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Account Terms

Recent Changes to Terms & Conditions

It's not too often that we update our Terms & Conditions, but when we do, it's always with the goal of providing you more transparency and clarity. Now that ING DIRECT is launching THRiVE Chequing, we have updated our Account Terms to include terms for THRiVE Chequing. We have also taken this opportunity to streamline and re-format our Account Terms. Please be assured that the substance of the existing Account Terms has not changed, just the look and format.

The following pages contain important details you need to know about your ING DIRECT Account. Please take a few minutes to review this document. Since it covers more products than you may currently be using, some sections may not apply to you at this time. If you enroll in additional products in the future, your use of those products shall be your acceptance and agreement to the applicable terms and conditions. If any of the General Terms conflict with a provision in the product specific terms, the product specific terms shall apply. If you have any questions we would be pleased to help you. Call us at 1-800-ING DIRECT (1-800-464-3473).

ING DIRECT provides you with simple and convenient access to the financial services you need to build your savings and realize your financial goals.

By opening an Account at ING DIRECT you agree and accept the following terms and conditions as applicable to you:

A. General Terms - Applicable to all Accounts

Our Definitions

The words "you", "your", "Account holder" and "Client" mean each person, corporation or Client that opens an Account with ING DIRECT. "Account" means any and all Accounts you have with ING DIRECT whether in Canadian or any other currency. The "primary Account holder" is the person whose name appears first on the ING DIRECT statement. The words "we", "us", and "our" refer to ING DIRECT, the name under which ING Bank of Canada/Banque ING du Canada operates. "External Account" means an account that you hold with another financial institution.

External Account Link

When you open your first Account with us, you must initially provide us with an encoded personal or business deposit cheque from your other financial institution. This cheque will allow us to protect the security of your Account and to link your ING DIRECT Account with your External Account. The cheque that you provide must clear to establish this link. If your first Account with us is an ING DIRECT US$ Investment Savings Account or US$ Business Investment Savings Account, then you must provide us with a cheque from your US dollar chequing account held at a Canadian financial institution, and this cheque must clear in Canada.

Once your cheque has been deposited you may be required to verbally confirm to us that you wish to link your External Account to your ING DIRECT Account. We may limit the number of External Accounts that can be linked. Except as otherwise provided by us, you must keep at least one valid external linked account in place at all times when dealing with us. We reserve the right not to open an account if our account opening requirements are not met.

Pursuant to anti-money laundering legislation, you agree and consent to our verifying your identity as required and/or permitted by law and agree to provide any documentation necessary in furtherance of same. You acknowledge that your Account cannot be opened until satisfaction of these requirements and you agree to forego any payment of interest or any other benefit derived from the Account until these requirements are satisfied. You agree and consent to our verifying information provided by you through any credit bureaus, credit reporting agencies or similar third parties used for these purposes. You agree to provide any records that may be required for the opening of your Account and its continued operation under federal and/or provincial law, including but not limited to, those necessary under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA") or such other similar legislation as the case may be.

Annual One Cent (1¢) Credit To Your External Linked Account(s)

For your ongoing Account security, you agree to at least one credit per year to your external linked account(s) in the amount of one cent. The one cent credit to an external linked account will be made at our sole discretion. We may credit one cent to your external linked account(s). This credit will not be deemed a transfer between your ING DIRECT Account and your external linked account(s). This section does not apply to THRiVE Chequing.

Account Statements and Confirmation of Transactions

Although we are not obligated to send you an Account Statement, we may still choose to do so either by mail or by electronic means. If an Account Statement is sent to you, it may be delivered only to the primary Account holder's last address in our records or via any other electronic means we may, at our discretion, utilize. Details of transaction activity and Account balances are available by telephone or online at our website (ingdirect.ca). You agree that you will examine all of your Account Statements and other transaction records regularly (at least once every thirty days). If you discover any errors or omissions in your Account Statements and/or other transaction records, you must notify us of such errors or omissions within 30 days of the date of the Account Statement or the transaction date. We will consider Account Statements and other transaction records to be accurate if we do not receive any notice from you to the contrary. We shall not be liable to you for any loss or claim arising as a result of any errors or omissions in Account Statements and other transaction records.

Interest

We may change interest rates and our method of calculating interest at any time without prior notice. Notice of changes in the rate of interest and method of calculating interest will be displayed on our website and in each of our Cafés.

Confidentiality and Accessing Your Account with Your PIN and Password

To protect your privacy and money, when you open an Account with us you must set up a Personal Identification Number ("PIN") in our Interactive Telephone System. The PIN allows you access to your Account and you must always provide it to us before we will follow any instructions regarding your Account. If you forget your PIN, we may accept a combination of alternate pieces of personal identification information, as described in the section of these terms called "Deposit and Withdrawal Transactions". Another separate PIN may be mailed to you for use with your ING DIRECT Debit Card. You are responsible for and give us your authorization to carry out all instructions given using your Account numbers, password and/or PIN. We will not be liable to you for any loss or claim arising out of our relying on verbal or electronic instructions provided to us using your password and/or PIN. Your password and PIN must be kept confidential and you alone are responsible for your password and PIN security.

Deposit and Withdrawal Transactions

You may request and/or authorize withdrawal transactions by telephone, through our Internet website (ingdirect.ca) or any other means provided by us. We will make electronic funds transfers upon your request, to or from linked accounts at other financial institutions. Before we make an electronic funds transfer for you we will ask you to provide instructions and any, all, or some of the following pieces of identification information:

1. your Client Number;
2. your Account Number(s);
3. your password; and/or
4. your Personal Identification Number (PIN); and/or
5. any other identifying information that we deem necessary in order to confirm your identity.

Funds usually arrive in your ING DIRECT Account or your external linked account within one to two business days after a request for an electronic funds transfer. We are unable to guarantee the date your funds will arrive in your ING DIRECT or External Account.

Deposits or withdrawals from your Account may be reversed if the deposit or withdrawal request cannot be delivered to your other financial institution or is returned for any reason. We will not accept traveller's cheques for deposit. If you send cash to us we will not be responsible for any loss that you may incur as a result. Transactions and/or balances may be limited in dollar amounts, or otherwise as may be determined by us, and such limits may be changed in our sole discretion without notice to you. If we allow your account to accumulate a negative balance, we may charge fluctuating interest rates without notifying you until the total negative balance and applicable interest is repaid. We may change the requirements for and manner of transferring funds into and out of your Account at any time.

Holds on Your Account

We may place a hold on deposits for up to five (5) business days if made by cheque, electronic funds transfer, or other item drawn on a financial institution's branch located in Canada, and for up to thirty (30) business days if drawn on a financial institution's branch located in the United States, during which time we may limit your right to withdraw funds made by such deposits and may refuse to accept any deposit to an Account.

When we receive new or updated personal information concerning your Account, we may put a hold on your Account in order to verify such information. We may also request supporting documentation so that we can confirm updated or new information, and we may maintain the hold on your Account until your updated or new personal information can be confirmed.

Joint Accounts

If an eligible account is opened as a Joint Account, each Account holder chooses his/her own password and PIN. Any Joint Account holder may conduct transactions with any of your Accounts that have been designated as Joint Accounts with us. If one Joint Account holder requests a transaction we will execute it without express authorization of any other Joint Account holder. You are responsible, both individually and jointly, for all obligations arising from these Account Terms. If any Joint Account holder dies who is a resident of any province or territory within Canada (excluding Quebec), any positive balance may be withdrawn or made payable to the surviving Joint Account holder(s) and you hereby assign the balance of any jointly held bank Account to the surviving holder(s) in the event of your death. For Quebec residents only, any positive balance shall be settled in accordance with the estate of the deceased Joint Account holder.

Neither Joint Account holder may request the opening of a subsequent Joint Account with the same Account holder(s) without the explicit consent of the other Account holder(s) thereto. Such consent may be provided to us either in writing or via electronic means specified by us at our discretion.

We may disclose your Account information to a Joint Account holder, including information about the Account prior to it becoming a Joint Account.

Accounts for the Benefit of Others - "In Trust", Etc.

We are not required to recognize anyone other than you as having any interest in your Account, except Joint Account holders when an Account is a Joint Account. For example, if you request that we open an Account in your name, but you use "In Trust" or "As Nominee" or some similar designation, whether or not it is for a specified third party, we will only accept instructions for that Account from you. We are under no obligation to obtain permission from any other person.

US Dollar Accounts

All interest payments and statements that relate to your US Dollar Accounts shall be in the currency of the United States of America. US Dollar Accounts are not insured under the Canada Deposit Insurance Corporation Act. We are not responsible to you for any losses that you may experience due to taxes, duties or depreciation in the value of US funds credited to or debited from your Account. We are not responsible for the unavailability of US funds in your US Dollar Accounts due to the laws, rules, orders or regulations of any government or for other causes beyond our control. All deposits or withdrawals to or from an ING DIRECT US Dollar Account will be made at the prevailing US dollar exchange rate on the date of the deposit or withdrawal as determined by us. Our US dollar exchange rate is subject to change without prior notice.

