Deposits disclosure
This Concentra Bank Deposits Disclosure sets out the interest calculations and fees that apply to the GIC, RRSP, RRIF, TFSA, RESP and RDSP deposits held with Concentra.
GIC, RRSP, RRIF, TFSA, RESP and RDSP
| Feature | Fee |
| Pre-approved redemptions of a non-redeemable fixed deposit prior to maturity (1) – GIC/RRSP/RRIF/TFSA/RESP/RDSP | $100 transaction charge, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Provide personal information – GIC/RRSP/RRIF/TFSA/RESP/RDSP | $25 fee to provide personal information pursuant to federal or provincial privacy legislation |
| Transactional research – GIC/RRSP/RRIF/TFSA/RESP/RDSP | $275 per hour, with a minimum charge of $275 to research historical information and calculations |
| Returned mail –GIC/RRSP/RRIF/TFSA/RESP/RDSP | $25 per mail sent to the address you provided but returned to Concentra Bank |
| Estate Administration – GIC/RRSP/RRIF/TFSA/RESP/RDSP | $275 per hour, with a minimum charge of $275 to complete complex or extensive estate files submitted for review and instruction (including assessment of entitlement, conflict resolution, etc.) |
| Transfer-out (1) – RRSP/RRIF/TFSA/RESP/RDSP | $50 per disbursement |
| Duplicate registered plan statements – RRSP/RRIF/TFSA/RESP/RDSP | Registered Plan statements are issued on an annual basis; a $25 fee shall apply for any requests to produce duplicate statements or a statement outside the regularly scheduled dates |
| Duplicate tax slips – RRSP/RRIF/TFSA/RESP/RDSP | Tax slips are issued on an annual basis; a fee of $25 shall apply for any requests to produce duplicate copies outside the regular scheduled dates |
| NSF (non-sufficient funds) fee – RRSP/RRIF/TFSA/RESP/RDSP | $50 per instance |
| Small balance/inactive plan closure – RRSP/RRIF/TFSA/RESP | $50 administration fee on closure of a small balance and/or inactive plan (as detailed below and in the RESP Terms and Conditions) |
| Cash withdrawals – RRSP/RRIF/TFSA | $50 per disbursement |
| Termination of plan prior to 1 year – RRSP/RRIF/TFSA | $100 administration fee on accounts closed or funds withdrawn within 1 year of opening, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Registered plan pension legislated special withdrawal request from locked-in contract – RRSP/RRIF | $100 transaction charge, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Unscheduled payments from non-redeemable deposits prior to maturity – RRIF | $50 transaction charge, plus 50% discount of interest earned since deposit/renewal date. Minimum withdrawal of $1,000 |
| Accumulated income payment/payment of income to a designated educational institution – RESP | Variable Deposit - $50 transaction charge Fixed Term Deposit - $100 transaction charge, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Educational assistance payment/post-secondary educational assistance payment – RESP | $25 transaction charge for early redemption of each fixed deposit, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Non-educational withdrawal from variable rate deposits – RESP | $50 transaction charge |
| Canada Learning Bond – RESP | When the initial CLB is paid into the RESP, an additional $25 is deposited by ESDC in recognition of expenses incurred by the Promoter with opening the RESP. Concentra will withdraw the $25 as a one-time set-up fee. Both the deposit and withdrawal will be recorded on the client statement. |
| Unscheduled Disability Assistance Payment – RDSP | $25 transaction charge for early redemption of each fixed deposit, plus 50% discount of interest earned on each deposit since deposit/renewal date |
| Pre-approved change of registration/internal transfer fee (1) – GIC | $50 per deposit |
(1) Some exemptions or discounts may apply. Contact your financial services representative for more information.
