” means the document that discloses the Deposit Interest Rate applicable to your NOMI Find & Save Account and the manner in which the rate is calculated, which is available in our branches and on our website at www.rbcroyalbank.com/rates.
“Source Account” means the account linked to the NOMI Find & Save Account. The Source Account must be an eligible Royal Bank of Canada Canadian personal chequing account that is (i) open, active and in good standing and (ii) in sole or joint (“Any One to Sign”) ownership.
“Statement” means the monthly record of your NOMI Find & Save Account’s transaction history provided in an electronic statement.
Protecting your deposits
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects your deposits at financial institutions that are CDIC members. Coverage is free and automatic — you don’t have to sign up. CDIC encourages you to learn about CDIC protection by reviewing the CDIC brochure available at www.rbc.com/cdic-abb-brochure or in branch.