Automatic Savings Program (ASP)

By requesting that an Automatic Savings Program be set up for you, you authorize us and your other financial institution(s) to transfer money to and from your external linked account(s) in accordance with your instructions, and you confirm your understanding, acceptance and participation in the Automatic Savings Program.

Electronic Communication

We will consider any electronic communication received from you or in your name to be duly authorized by you. A copy of any electronic communication will be admissible in any legal, administrative or other proceedings in the same manner as an original document in writing. You agree to waive any right to object to the introduction of any copy of electronic communications in evidence.

Clearing, Settlement and Payment

We may present and deliver Instruments for payment, clearing, collection, acceptance or otherwise through any bank or other party as we deem appropriate. The bank or other party shall be considered to be your agent and we will not, in any circumstances, be responsible or liable to you for the acts or omissions of this bank or other parties, however caused, in the performance of this service. We are also not liable for the loss, theft, destruction or delayed delivery of any Instrument while in transit to or from, or in the possession of, any bank or other party. If we or our agent presents an Instrument to another financial institution for payment on your behalf and the other financial institution refuses to recognize or provide payment on that Instrument for whatever reason, you will remain responsible for the amount of that Instrument deposited with us.

Limitation of Liability

We are not responsible for any losses, costs, damages or any failure to obtain any profit in connection with your use of your Account or with any other of our products or services, without limitation and however caused, unless we were grossly negligent. If we were grossly negligent, you will not hold us liable for any indirect, special or consequential damages (including lost profits). You will be responsible for any loss, cost or liability (including reasonable legal charges) incurred by us as a result of your failure to comply with these Account Terms.

Indemnity

You agree to indemnify us against any claims, costs or liabilities incurred by ING DIRECT in connection with any services provided by us to you or any other dealings between you and ING DIRECT, including any claim or liability resulting from our endorsement on any Instrument, arising out of a forged or unauthorized signature on that Instrument or otherwise.

Privacy Principles

By applying to open an Account with us, you consent to the collection, use and disclosure of your personal information in accordance with the ING DIRECT Privacy Code. The Privacy Code forms part of these Personal Account Terms and Conditions, and your agreement of these terms indicates that you accept the terms of the ING DIRECT Privacy Code.

We are committed to keeping individuals' personal information accurate, confidential, secure and private. The ING DIRECT Privacy Code reflects that commitment. The Privacy Code is based on the Personal Information Protection and Electronic Documents Act (PIPEDA), the Canadian Bankers Association (CBA) Model Privacy Code and on the Canadian Standards Association (CSA) Model Code for the Protection of Personal Information (CAN/CSA-Q830-96).

A copy of our Privacy Code will be made available to you when you open an Account. Our Privacy Code is also available on our website at ingdirect.ca or by calling us at 1-800-ING DIRECT (1-800-464-3473). You agree that in order to establish your identification and to protect both you and ING DIRECT from fraud, we may collect and use your personal information that has been obtained from credit bureaus, credit reporting agencies, and credit insurers.

We reserve the right to comply with any third party demand such as Requirements to Pay and Requests for Information which have been issued under federal or provincial legislation, or any court order we receive in respect of your Account. You agree that we will not be liable to you in any way for complying with any such third party demands or court orders issued on or against your Account.

By maintaining an Account with us, you provide your consent for ING DIRECT to share personal information with its partners, affiliates and third parties in order to better identify promotions, products or services with may be offered to you.

Right of Set Off

We reserve the right to use all of the money in your Account(s) to pay any debts or other obligations (including any contingent obligations) you owe us whether in the same or other currency. (That is what's known as a "Set-Off"). You agree to allow us to use some or all of the money in your Account to buy any currencies that may be necessary to pay debts that you owe us. In the case of a joint Account, all Account holders consent to our using all money, up to the full amount on deposit, as payment for any debt or obligations you owe us, regardless of each individual joint Account holder's contribution to the Account.

Communication by Regular Mail

All communications from us to you (including notices that deposits into or withdrawals out of your Account could not be accepted or items have been returned) will be sent by regular mail unless otherwise stipulated by us.

The Canadian Payments Association

1. Authorization

By signing the ING DIRECT Enrollment Form and providing an initial deposit cheque for each External Account you agree that this authorization is provided for the benefit of your other financial institution(s) and you authorize us to process Funds Transfer requests against your Account according to the Rules of the Canadian Payments Association. You authorize and assure us that all individuals who have signed the ING DIRECT Enrollment Form or agreed to these terms are all those who are required to sign on your chequing account(s) at your other financial institution(s).

You agree that this authorization is provided for our benefit and for the benefit of the other designated financial institution(s). You also agree that this authorization is provided in consideration of us agreeing to process debits against your designated account(s) in accordance with these Account Terms as agreed to with us. Cancelling this authorization does not terminate any other agreement that exists between you and ING DIRECT. Your authorization applies only to the method of payment and does not otherwise have any bearing on any agreement for services with us. The financial institution(s) at which you maintain your designated external chequing account(s) is (are) not required to verify that the debits are drawn in accordance with this authorization.

You further agree that your Client number and assigned PIN or other security code or other signature equivalents may be used and will constitute valid authorization for ING DIRECT to process the debits to your account(s) that you have requested.

2. Funds Transfers Pre-Authorized Debits

Your initial request and all such subsequent requests to have money transferred to and/or from your ING DIRECT Account to that of another financial institution constitutes a Funds Transfer Pre-Authorized Debit ("PAD"). All Funds Transfers are customer-initiated pre-authorized debits where money is moved by the same customer from the account of one financial institution to the account of another financial institution. ING DIRECT will process a Funds Transfer and move funds only at the customer's initiation and request and as per the customer's instructions, including amount, frequency, etc. The timing and amount of Funds Transfers will vary according to the instructions received from you. To arrange a Funds Transfer, you may contact ING DIRECT at 1-800-464-3473 and provide your instructions and authorization to a Direct Associate or you may log onto ING DIRECT's banking website to initiate and authorize an electronic funds transfer online. It is your responsibility to either provide us with, or enter online, the correct information in order to process your Funds Transfer. ING DIRECT will process such transaction in accordance with the Rules of the Canadian Payments Association and these Account Terms. For an overview of your rights and responsibilities with respect to PADs, please visit the Canadian Payments Association at www.cdnpay.ca.

3. Cancellation

The account(s) at your other financial institution(s) which we are authorized to draw funds from upon your request has been specified by you by providing an initial deposit cheque from that account. You agree to inform us by telephone or other means provided by us from time to time of any change in the account information provided before any request for the transfer of funds. You may cancel a PAD or revoke your authorization at any time by providing ING DIRECT with at least 30 days notice before your next scheduled PAD. You agree that your cancellation of this authorization will take effect upon its receipt and confirmation by us. You acknowledge that you have the ability to instruct us to make changes to any PAD arrangements you make with us at any time. You can obtain a sample cancellation form or further cancellation information at ING DIRECT or the Canadian Payments Association at www.cdnpay.ca.

4. Contact Us

ING DIRECT
111 Gordon Baker Road
Toronto ON
M2H 3R1
Tel. 1-800-ING DIRECT
(1-800-464-3473)
ingdirect.ca.

5. Pre-Notification

You waive your right to receive pre-notification of the amount of the PAD and agree that you do not require advance notice of the amount of PADs before the debit is processed. You acknowledge that you will not receive written notice from ING DIRECT of the amount to be debited or the due dates of the debiting.

6. Confirmation

You confirm that the information you have provided is correct and accurate and that you have authorized ING DIRECT to act on your instructions and process your requested Funds Transfer PAD(s).

7. Recourse

You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.cdnpay.ca.

EXCEPTION: Please note that for a Funds Transfer PAD, being a debit authorized by the customer wherein funds are moved among the customer's accounts held at different financial institutions, the recourse rights noted above through the Canadian Payments Association are not applicable. However, if a discrepancy occurs in a Funds Transfer PAD that you initiated through ING DIRECT, please contact us 1-800-464-3473 and one of our Direct Associates may assist you in clarifying the matter.

8. Third Party Pre-Authorized Debits

You are responsible for establishing any PAD Agreement with third parties and providing them with all necessary and correct information to establish and enter into such an arrangement.

You assure us that all PAD Agreements you enter into with third parties are in accordance with the PAD Rules established by the Canadian Payments Association. You are responsible for informing the third party of any changes to your account details as well as if you wish to cancel a PAD.

You acknowledge and agree that you are responsible for any charges incurred if the debits can not be processed due to insufficient funds or any other reason for which you may be held accountable.

We are not responsible for the failure of any third parties to act upon PAD instructions provided by you.