| Registered plan (RRSP, RRIF, TFSA, RESP, or RDSP) variable cash account deposit | RESP no minimum RDSP no minimum RRSP minimum $100 RRIF minimum $5,000 TFSA minimum $500 |
| Cashable 1 year fixed deposit |
GIC minimum $5,000 |
| Fixed-term deposits (non-redeemable and non-transferable prior to maturity) |
GIC minimum $1,000 |
Interest calculations
| Registered plan (RRSP, RRIF, TFSA, RESP, or RDSP) variable cash account deposit | Interest is calculated daily on the total closing balance and paid semi-annually June 30 and December 31, based on the rates per annum, as offered. Interest rates are expressed annually and may vary from time to time. |
| Cashable 1-year fixed deposit |
Interest is calculated daily on the total closing balance and paid on maturity or at time of redemption. Interest rates are expressed annually as a percentage of the deposit and are guaranteed for the term of the deposit. You will not earn interest on the maturity date. For interest calculation, the year is treated as 365 days and is compounded and/or paid annually. Where redemption is within 30 days of purchase or last renewal date, no interest will be paid. Otherwise, interest will be calculated and paid for the period held at issue rate. |
| Fixed-term deposits (non-redeemable and non-transferable prior to maturity) |
Interest is calculated daily on the total closing balance and paid annually, on maturity or at time of redemption. Interest rates are expressed annually as a percentage of the deposit and are guaranteed for the term of the deposit. You will not earn interest on the maturity date. Terms of one year or longer, for interest calculation, the year is treated as 365 days for all and is compounded and/or paid annually. Within 30 days of purchase or renewal, a deposit may be cancelled, with no interest. |
You acknowledge that, from time to time, we may change interest rates and how we calculate interest. Refer to our website for our current interest rates below.
Deposit renewals
Concentra will notify the Investor of the upcoming renewal of a GIC or fixed-term deposit using the contact information provided to Concentra by the Investor. The Investor must notify Concentra of any changes to its contact information. The Investor will receive this notification 21 days before the last day of the term, if the GIC or fixed-term deposit has a term of more than 30 days, and 5 days before the last day of the term for all GICs and fixed-term deposits.
If Concentra has not received instructions from the Investor on or before the maturity date, Concentra may renew the matured amount for a like term or for such other term as shall have been communicated in advance or such matured amount meets Concentra deposit minimums, at the current rate of interest in effect at the date of maturity.
Fees
Fees are charged on the date that the transaction or event occurs (unless otherwise indicated). See the Fee and Charges Schedule above for all applicable fees.
Concentra will provide you with notice of any changes. This notice may include posting a notice on our website, through email, mail or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.
CDIC insurance
Concentra Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Wyth Financial is a trade name of Concentra Bank. Deposits made under Wyth Financial and Concentra Bank are aggregately eligible for CDIC protection up to $100,000, per category, per depositor. You may find a listing of eligible products and more information on our CDIC info page.
Closure of Small Balance and/or Inactive Accounts
RRSP – If your RRSP has a balance of less than $100 and no contributions to, or withdrawals from, your RRSP have been made in the preceding 12 months, you hereby authorize us to refund to you the total of your RRSP balance, less any applicable withholding tax required to be remitted to the Canada Revenue Agency (CRA) under the Income Tax Act, and terminate your Plan.
RRIF – If your RRIF has a balance of less than $500, you hereby authorize us to refund to you the total of your RRIF balance, less any applicable withholding tax required to be remitted to the CRA under the Income Tax Act and terminate your Plan.
TFSA – If your TFSA has a balance of less than $100 and no contributions to, or withdrawals from, your TFSA have been made in the preceding 12 months, you hereby authorize us to refund to you the total of your TFSA balance and terminate your Plan.
RESP – If your Plan has a balance of less than $100 and no contributions to, or withdrawals from, your RESP have been made in the preceding 12 months, you hereby authorize us to refund to you the total of your contributions, less any amount previously refunded to you and less any amount required to be repaid under the Canada Education Savings Act and any applicable provincial grant legislation, and remit the remaining RESP assets, less any repayments under the Canada Education Savings Act and any applicable provincial grant legislation, to your designated institution. Where your RESP has a balance of $0, you hereby authorize us, at our sole discretion, to terminate your RESP.
Resolving concerns
Tell us about your problem or concern in the way that is most convenient for you. Concentra will always acknowledge your complaint made by phone or in writing. Learn how Concentra resolves complaints in the Complaint Policy located at concentra.ca/complaints-english or concentra.ca/complaints-french. You can obtain more information on the complaint process by using the contact information described below.
Questions
Whether your deposit is a product of Concentra or Wyth, if you have any questions about your account, please email clientsupport@eqbank.ca or call the toll-free telephone number 1-800-788-6311 (option 1) during Concentra’s business hours.
Our commitment to voluntary codes
Learn about the voluntary commitments and codes of conduct that Concentra makes to protect its customers and serve you better at https://www.equitablebank.ca/voluntary-codes-of-conduct-and-public-commitments.