GIC - Terms and conditions

These Terms and Conditions govern all term deposit transactions and information whether completed in person, or through an electronic or other channel, including, but not limited to, orally communicated instructions recorded by Meridian.

Changes to Agreement:  Meridian can add to or change the terms and conditions of this Agreement from time to time, but Meridian will give at least 30 days’ notice of any such additional or amended terms and conditions. The 30-day notice will run from the date a notice is mailed, or e-mailed to the Member’s last-known e-mail address, or is first displayed at the branch or on the sign-on screen when the Member accesses Online Banking. If the Member renews any term deposit after the effective date the Member will be deemed to have accepted such additional or amended terms and conditions.

Ownership: Where more than one person appears as the registered owner, the investment shall be a joint account with right of survivorship, except where the registered owner is a corporation, unincorporated association or partnership.

Non‐Redeemable Terms: Redemption is permitted within the first 30 days and no interest is payable. Subject to the exceptions noted below (Grace Period, Hardship Cases, and Death), early redemption prior to maturity is not permitted after the first 30 days.

Grace Period: Notwithstanding the above, Meridian provides Members with a conditional grace period for Non-Redeemable Term Deposits. If the term deposit is redeemed for cash within the first 30 days of investment, no interest is payable and no early redemption fee applies. If, during the first 30 days of a term, the owner requests early redemption for the purpose of purchasing another non-redeemable long-term investment (greater than 1 year in length) at Meridian the interest will be paid to the date of conversion and no early redemption fee will apply. This conditional grace period does not apply to Index-Linked GICs.

Hardship Cases: In addition to the Grace Period exception, Meridian may exercise its discretion to permit early redemption of a Non-Redeemable Term Deposit in the case of severe financial hardship of an owner. This discretion is unfettered and the exercise of such discretion is not subject to review, by a court or otherwise. If early redemption is permitted, an early redemption fee may be applied, and, if so applied, it will apply from the first day of the deposit to the effective date of the early redemption.

Death of a Term Holder: Meridian will not charge an early redemption fee for both redeemable and non-redeemable terms in the case of a term holder’s death.

Redeemable Terms: At the Member’s request, Meridian will redeem a redeemable term deposit prior to the maturity date. No interest is paid when redeemed within the first 30 days. Redemptions after thirty days of the investment’s start date are subject to an early redemption fee equal to 1/3rd of all interest paid and payable from the start of the term to the effective date of the redemption request.

Cashable Terms: At the Member's request, Meridian will redeem a cashable term deposit prior to the maturity date. No interest is payable when it is redeemed within the first 90 days. Redemptions after 90 days are subject to the predetermined interest rate. Partial redemptions are not permitted on Cashable Terms - Only Full redemptions allowed. Upon Member request to transfer out, Cashable GICs will not be liquidated unless expressly requested.

Market-Linked GICs: Meridian’s Market-Linked GICs are non-redeemable prior to maturity except in the event of death, or, in the case of severe financial hardship, if permitted at the discretion of Meridian, which discretion is unfettered and not subject to review, by a court or otherwise. If early redemption is permitted on the basis of severe financial hardship, that redemption before maturity will be subject to an early redemption fee and may result in the owner receiving less than the principal amount.

3 Year Escalator: Meridian’s 3 Year Escalator is cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times this product is nonredeemable.

5 Year Escalator: Meridian's 5 Year Escalator is transferrable to a non-redeemable term that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times this product is non-redeemable.

3 Year Raise the Rate GIC: Eligible to increase rate once during the term of the investment, rate increase to be initiated by the Member. Comparables for rate match to Meridian like products only – 3 year RTR GIC, 3 year GIC & 3 year Escalator (Effective yield to maturity - for registered products only).

5 Year Raise the Rate GIC: Eligible to increase rate twice during the term of the investment, rate increase to be initiated by the Member. Comparables for rate match to Meridian like products only – 5 year RTR GIC, 5 year GIC & 5 year Escalator (Effective Yield to maturity - for registered products only).

Renewals: Unless otherwise directed by the purchaser, all Term Deposits will be renewed automatically by investing the principal plus accrued interest in a term of the same length at the prevailing interest rate. Renewals may be completed in person, or through an electronic or other channel, including, but not limited to, orally communicated instructions recorded by Meridian.

Transfer, Assignment, and Negotiability: The owner(s) of the deposit is absolute owner and Meridian shall not be required to recognize or deal with any other person(s). The Term Deposit is not negotiable, and cannot be assigned or transferred.

The Owner(s) of the Term Deposits representing non-registered funds may have borrowing privileges against the Term Deposit.

Rate Calculation: Principal multiplied by the stated rate divided by 365 and multiplied by the number of days held.