It is your responsibility to promptly examine your account transaction information regularly and address any concerns or discrepancies regarding any PAD in accordance with the PAD Rules established by the Canadian Payments Association within the stipulated time periods.

For further information on your rights and responsibilities regarding such third party pre-authorized debit transactions, please refer to the Canadian Payments Association website at www.cdnpay.ca.

Closing of Accounts

You can close your Account with us at any time. We also have the right to close your Account for any reason, and pay you the balance, if any, according to our rights of set-off described above. Where there is no money in your Account and there has been no transaction for six months, your Account may be closed at our discretion, where applicable. Upon your death or incapacity, we are authorized to take such steps and/or require such documentation (including but not limited to a certified copy of the death certificate, a letter of direction and notarized copy of the Certificate of Appointment of Estate Trustee or Executor [or the jurisdictional equivalents of these documents]) or restrict transactions in the Account as we deem prudent or advisable. Upon receipt of the proper legal documentation following your death or incapacity, we will transfer the balance of your funds to your legal representative and close your Account. In all cases, you (or your estate) shall continue to remain responsible for any transaction on your Account. Your estate representative will have the same rights, responsibilities and obligations under these Account Terms as you, the Account holder, unless we, in our sole discretion, determine otherwise.

Changes to this Agreement

We may change these Account Terms at any time, and any changes will be effective 30 days following notice to you. Notice of changes to the Account Terms may be distributed through our statements, newsletters and/or posted on the ING DIRECT website. If you access or have funds on deposit in any Account at ING DIRECT after the effective date of the change, you automatically accept the change.

Language

You have expressly requested that this document and all other documents related to your Account be written in English. Vous avez expressément demandé que ce document et tout autre document concernant votre compte soient rédigés en anglais.

Complaints or Concerns about these Terms

These Account Terms are governed by the laws of the Province of Ontario and the laws of Canada applicable in Ontario. If you have any questions regarding these Account Terms or you have complaints in connection with your Account, please call us at 1-800-464-3473, or visit our website (ingdirect.ca).

Ombudsman

When a Client has an issue or problem with one of our services or products, they may raise these issues or problems by following our complaints resolution process. If a Client is unable to resolve their issue or problem through our internal complaints resolution process, they can then address their complaint to the Office of the Ombudsman at ING DIRECT.

If you have made a complaint to us and your questions or complaints are not resolved to your satisfaction, please write to:

The Ombudsman
ING DIRECT
111 Gordon Baker Road
Toronto, ON M2H 3R1
Phone: 1-866-677-0547

If you are not satisfied with the Ombudsman's response, you may contact the Ombudsman for Banking Services and Investments at 1-888-451-4519 (Toll-Free), email to ombudsman@obsi.ca or write to:

Ombudsman for Banking Services and Investments
401 Bay St. Suite 1505
P.O. Box 5
Toronto, ON M5H 2Y4

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial institutions to make sure that they comply with federal consumer protection laws. The FCAC also helps educate consumers and monitors industry codes of conduct and public commitments designed to protect the interests of consumers. We must comply with many consumer laws that protect you in a number of ways. For information about consumer protection laws, contact the FCAC (see contact information below). If you have a complaint regarding a potential violation of a consumer protection law, a public commitment, or an industry code of conduct, you can contact the FCAC at:

1-866-461-3222 (English) or 1-866-461-2232 (French), or write to:

Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th Floor
Ottawa, ON K1R 1B9
website: www.fcac-acfc.gc.ca

B. Investment Savings Accounts (ISA)

You may open your Investment Savings Account in either Canadian or US currency. Interest is calculated daily on the closing balance and paid monthly. In exchange for opening and operating an Account with us you agree and consent to receiving Account statements by way of one or more electronic delivery methods which may be determined by us. Moreover, you agree that all telephone calls and other electronic correspondence may be recorded and kept as a record of your instructions.

C. Business Accounts

1. Internal Procedures

All Business Clients will appoint up to three individuals, referred to as "Authorized Individuals", who will be the only individuals permitted to transact on the Account(s). As a means of identity confirmation, each Authorized Individual must submit a personal pre-printed cheque made payable to the Business, drawn from a personal account belonging to the Authorized Individual and held at a Canadian financial institution. Passwords and PINs belonging to Authorized Individuals must be kept confidential between the Authorized Individual and ING DIRECT. The Authorized Individual is solely responsible for his or her password and PIN security. We cannot ensure confidentiality when cellular phones, email or other non-secure methods of conveying instructions are used, as these may be intercepted by third parties. If an Authorized Individual's password or PIN becomes known for any reason, by any other person, the Authorized Individual must immediately notify us. The Business and/or the Authorized Individual will remain liable for all transactions occurring before we are notified.

All Business Clients will comply with security procedures prescribed by us for electronic communication with us and will take any other steps reasonably necessary to prevent unauthorized access to and use of means of electronic communication with us, including, without limitation, preventing unauthorized access to your PIN and password. All Business Clients will, at all times, have in place and maintain commercially reasonable procedures designed to prevent, detect or avoid losses due to forged or unauthorized signatures, fraud or theft in relation to the operation of any Account, including, without limitation, instructions and Instruments relating to any Account.

2. Account Operation

The Business Investment Savings Account is a high interest savings account, and is intended to be the secondary bank account for your business. The Business Investment Savings Account is not intended to be used as an operating account and is not intended to provide general cheque clearing or currency trading services for your business. The Business agrees by maintaining an Account with us that we reserve the right to close the Account should there be any misuse by the Business.

The Business agrees to provide all records that are required for the opening of the Account and continuing Account operation under Canadian law, including but not limited to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA"). The Business agrees that an Account cannot be opened until the Bank has received all of the documentation necessary to complete its know your Client obligations contained in the PCMLTFA, which includes a fully completed application form, and personal cheques from each Authorized Individual. The Business Account requires these financial records on its own as of the date of the BISA opening, and previously cleared cheques may not be sufficient. The Business agrees to forego any interest payments or other benefits from the Business Investment Savings Account until it has provided all of the items requested from us in order to open an Account.

In the case of partnership Accounts, Authorized Individuals who are not partners will be required to submit documentation that is satisfactory to us indicating that the partnership has authorized the operation of the BISA by an individual who is not a partner of the partnership.

We will only process fund transfers that are destined to and from external accounts with identical ownership details. In the case of the Business Investment Savings Account, fund transfers cannot be set up with non business accounts, or to the external account of an Authorized Individual.

D. GUARANTEED INVESTMENT CERTIFICATES ("GIC")

We guarantee repayment at maturity of the principal sum and the interest earned on your GIC. Unless otherwise instructed by you, at maturity the principal and accrued interest on your investment will automatically be reinvested for the same term at the then prevailing interest rate.

Except where otherwise specifically stated, GIC terms of one year or longer have interest calculated on the basis of 365/366 days and compounded and/or paid annually. Except where otherwise specifically stated, where we offer GICs for terms of less than one year, interest is calculated on the basis of 365/366 and paid at maturity. The principal amount will not become payable until the maturity date, unless you have chosen to redeem your GIC prior to its maturity date. The rate of interest paid on a GIC that is cashed prior to maturity, when permitted, will be adjusted to equal the cashable interest rate agreed to on the original purchase of the GIC. A GIC is not negotiable and may not be assigned by you.

E. CHILDREN'S SAVINGS ACCOUNT

In this section, "Account" means a Children's Savings Account offered by ING DIRECT. "Child" shall mean a minor, according to the respective laws of the province in which he or she resides, holding a CSA with ING DIRECT. "Parent or Guardian" shall mean one (1) natural parent or court appointed parent/guardian of the Child, holding an Account with ING DIRECT.

A CSA may be opened for a Child by his/her Parent or Guardian. There may only be one (1) Account per Child. The CSA shall be operated as a joint Account in Canadian Dollars between a Parent or Guardian and the Child, where the Child shall be deemed the primary Account holder. As long as the Child is the Account holder of the CSA, the Child cannot hold any other Account with the bank.

Before a CSA can be opened, a Parent or Guardian must have a valid external link with ING DIRECT, which is in good standing at the time of opening of a CSA. Should the Parent or Guardian cease to hold an Account with the bank, the bank reserves the right to settle the CSA in favour of either the Child or Parent or Guardian by any means it deems appropriate. The Parent or Guardian must agree to act as agent for the bank in satisfying its identity verification and anti-money laundering obligation and agree to provide all information and documents as may be required by the bank from time to time including consents for e-signatures and for electronic delivery of any documents necessary for the maintenance of the Account. An Account for which information or documentation remains outstanding may be restricted or frozen until such time that the outstanding requirements are satisfied.

Once established, the CSA may be linked to the Child's external chequing account by sending a cheque drawn on the Child's external account to us and satisfying any other requirements for the purpose of linking accounts that we might require at that time.

Should a Parent or Guardian die or become incapacitated while holding a CSA, ING DIRECT may, at its discretion, convert the CSA into a single Investment Savings Account held by the child, or we may take instructions from the Executor or Attorney of the Parent or Guardian.

1. Account Conversion

Unless otherwise specified, the CSA will be converted into a single Investment Savings Account ("ISA") held solely in the Child's name upon the child's attainment of the age of majority in the province in which he or she resides. Prior to the Child's attainment of the age of majority, ING DIRECT will use its best efforts to obtain all information required to complete Account conversion. Parent or Guardian agrees and acknowledges that any pre-authorized transactions such as automatic withdrawals or payments may be deleted upon conversion. Failure by the Parent or Guardian or Child to fulfill all the necessary requirements for conversion of the CSA into an ISA may result in a "freeze" being placed on the newly created ISA. At the time of conversion into an ISA any pending or reoccurring transactions to or from accounts belonging to the Parent or Guardian will be deleted. As part of the conversion process, the Anti Money Laundering information already provided (intended use of the Account and whether the funds will be held for a third party) will be transferred to the new Investment Savings Account. This information can be updated by contacting ING DIRECT.

Upon initial setup, the Parent or Guardian will have the ability to select a PIN for the Child. The Child may then reset the PIN. Parent or Guardian agrees and acknowledges that he/she has agreed to operate this Account with a minor at the sole risk and liability of the Parent or Guardian. Parent or Guardian further agrees that he/she shall be responsible for any action taken by the Child in relation to the operation of the CSA and any accounts to which it may be linked.

2. Closing of Accounts

Except as may otherwise be necessary, only the Parent or Guardian linked to the CSA may close the Account. A Parent or Guardian can close the Account with us at any time by calling our call centre at the toll-free telephone number (1-800-464-3473) provided herein. We also have the right to close the Account for any reason, and pay you the balance, if any, according to our rights of set-off.

F. RETIREMENT SAVINGS PLAN (RSP) ACCOUNTS

ING Bank of Canada/Banque ING du Canada (the "Issuer"), hereby declares that it agrees to act as the depository for the person hereafter referred to as the Annuitant (the "Annuitant") under the Issuer's Retirement Savings Plan (the "Plan") administered by ING Bank of Canada/Banque ING du Canada.

1. Registration

The Issuer will apply for registration of the Plan as a retirement savings plan (an "RSP") pursuant to the provisions of the Income Tax Act (Canada) and if applicable, the provisions of any income tax legislation of the Province indicated in the Annuitant's address as shown in the application. The Income Tax Act (Canada) and such applicable provincial income tax legislation are hereinafter collectively referred to as the "Tax Acts".

2. Contributions

Contributions made by the Annuitant, or the Annuitant's spouse or common-law partner, and the interest earned or accrued thereon, shall be held in trust by the Issuer until the Maturity Date of the Plan. Contributions received shall be invested as directed by the Annuitant. Failure by the Annuitant to give instructions to the Issuer prior to or at maturity of a Fixed Term Deposit will result in the proceeds of the maturing Fixed Term Deposit being reinvested for the same term at the then prevailing rate of interest.

3. Investments

All contributions received by the Issuer will be invested in an Account with the Issuer "in trust" for the Annuitant and will earn such interest, compounded at least annually, as will be declared by the Issuer from time to time.

4. Excess Contributions

All contributions must be made in accordance with Section 146 of the Income Tax Act (Canada) to qualify for tax exemption. The Issuer shall, upon written application by the Annuitant or the Annuitant's spouse or common-law partner, refund to the taxpayer an amount, as defined in paragraph 146(2)(c.1) of the Income Tax Act (Canada).

5. Payment before Maturity

The Annuitant may from time to time, prior to the maturity of the Plan, upon such notice as the Issuer may permit, request a full or partial refund of the contributions from the Issuer.

6. Maturity of the Plan

The date chosen by the Annuitant for provision of a retirement income at maturity of his/her Plan shall not be later than the end of the year in which the Annuitant attains the age in which maturity is required as provided for in the Income Tax Act (Canada). At maturity, the proceeds of the Plan will be used on the instructions of the Annuitant for:

1. The purchase of a life annuity for the Annuitant for his life or the lives jointly of the Annuitant and his/her spouse or common-law partner, or the survivor of them; and/or
2. A fixed term annuity providing benefits up to the 90th birthday of the Annuitant or to the 90th birthday of the Annuitant's spouse or common-law partner, if younger.

No annuity shall be capable of surrender, exchange, or assignment. If such annuity would become payable to a person other than the Annuitant or, in the event of the Annuitant's death, the annuity may only become payable to the Annuitant's spouse or common-law partner. Notwithstanding the foregoing, the Annuitant may request that the Plan be amended at maturity to transfer on his/her behalf all or a portion of the proceeds of the Plan to a Registered Retirement Income Fund as defined in Section 146.3 of the Income Tax Act (Canada).

Failing written instructions from the Annuitant, the assets of the Plan or the proceeds of the disposition thereof shall be transferred, at the discretion of the Issuer, to the Annuitant's Investment Savings Account (ISA), external linked account or a retirement income fund (RIF).

7. Benefits after Maturity

The Plan does not provide for the payment of any benefit to the Annuitant after maturity, except by way of retirement income, in full or partial commutation of the retirement income under the Plan or in respect of a commutation as defined in paragraph 146(2)(c.2) of the Income Tax Act (Canada).

After the maturity of the Plan or following a partial conversion, retirement income shall be paid to the Annuitant only by way of equal annual or more frequent periodic payments. In addition, in accordance with paragraph 146(2)(b.2) of the Income Tax Act (Canada), the aggregate of the periodic payments in a year under an annuity after the death of the Annuitant shall not exceed the aggregate of the payments made in a year before that death.

8. Designation of Successor Annuitant or Beneficiary

If the Annuitant is domiciled in a jurisdiction in which, according to applicable law, a participant in a Retirement Savings Plan may validly designate a beneficiary or a successor annuitant, the Annuitant may, by instrument in writing in a form prescribed by us and delivered to us prior to the Annuitant's death, designate the Annuitant's spouse as successor annuitant or any person as beneficiary to be entitled to receive the value of the Annuitant's property in the Trust fund upon the Annuitant's death. Such person shall be deemed to be the successor annuitant or designated beneficiary, as the case may be, for the purposes of the RSP, unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in a form prescribed by and delivered to us prior to the Annuitant's death, revoke such designation. Please note that any designation made on an RSP does not automatically carry over onto the Annuitant's Retirement Income Fund (RIF) upon conversion. In order to continue a designation on an Annuitant's RIF, a new designation must be made in a form prescribed by us and delivered to us prior to the Annuitant's death.

9. Death of Annuitant

If the Annuitant dies prior to the purchase of an annuity, the Issuer shall realize the contributions and interest earned of the Annuitant in the Plan, and subject to the deduction of all proper charges, including income tax, the proceeds of such realization shall be held by the Issuer in trust. The proceeds shall be paid to the legal personal representatives of the Annuitant upon such representatives furnishing the Issuer with documentation as may be required or as counsel may advise.

10. No Benefit

No advantage that is conditional on the existence of the Plan may be extended to the Annuitant or to any person with whom the Annuitant does not deal at arm's length other than those advantages or benefits which may be permitted under paragraph 146(2)(c.4) of the Income Tax Act (Canada).

11. Compensation

The Issuer has no right of offset as regards the property held under the Plan in connection with any debt or obligation owing to the Issuer as defined in paragraph 146(2)(c.3).

12. Assignment

Retirement income, property or investments held under the Plan may not be hypothecated, pledged, assigned, alienated or in any way given as security.

13. Amendments

1. The Issuer may make amendments to the RSP Account Terms with approval from the Minister of Revenue and any provincial tax authorities if applicable, provided that any amendments shall not have the effect of disqualifying the Plan as a Retirement Savings Plan within the meaning of the Tax Acts.
2. The Issuer may resign its trust and be discharged from all future duties and liabilities hereunder upon giving three months notice in writing to the Annuitant. The Issuer may provide shorter notice if the Annuitant so consents. Should the Annuitant elect to terminate the services of the Issuer and appoint a successor Issuer, the Issuer shall transfer the proceeds of the Plan to the successor Issuer within a period of three months from receipt of written notification from the Annuitant that a change of Issuer is directed.

14. Annuitant's Account

The Issuer will:

1. maintain an Account for the Annuitant which will record particulars of all contributions to the Plan and their investment;
2. prepare and forward to the Annuitant an annual statement of the Plan showing all transactions during the preceding year; and
3. prepare and forward to the Annuitant and/or the Annuitant's spouse or common-law partner such receipts, other forms, documents and information as may be required to be provided by the Tax Acts.

15. Indemnification and Protection of the Issuer

The Issuer shall not be liable in its personal capacity for or in respect of any taxes, interest or penalties which may be imposed on the Issuer in respect of the Plan, whether by way of assessment, reassessment or otherwise, or for any other charges imposed by any governmental authority, as a result of payments out of the Plan, the purchase, sale or retention of any investment (including, without limitation thereof, "non-qualified investments" and "foreign property" within the meaning of the Tax Acts), or otherwise. The Issuer may reimburse itself for or may pay any such taxes, interest, penalties, or charges out of the assets of the Plan. The Annuitant and the heirs, executors and administrators of the Annuitant shall at all times indemnify and save harmless the Issuer in respect of any such taxes, interest, penalties or charges imposed upon the Issuer in respect of the Plan. In addition, the Issuer shall not be liable in its personal capacity for, or in respect of, any loss suffered or incurred by the Plan, the Annuitant or by any beneficiary under the Plan, caused by or resulting from any purchase, sale or retention of any investment unless caused by or resulting from the Issuer's dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.

G. RETIREMENT INCOME FUND (RIF) ACCOUNT

ING Bank of Canada/Banque ING du Canada, a chartered bank duly incorporated under the Bank Act (Canada), carrying on business as ING DIRECT and having its Head Office in the City of Toronto (hereinafter referred to as "we", or "us") hereby declares that it agrees to act as depository/carrier for the ING DIRECT Retirement Income Fund (hereinafter called the "RIF") for the Account of the applicant (hereinafter called the "Annuitant") subject to the following terms and conditions:

1. Objective

In consideration of the funds transferred from one or several Registered Retirement Savings Plans or another Registered Retirement Income Fund, of which the Applicant is the Annuitant, we undertake to pay to the Annuitant a retirement income in accordance with the provisions of the "applicable legislation", an expression that will refer herein to the Income Tax Act (Canada) (the "Act") and the regulations hereof, as amended from time to time, and if applicable, to the income tax legislation of the province in which the Annuitant resides.

2. Eligibility

Subject to the provisions of the applicable legislation, any person with a Registered Retirement Savings Plan or Registered Retirement Income Fund shall be eligible for and may participate in the RIF by completing and signing the Retirement Income Fund Enrollment Form.

3. Annuitant's Account

We will maintain an Account in the Annuitant's name (or any other person who, from time to time, becomes the Annuitant under Section 13 hereof) showing all the property transferred to the RIF, and all investment transactions made at the Annuitant's direction by telephone, computer or other means (whether electronic or otherwise). The foregoing will have the same legal effect as if authorized by the Annuitant's written instructions. We shall forward to the Annuitant, at least annually, a statement showing all transfers and investment transactions made and all income earned during such period.

4. Registration

Where necessary, the Annuitant agrees to complete an application form, as provided by us, including all the necessary information for the registration of the RIF (the "Application"). The Application shall be delivered to us, and we will then act as carrier and depository. Furthermore, we shall have the RIF registered with the relevant government authorities in accordance with the provisions of the applicable legislation. We shall provide all reports that may be required from time to time under the applicable legislation. No benefit or loan which is conditional on the existence of the RIF may be granted to the Annuitant or to a person with whom the Annuitant is not dealing at arm's length, except for those described in paragraph 146.3(2)(g) of the Act.

5. Qualified Investments

On receipt, we shall invest the RIF or property transferred, according to the Annuitant's instructions, in deposits that may be offered by us, provided that they comply with the provisions of the applicable legislation. We may offer, from time to time, one or several investment options for the purposes of the RIF (hereinafter called the "investment options"), provided they are qualified investments under the applicable legislation. The Annuitant may, by instrument in writing in a form prescribed by us and delivered to us, choose an investment option or transfer all or a portion of the property of the RIF invested under one investment option to another available investment option, subject to the terms and conditions of such investment option. When the Annuitant has chosen an investment option, we shall inform the Annuitant of all the terms and conditions applicable to such an investment option that are in addition to the conditions specified herein. THE ANNUITANT SHALL BE FULLY LIABLE FOR DETERMINING THE TAX CONSEQUENCES OF TRANSFERRING PROPERTY TO THE RIF, FOR INVESTING THE TRANSFERRED PROPERTY ACCORDING TO AN INVESTMENT OPTION, FOR DECIDING ABOUT ANY PAYMENT TO BE MADE FROM THE RIF, AND FOR TRANSFERRING THE PROPERTY IN THE RIF TO ANOTHER CARRIER IN ACCORDANCE WITH THE PROVISIONS OF SECTION 10.

6. Renewal

If the funds in a RIF are held in instruments with a defined duration, such as a GIC, at the maturity of such instrument, it shall be renewed automatically for the same term as the previous term unless the funds invested in such a RIF are required to pay the minimum amount in accordance with the provisions of section 7, any applicable income taxes, and/or to be distributed in accordance with Section 13 in the event of the Annuitant's death and/or should the said same term no longer be offered. Upon renewal, a statement will be issued to the Annuitant for the Annuitant's records. Where RIF funds are held in a GIC in which funds must be withdrawn prior to maturity in order to pay the minimum amount in accordance with the provisions of section 7, the GIC will be broken and the entire balance, plus interest earned to date, will be reversed back into the original RIF Investment Savings Account held with ING DIRECT from which the funds were derived. Where the source of funds was not a RIF account held with ING DIRECT, a companion RIF Investment Savings Account will be created and you, the Annuitant, agree to complete all necessary statutory and/or bank requirement to effect the opening of said RIF Account.

7. Retirement Income Payments

The Annuitant may elect to base the term of the payments on the age of the Annuitant's spouse if such spouse is younger. However, such election is to be made by the Annuitant by the end of the calendar year in which the Application for the RIF is made. This decision shall be IRREVOCABLE. No payments other than those described in paragraphs 146.3(2)(d), 146.3(2)(e) and subsection 146.3(14), or any other such provision as provided for by the Act from time to time, shall be made by us. In each calendar year beginning with the year in which this Application is accepted by us, we shall make payments to the Annuitant from the RIF subject to the following conditions:

1. Minimum payments. The total amount of all payments made under the RIF for the year must not be less than the required minimum amount, as defined in subsection 146.3(1) of the Act.
2. Refund. The Annuitant may, in the course of a given year, request a payment that exceeds the minimum amount by giving us instructions through any medium offered from time to time by ING DIRECT to pay such an excess amount subject to the terms and conditions of the investment options used to invest the property of the RIF.
3. Frequency of payments. The frequency of payments to be made during a given year shall be chosen by the Annuitant on the enrollment form based on the payment options offered by us.

8. Income Tax Information

We shall provide the Annuitant with appropriate information slips, in the prescribed form, as required by the Act, showing the total of all payments made from the RIF during the preceding calendar year, to enable the Annuitant to report such payments on the Annuitant's income tax return.

9. Transfer of Property

We shall accept property, in the form of cash, transferred from:

1. A Registered Retirement Savings Plan of which the Applicant is the Annuitant;
2. A Registered Retirement Income Fund of which the Applicant is the Annuitant;
3. The Applicant, provided that the consideration is a sum as prescribed in sub-paragraph 60(l)(v) of the Act;
4. A Registered Retirement Income Fund or a Registered Retirement Savings Plan of which the individual's spouse or former spouse is the Annuitant, pursuant to a decree, order or judgment of a competent tribunal or a written separation agreement relating to the division of property between the Annuitant, and the Annuitant's spouse or former spouse in settlement of rights arising out of the marriage, on or after the breakdown of the marriage;
5. A Registered Pension Plan of which the Annuitant, the Applicant, is a member within the meaning assigned by subsection 147.1(1) of the Act;
6. A Registered Pension Plan in accordance with subsection 147.3(5) or (7) of the Act; or
7. A Provincial Pension Plan in circumstances to which subsection 146(21) of the Act applies. Note that we will only accept transfers in cheque or EFT (Electronic Funds Transfer) format. We do not accept as deposits traveller's cheques, wire transfers, or bills or coinage of any sort.

10. Transfer

On receipt of prior notice in writing from the Annuitant, and of any and all documents necessary under the circumstances which we may reasonably require, we shall transfer to any person who has agreed to be a carrier of another Registered Retirement Income Fund of the Annuitant's, all or part of the property held in the RIF, or an amount equal to the value thereof at the time of such instructions, together with all information necessary for the continuance of the RIF. However, we shall retain an amount sufficient to ensure that the minimum amount referred to in section 7 hereof, for the year in which the transfer is made, may be paid to the Annuitant pursuant to the provisions of paragraph 146.3(2)(e.1) or 146.3(2)(e.2) of the Act. Any transfer required to be made shall, at our sole discretion, be made to a non-registered savings account held with us. If you do not have a non-registered savings account, you consent to us opening one on your behalf for any payments required to be made to you for any reason.

11. Assignment

No payment made under the RIF may be assigned, either in whole or in part. We may not deduct sums as regards the property held under the RIF in connection with any debt or obligation owing to us, by the Annuitant. The property held under the RIF may not be pledged, assigned or alienated in any way as security for a loan or for any purpose other than that of allowing us to make, to the Annuitant, the payments contemplated in paragraph 146.3(2)(a) of the Act.

12. Designation of Successor Annuitant or Beneficiary

If the Annuitant is domiciled in a jurisdiction in which, according to applicable law, a participant in a Retirement Income Fund may validly designate a beneficiary or a successor annuitant, the Annuitant may, by instrument in writing in a form prescribed by us and delivered to us prior to the Annuitant's death, designate the Annuitant's spouse as successor annuitant or any person as beneficiary to be entitled to receive the value of the Annuitant's property in the Trust fund upon the Annuitant's death. Such person shall be deemed to be the successor annuitant or designated beneficiary, as the case may be, for the purposes of the RIF, unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in a form prescribed by and delivered to us prior to the Annuitant's death, revoke such designation.

13. Death of Annuitant

Except where the Annuitant's spouse becomes the Annuitant under the RIF pursuant to the terms and conditions of the RIF or the provisions of the Annuitant's will, we shall, upon the Annuitant's death, distribute the property of the RIF or an amount equal to the value of the RIF to the person(s) entitled thereto, upon receipt of satisfactory proof that the said person is the successor-annuitant or that the person is entitled to receive the proceeds of the RIF, and upon receipt of the discharges and other documents that we may reasonably require, less all applicable income taxes, if any, in accordance with the provisions of the applicable legislation.

14. Notice

Any notice the Annuitant gives to us shall be sufficiently given if mailed, postage prepaid, addressed to us, and shall be deemed to have been given on the day that such notice is received by us. Any notice, statement or receipt given by us to the Annuitant shall be sufficiently given if mailed, postage prepaid, to the Annuitant at the address set out in the enrollment form or at any subsequent address of which the Annuitant shall have notified us and any such notice shall be deemed to have been given on the third business day following the day of mailing. Alternatively, we may, where permitted, provide any notice electronically by posting same on our website or by delivering said notice to your secure message board or via electronic mail.

15. Liability

We shall not be liable for the making, retention or sale of any investment or reinvestment as herein provided or for any loss or diminution of the assets comprising the Plan except due to our own negligence or wrongful act. When the total assets of the RIF have been paid hereunder, we shall be released from all liability and responsibility.

16. Amendments to the RIF

We may from time to time and at our discretion amend this Agreement, with the consent of the federal Minster of National Revenue and of any other relevant provincial tax administration, where necessary, by notifying the Annuitant in writing within thirty (30) days of such amendments; however, no such amendment shall cause the RIF to lose its status of a Registered Retirement Income Fund within the meaning ascribed thereto in the provisions of the applicable legislation.

17. Documents:

The Annuitant shall receive:

1. A copy of this RIF Agreement;
2. Periodically, a statement showing the value of the RIF;
3. Year-end reports on amounts paid to the Annuitant.

18. Applicable Laws

This Agreement shall be governed by and construed in accordance with the laws of the province or territory in which the Annuitant resides. However, the term "spouse" shall be construed in the same manner as in the Act.

19. Proof of Age

The statement of the Annuitant's date of birth on the enrollment form shall constitute a certification by the Annuitant and an undertaking to furnish such further evidence of proof of age as may be required for the provision of a retirement income.

20. Definition of a Spouse

The term "spouse" shall have the meaning of "spouse" as recognized in the Act for the purposes of a Registered Retirement Income Fund and incorporates the meaning of the term "common-law partner" as set out in sub-section 248(1) of the Act.

H. TAX FREE SAVINGS ACCOUNT (TFSA)

ING Bank of Canada/Banque ING du Canada hereby declares that it agrees to act as the depository for the person, (referred in this Tax Free Savings Account Agreement as the "Holder", "You", or "Your") under the arrangement to be registered under your Social Insurance Number as a Tax Free Savings Account. "ING DIRECT" is the operating name of ING Bank of Canada/Banque ING du Canada and ING DIRECT is the Issuer of the Tax Free Savings Account.

1. Registration

ING DIRECT will file an election to register the arrangement as a Tax Free Savings Account in accordance with section 146.2 of the Income Tax Act (Canada) and if applicable, the provisions of any income tax legislation of the Province where you reside. For this purpose, you must ensure to provide ING DIRECT with your valid Social Insurance Number and address. The Income Tax Act (Canada) and any applicable provincial income tax legislation are hereinafter collectively referred to as the "Tax Acts". The arrangement complies with prescribed conditions.

2. Contributions

Contributions made by you shall be deposited with ING DIRECT, and the interest earned or accrued thereon shall be credited or added to the deposit by ING DIRECT. Contributions are to be made under the Tax Free Savings Account to ING DIRECT for the purpose of ING DIRECT making distributions under the TFSA to you. Only you may make contributions under the Tax Free Savings Account.

3. Investments

Contributions received shall be invested as directed by you.

4. Excess Contributions

All contributions must be made in accordance with section 146.2 of the Income Tax Act (Canada) to qualify for any applicable tax exemptions. You shall be solely responsible for tracking contributions made to the Tax Free Savings Account, in addition to your other similar arrangements held with ING DIRECT and at other financial institutions in order to determine if contributions made to the Tax Free Savings Account would constitute an "excess TFSA amount" as defined in section 207.01 of the Income Tax Act (Canada) at any particular time. You understand that you will be subject to tax on a monthly basis for each month that you have an "excess TFSA amount".

5. Distributions

You may from time to time, upon such notice as ING DIRECT may permit, request a full or partial refund of the contributions from ING DIRECT. The Tax Free Savings Account permits Distributions to be made to reduce the amount of tax otherwise payable by the Holder under sections 207.02 or 207.03 of the Income Tax Act (Canada).

6. Exclusive Benefit

The Tax Free Savings Account will be maintained for your exclusive benefit. Such benefit is determined without regard to any right of a person to receive a payment out of or under the arrangement only on or after the death of the Holder. At all times while there is a Holder of the Tax Free Savings Account, anyone that is neither the Holder nor the Issuer of the Tax Free Savings Account is prohibited from having any rights under the Tax Free Savings Account relating to the amount and timing of distributions and the investing of funds.

7. Transfer to another Tax Free Savings Account Arrangement

Upon receiving your direction, ING DIRECT will transfer all or any part of the property held in connection with the Tax Free Savings Account (or an amount equal to its value) to another Tax Free Savings Account that you have arranged with another financial institution.

8. Death

Where you have not elected your spouse or common-law partner to become the holder of your Tax Free Savings Account as provided for by section 14 or by your will, once ING DIRECT has received the documentation required, ING DIRECT shall pay the Tax Free Savings Account proceeds by a single payment, less required income tax deductions, to your designated beneficiary and notify your estate representative of any resulting tax liability. In instances where you have not designated a beneficiary as provided for by section 14, the Tax Free Savings Account proceeds will be paid by a single payment, less required income tax deductions, to your estate. When ING DIRECT has made the payment of the fund proceeds to your designated beneficiary or to your estate, ING DIRECT will be considered as fully discharged from any further liability with respect to your Tax Free Savings Account.

9. Proof of Age

The statement of your date of birth on the Tax Free Savings Account Application will constitute your certification and agreement to provide such further evidence of proof of age as may be required for the establishment of your Tax Free Savings Account. You must be at least eighteen years of age at the time that a Tax Free Savings Account Application is submitted to ING DIRECT. ING DIRECT will rely solely on your statements regarding your age and eligibility for a Tax Free Savings Account, and will not be liable in any way for any tax consequences imposed as a result of incorrect statements submitted to ING DIRECT in respect of the account opening process.

10. Residency

You agree to inform ING DIRECT without delay if you cease to be a resident of Canada for Canadian tax purposes. You will be solely responsible for any tax consequences arising from contributions made at a time in which you are a non-resident for Canadian tax purposes, even if you provided ING DIRECT with a notice under this section.

11. Amendments

1. ING DIRECT may make amendments to the Tax Free Savings Account Agreement with approval from the Minister of National Revenue and any provincial tax authorities if applicable, providing that any amendments shall not have the effect of disqualifying the TFSA as a Tax Free Savings Account within the meaning of the Tax Acts.
2. ING DIRECT may resign from its agreement to act as the depository under this Tax Free Savings Account and be discharged from all future duties and liabilities hereunder upon giving you three months notice in writing. ING DIRECT may provide shorter notice if you also consent. Should you elect to terminate the services of the Issuer and appoint a successor issuer, ING DIRECT shall transfer the proceeds of the Tax Free Savings Account to the successor issuer within a period of three months from receipt of written notification from you that a change of Issuer is directed.

12. Holder's Account

ING DIRECT will:

1. maintain an account for you which will record particulars of all contributions to the Tax Free Savings Account and their investment;
2. prepare and forward to you an annual Tax Free Savings Account statement showing all transactions during the preceding year; and
3. prepare and forward to you such receipts, other forms, documents and information as may be required to be provided by the Tax Acts.

13. Designation of Successor Holder or Beneficiary

If you reside or are domiciled in a jurisdiction in which, according to applicable law, a participant in, or plan holder of, a Tax Free Savings Account may validly designate a beneficiary or successor holder, you may, by instrument in writing designate your spouse or common-law partner as a successor holder or any other person as beneficiary to be entitled to receive the value of your deposits in your Tax Free Savings Account in the event of your death. Such person shall be deemed to be the successor holder or designated beneficiary for the purposes of the Tax Free Savings Account unless such person shall predecease you or unless you revoke such designation by instrument in writing in a form prescribed by ING DIRECT and delivered to ING DIRECT prior to your death.

14. Indemnification and Protection of the Issuer

ING DIRECT shall not be liable in its personal capacity for or in respect of any taxes, interest or penalties which may be imposed on ING DIRECT in respect of the Tax Free Savings Account, whether by way of assessment, reassessment or otherwise, or for any other charges imposed by any governmental authority, as a result of payments out of the Tax Free Savings Account, the purchase, sale or retention of any investment, or otherwise. ING DIRECT may reimburse itself for or may pay any such taxes, interest, penalties, or charges out of the assets of the Tax Free Savings Account. You and your heirs, executors and administrators shall at all times indemnify and save harmless ING DIRECT in respect of any such taxes, interest, penalties or charges imposed upon ING DIRECT in respect of the Tax Free Savings Account. In addition, ING DIRECT shall not be liable in its personal capacity for, or in respect of, any loss suffered or incurred by the Tax Free Savings Account, you or by any beneficiary under the Tax Free Savings Account, caused by or resulting from any purchase, sale or retention of any investment unless caused by or resulting from our dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.

I. Terms that Apply to the THRiVE Chequing™ Account Only:

1. Eligibility

In order to be eligible for a THRiVE Chequing Account, you must be a Canadian resident and of the age of majority in the province in which you reside.

You must have a valid email address in order to open a THRiVE Chequing Account. It is your responsibility to ensure you always have a valid email address on file for your THRiVE Chequing Account.

The THRiVE Chequing Account is a personal bank account and may not be used for business purposes. If ING DIRECT suspects your THRiVE Chequing Account is being used for business purposes, we may close your THRiVE Chequing Account.

2. Online THRiVE Chequing Account

The THRiVE Chequing Account is an online personal bank account. When you sign up for a THRiVE Chequing Account, you consent to ING DIRECT providing you with all communications and documents related to your THRiVE Chequing Account electronically.

3. Instructions

It is your responsibility to ensure that all information and instructions you provide to us or to third parties are accurate, timely and complete at all times. ING DIRECT is not responsible for acting upon the information or instructions you may provide to us.

4. Transactions

It is your responsibility to ensure there are sufficient funds in your THRiVE Chequing Account required for any transactions you may authorize. You are responsible for transactions not processed due to insufficient funds (NSF). ING DIRECT may charge you a fee as set out in the Fee Overview Table for any NSF transactions.

ING DIRECT may not process a transaction or provide a service in the event there is a restriction on your THRiVE Chequing Account, there are insufficient funds in your THRiVE Chequing Account and/or ING DIRECT suspects any fraud, illegal or improper activity associated with your THRiVE Chequing Account or the transaction. You acknowledge that there may be a delay in processing transactions, including, but not limited to, deposits, withdrawals, payments and funds transfers.

ING DIRECT may, in its sole discretion, permit transactions in a foreign currency. The foreign currency will be converted to Canadian dollars at the exchange rate determined by ING DIRECT on a date determined by ING DIRECT, which may be different from the date of the transaction. ING DIRECT is not responsible for any losses you may incur due to changes in foreign currency exchange rates or the unavailability of funds due to foreign currency restrictions.

5. Withdrawals and Deposits

You may deposit into or withdraw funds out of your THRiVE Chequing Account through our Internet website, designated Automated Banking Machines ("ABMs") or through other means provided by ING DIRECT from time to time. You are responsible for all authorized deposits and withdrawals made to your THRiVE Chequing Account. Deposits or withdrawals deemed to be fraudulent or counterfeit by ING DIRECT in its sole discretion will not be processed and, as applicable, shall not be returned to you.

Funds deposited by cheque or designated ABMs are subject to verification, and a hold may be placed on the funds in accordance with ING DIRECT's hold policy. Foreign currency deposits may not be accepted and may be returned to you at your expense.

ING DIRECT may adjust a deposit to your THRiVE Chequing Account (even if the adjustment creates a negative balance in your THRiVE Chequing Account) if we discover a discrepancy between the amount noted on the deposit slip and the amount received, or if we suspect any fraudulent, unlawful or improper activity. Any such adjustments will be posted to your THRiVE Chequing Account. ING DIRECT shall not be responsible for any inconvenience to you that may result from an adjustment, including, but not limited to, any payments that may not be processed due to insufficient funds in your THRiVE Chequing Account.

ING DIRECT is not responsible for the delay or failure of any third parties to act upon deposit instructions provided by you. You must contact the third party directly to cancel any direct, payroll or other deposit arrangement you may have or to resolve any dispute over the deposit.

6. Electronic Payments

If you give us instructions to make payments to third parties, including instructions to pay any bill or invoice, you acknowledge that the instructions will result in funds being withdrawn from your THRiVE Chequing Account on the date the instructions are given or, in the case of post-dated payments, on the specified date. You acknowledge that third parties may not treat payments or post-dated payments as being received as of the date of the instructions are given, or, in the case of post-dated payments, on the specified date.

Once electronic payment instructions have been sent, they will be final and irrevocable, so that it may not be possible to retrieve funds sent in error. We can update your bill profile if a biller informs us of a change or if we deem it necessary. You are responsible to know your biller's payment requirements. We may reject, cancel or return payments to you that do not meet these requirements. In addition, you are responsible to ensure that your payments are requested with sufficient time to be processed by us and by the biller.

Payments may not be processed for a number of reasons, including, but not limited to, insufficient funds, inconsistency with the billing account number on your payment and/or the billing account number registered on your bill profile at the time of processing the payment, and a change in the status of the biller, or your bill profile.

ING DIRECT is not responsible for the delay or failure of any third parties to act upon instructions provided by you or any consequences resulting from such a delay or failure. We will not be responsible for any losses resulting from problems or disputes with third parties and you agree to settle your dispute directly with the third party. ING DIRECT is not responsible for our inability to retrieve electronic payments from third party accounts with us or from other financial institutions.

7. ING DIRECT Email Money Transfer

To send an email money transfer, you must provide the recipient's email address, and a security question and answer that is used to authenticate the recipient of the transfer. To receive an email money transfer, you must correctly answer the security question.

You agree that, as a sender of an email money transfer, it is your responsibility to (a) provide the accurate email address of the recipient; (b) create an effective security question and answer that is known only to you and the recipient, and (c) not to use a message that may accompany the transfer to send the recipient the answer to the security question. As a recipient, you agree to keep the answer to the security question confidential at all times and to use it only to receive the transfer.

We will be entitled to pay the transfer to anyone who claims it as the recipient and correctly answers the security question, whether or not that person is the person intended to receive the transfer. We will not be liable for losses incurred by you as a sender or recipient of an email money transfer as a result of misuse, forwarding of email to third parties, improper communication or disclosure of the answer to the security question.

8. Interac Email Money Transfer

The Service: The Interac^® e-Transfer service enables ING DIRECT Clients to send and receive money transfers from one bank account to another via email. Use of Interac e-Transfer is subject to the terms, conditions and limits imposed by Interac Inc. For more details, please visit interac.ca.

Fees: ING DIRECT charges no fees for use of this service. Interac currently charges $1.00 per transaction (subject to change). However receiving/sending institutions may charge additional fees for use of the service. Please check the websites of Interac and the other bank(s) for details on any fees which may be imposed.

Limits: ING DIRECT currently places the following limits on Interac e-Transfer Transactions:

Transaction Minimum: $5.00

Transaction Maximum: $2,000.00

Daily Maximum: $2,000.00 (up to weekly/monthly maximum)

Weekly maximum: $7,000.00

Monthly Maximum: $7,000.00

Security Questions: In order to send a transfer, you must provide a security question for your recipient to correctly answer. In order to receive a transfer, you must correctly answer the sender's security question. ING DIRECT is entitled to rely on the correct answer to a security question when sending or receiving a transfer.

Transfers: Where a recipient declines your transfer, you will be given notice of the decline and will receive instructions from Interac with regard to how you may reclaim your funds.

Time limits: You must accept any transfer sent to you within 30 days after the date sent, failing which the transfer will expire and the sender will have 60 days to reclaim the funds. Transfers you initiate using the Interac service must also be accepted within 30 days by your recipient, or they will expire. You will then have 60 days to reclaim your funds from Interac, failing which the funds will be flagged and you will need to contact ING DIRECT to reclaim your funds.

Cancelling, Rescinding or Terminating a Transfer: We may cancel, rescind or terminate a transfer, either to you or from you, at any time for any reason, including, but not limited to, fraud, misrepresentation, abuse or any other unlawful conduct, either by you or another party.

Our Rights: Our Rights: We may modify or discontinue this service, or cancel or suspend your access to this service at any time without notice and without liability to you. We are entitled to block, stop or cancel transfers without liability to you. We have the right to rely on the accuracy of the information you provide to us, including any email addresses, phone numbers or other contact information.

9. Charges

There is no monthly fee for your THRiVE Chequing Account. For certain services as outlined in the Fee Overview Table, there is a fee that will be charged by ING DIRECT. ING DIRECT will debit your THRiVE Chequing Account when fees are applicable. ING DIRECT will provide you with 30 days advance notice of any changes to the charges applicable to your THRiVE Chequing Account or any new charges applicable to your THRiVE Chequing Account.

10. Limits

We may set limits for your use of your THRiVE Chequing Account from time to time. Your daily ABM and point of sale (POS) limits are communicated to you when you open your THRiVE Chequing Account.

We may change these limits (dollar amount or otherwise) for transactions that may be carried out by you through electronic banking services, from time to time without prior notice to you. It is your responsibility to check your limits from time to time by contacting ING DIRECT.

11. Forms

For your convenience, ING DIRECT may provide PAD instruction forms, direct deposit instruction forms and/or payroll deposit instruction forms to be completed by you and to be provided by you to a third party and/or your employer, as applicable. Once completed by you, such forms will contain personal and sensitive information and you are solely responsible for safeguarding this information. ING DIRECT will not be responsible for the loss, theft or destruction of any such PAD form, any entry errors on the PAD form or for the misuse of any of your information on the form or for any losses that may flow from such loss, theft, destruction, error or misuse.

12. Use of Electronic Banking Services

You will not use electronic banking services in connection with your THRiVE Chequing Account for illegal, fraudulent or defamatory purposes or take any steps which could undermine the security or integrity of or cause harm to or threaten to cause harm to any other user of any electronic banking service offered by us. We reserve the right to disable or cancel any electronic transactions and close any THRiVE Chequing Accounts of payees who act contrary to the above.

We reserve the right to restrict or deny any services we provide as part of your THRiVE Chequing Account in the event we determine any abuse of said services on your part.

For our mutual protection, we may record all telephone calls that relate to the use of or include instructions for using electronic banking services in connection with your THRiVE Chequing Account.

13. Interest Rate Information

Interest is calculated daily and based upon your daily THRiVE Chequing Account balance and corresponding tier as set out in the THRiVE Chequing Account Interest Rate Table. We reserve the right to modify the THRiVE Chequing Account interest rate tiers at our complete discretion with appropriate notice to the THRiVE Chequing Account holder. The applicable interest rate is applied to the entire balance held in the THRiVE Chequing Account. Interest is accrued daily and paid month-end.

14. Point of Sale Purchases

Point of sale purchase transactions may not appear on your THRiVE Chequing Account statement until the merchant processes payment (typically 1 to 2 business days).

15. Cheque Orders, Cheque Responsibility and Stop Payments

As ING DIRECT makes available, you may order cheques for your THRiVE Chequing Account. You are responsible for the care and control of your cheques and they are for your use only. You will notify ING DIRECT immediately in the event your cheques are lost or have been stolen or if you suspect your cheques have been compromised. ING DIRECT is not responsible for the misuse or unauthorized use of your cheques.

ING DIRECT may not process a cheque if there are insufficient funds in your THRiVE Chequing Account and may charge you a fee as set out in the Fee Overview Table. You are responsible to be aware of your THRiVE Chequing Account balance at all times and ING DIRECT will not be responsible for cheques that are not processed due to insufficient funds and any consequences that may result because the cheques are not processed.

For a fee as set out in the Fee Overview Table, you may contact an ING DIRECT representative by phone to request a stop payment on any cheque you may have written that has not already been paid. You must provide the ING DIRECT representative with the information requested for us to be able to enter a stop payment. ING DIRECT will use best efforts to stop the payment, however, ING DIRECT can make no guarantees that a stop payment will be successful and is not responsible in the event the stop payment is not effective. If the information you give us is not accurate or complete, if you do not give us other reasonable information requested about the cheque, or if the cheque was processed or irrevocable, ING DIRECT will not be responsible if it is not able to effect the stop payment of a cheque. ING DIRECT may scan and post an electronic image of your cheques on your ING DIRECT secure website for you to view. You understand and agree that, if applicable, joint THRiVE Chequing Account holders will be able to view all cheques written from the joint THRiVE Chequing Account.

16. Drafts

For a fee set out in the Fee Overview Table, you may order a draft in Canadian funds online through the ING DIRECT website. The maximum value of a draft you may order is equivalent to the amount available in your THRiVE Chequing Account. At your option, drafts will be couriered to your home or to your closest ING DIRECT Café for pick up by you. You understand that a draft should be treated and protected like cash and that ING DIRECT is in no way responsible for the loss, theft or misuse of the draft. ING DIRECT is not responsible for any errors on your part when placing the order for the draft, including but not limited to any entry errors.

In the event you choose to courier your draft to an ING DIRECT Café, for your security, you must provide adequate identification and verification as requested from an ING DIRECT Café Representative. ING DIRECT may refuse to give you the draft should you not provide the requested identification and verification. Should you not pick up your draft from the ING DIRECT Café within a reasonable period of time, ING DIRECT may, at its option, destroy the draft and credit the value of the draft (not including the value of the fee charged for the draft) back to your THRiVE Chequing Account.

17. Whoops!™ Protection

ING DIRECT may, at its sole discretion, provide Whoops! Protection on your THRiVE Chequing Account. Whoops! Protection may cover you up to $250 in the event you have insufficient funds in your THRiVE Chequing Account for future dated bill payments, future dated email money transfers, pre-authorized debits, and/or cheques.

The Whoops! Protection limit of $250 is subject to change and we will notify you of any changes thereto. Once Whoops! Protection is activated on your THRiVE Chequing Account, you have thirty (30) calendar days to bring your balance back up to a positive balance. ING DIRECT will charge you a fee for every continuous 30 calendar day period your THRiVE Chequing Account does not have a positive balance. ING DIRECT will notify you of the fee in its Fee Overview Table and any changes thereto.

ING DIRECT will apply your payments to your THRiVE Chequing Account first against any fee owed and then to the remaining balance.

If you do not bring your balance back to at least $0 within 90 calendar days, the amount outstanding will be due immediately to ING DIRECT. ING DIRECT may apply its right of set-off (as set out in the General Terms) against any Investment Savings Account ("ISA") that is in your name to recover any outstanding amounts. In the event there are insufficient funds in your ISA to cover the outstanding amounts, or you do not have an ISA with ING DIRECT, ING DIRECT may submit the balance owing to a collections agency to recover the outstanding amounts. You understand and acknowledge that in the event ING DIRECT submits your outstanding balance to a collections agency for recovery, your credit rating may be adversely affected.

ING DIRECT reserves the right to cancel Whoops! Protection on your THRiVE Chequing Account at its discretion and at any time. ING DIRECT will not be responsible for any loss, damage or inconvenience suffered by you if we cancel Whoops Protection on your THRiVE Chequing Account.

18. Email Communications

ING DIRECT may provide you with email notifications upon the happening of certain events relating to your THRiVE Chequing Account. You understand and agree that it is solely your responsibility to ensure that you provide us with an accurate, valid, private and secure email address for email communications with you.

If you choose to provide us with a mobile email address, you understand that we will use this address for email communications with you. We are not responsible for any fees charged by your mobile carrier or any third parties in association with using your mobile email or mobile device.

We are not responsible for the failure of email communications to reach you or for the inadvertent disclosure of private and confidential information to third parties due to your failure to provide an accurate, secure and private email address. We will not be responsible in the event email notifications do not reach your email address in real time nor for any consequences resulting from a delay in receipt of an email notification.

19. THRiVE Chequing Account E-Statements

Your THRiVE Chequing Account statement will be provided separately from any other statement(s) for other Accounts you may have with us. The THRiVE Chequing Account statement will be posted for you to view on the ING DIRECT website every month. You understand and agree that we will not provide you with a hardcopy of your THRiVE Chequing Account statement.

™ THRiVE Chequing is a trademark of ING Bank of Canada.

™ Whoops! is a trademark of ING Bank of Canada.

® Registered trademark of Interac Inc., used under license.

You may wish to print off a copy of these Terms and Conditions for your records.

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