DUCA Financial Services Credit Union Limited (DUCA)

Transcription

1 DUCA Financial Services Credit Union Limited (DUCA) To apply for an Investment, clients must: Broker Reference Document Be a resident of Canada, with the exception of the Province of Quebec Has reached age of majority (18 in Ontario) Provide two pieces of identification, one of which needs to be government issued photo identification with a future expiry date. (broker to maintain copy on file) Acceptable and non-acceptable application types. DUCA accepts investments for: GICs individual, joint tenants with right of survivorship, and Corporate accounts RRSP TFSA. We do not accept applications for the following: Non-residents Residents of Quebec Nominee accounts (self-directed) Both formal and informal trusts Estates Other non-corporate entities From other Credit Unions Accounts requiring the use of a Power of Attorney To initiate a new investment with DUCA, complete and submit the following information, except in the case of renewals where the clients information has already been provided and recorded: Personal accounts 1. Client Information and Consent form (CICF). 2. Terms and Conditions of Membership form. 3. The applicable: Investment Registration & Client Information form or DUCA RRSP/TFSA Application and Designation of Beneficiary forms 4. Cheque used to purchase the investment. (or wire transfer, if prior arrangements have been made)

2 Corporate accounts 1. Corporate application 2. Terms and Conditions of Membership form 3. Articles of Incorporation 4. Listing of Directors, with name address and occupation 5. Personal ID of signing officers 6. Beneficial ownership 7. Business description If the above information is not complete upon receipt, the funds will not be applied and the Broker will be advised of the issues by fax or . Rate & Date Hold: Funds Received by DUCA within 5 business days: The rate and issue date is backdated to the date of the application Funds Received by DUCA within 10 business days: rate held however the issue date will be set to the date the funds are received by DUCA Funds Received by DUCA after 10 business days: No rate or purchase date held. Investment will receive current rate and date. Note: If DUCA receives an application which is non-compliant or missing any requirement to make the member account and GIC transaction complete, the date of receipt by DUCA will be noted, and the place where the rate and date hold falls as per the above three positions will be noted. The broker will have ten (10) business days to make the transaction compliant while maintaining the rate and date hold noted the day DUCA originally received the initial documents. After the ten day extension, the applicable rate and date hold will cease to exist. The issue date given will be that of the date the transaction is made compliant and the rate will be the current available rate. After being in receipt of a non-compliant application for 14 business days, DUCA reserves the right to return the funds to the broker/client without interest. If the required documentation is not forwarded to DUCA within an appropriate time, a trade reversal will take place. This measure will occur only once every effort has been made to resolve the outstanding issues as noted above. Terms and Conditions of Membership with DUCA Financial Services Credit Union Ltd. The Terms and Conditions of Membership form is to be given to the client and signed by client or by the broker on behalf of client, at the time of initial setup. This is not required for renewals.

3 Investment Confirmation Once the investment is set-up, a confirmation will be generated and sent to the broker for verification. Broker is to forward to client. Normal Business Hours for Investment Processing Monday Friday 9:00am 4:30pm For Annual Interest Payments - Client banking information must be provided for annual interest payments, or - Post-dated cheque will be mailed 15 days in advance Maturing GIC s Post-dated cheques will be issued to the broker 15 days in advance of the actual maturity date. Two cheques will be issued, one for the principal amount and another for the interest amount unless otherwise specified. Cheque Replacement Policy The broker or the client will notify DUCA by fax or in the event a maturity or interest cheque is lost, destroyed or stolen. DUCA, having determined the reported item has not been paid, will lodge a stop payment on the original cheque and issue a new cheque. Redemptions Redemptions will be processed as follows: Non-Redeemable Terms: Clients cannot redeem a non-redeemable term deposit before its maturity date, except in the event of death. In the event of death, DUCA does not charge a redemption penalty. Commission will be charged-back on an early redemption for estate purposes. For redemptions due to death DUCA requires: For Jointly Held: Original proof of Death or a Certified True Copy of the original Letter of direction signed by the surviving joint holder(s) For Singularly Held: Original proof of Death or a Certified True Copy of the original Notarial copy of Certificate of Appointment of Estate Trustee with or without a will/duca Indemnity - as applicable Letter of direction signed by named Estate Trustee(s)

4 For RRSP Held: Original proof of Death or a Certified True Copy of the original Claimant s Declaration and Indemnification form signed by beneficiary(s) or named Estate Trustee(s) Notarial copy of Certificate of Appointment of Estate Trustee with or without a will (if applicable) Anti-Money Laundering and Know Your Client Requirements We must receive the following information on applicants in order to process the application. If any of the following information is missing, the application will be returned. Name Address SIN Date of Birth Occupation Intended Use of Account 3 rd Party determination question Politically Exposed Foreign Person disclosure 2 pieces of acceptable identification: record identification type, reference number, place of issue and expiry date Copy of signed Client Information and Consent form. Identification Acceptable pieces of identification from your clients must be original, one of which needs to be government issued photo identification, with unique identifier number and with a future expiry date. If the photo identification is expired, a copy may be made (for photo purposes only) along with TWO additional pieces of identification, one of which must be valid government issued identification with unique identifier number. As the SIN and Old age security card are the same number and not unique to each other, they cannot be used together as separate pieces of ID. When using expired photo ID, it must be noted that the expired ID is taken for photo purposes only and the additional identification is for the purpose of ascertaining the client s identity Valid driver s license issued in Canada (photo) Valid Passport (photo) Canadian Provincial and Territorial Photo ID Cards Canada Permanent resident card (photo)

5 Birth certificate (Government Issued) Canadian Citizenship Card (photo) First nations status certificate (photo) Old age security card SIN Card Provincial Health Card, but only if it is not prohibited by provincial or territorial legislation. For example, you cannot refer to an individual s provincial health card from Ontario, Manitoba, Nova Scotia or Prince Edward Island, since health cards cannot be used for this purpose in these provinces Occupations Examples for Obtaining Appropriate Occupation Information Description NOT Acceptable Acceptable Record FULL occupation names Short form occupations are NOT acceptable Be specific regarding the occupation For occupations that includes Manager or executive titles (ie. President) you must also include the type of work that is performed in the description For someone who is a labourer also include the type of labour that they perform in the description (ie, Labourer Manufacturing) For someone who is unemployed or on disability, record what they do/ did before being unemployed or disabled If possible, the same general rule should apply to retirees A) RN B) CFO C) CSR A) Self Employed B) Owner C) President D) Manager E) Maintenance F) IT G) Consultant H) Labourer I) Teacher A) Registered Nurse B) Chief Financial Officer C) Customer Service Representative A)Mechanic Self Employed Note: Where applicable, Homemaker is acceptable B) Owner- Hairdresser C) President Operating Manager D) Retail Sales Manager D) Maintenance Janitor E) Information Technology Technician F) Human Resources Consultant G) Labourer Manufacturing I) Elementary school teacher A)Unemployed Florist (Note: This is preferred, however Unemployed is acceptable) B) Disability Millwright (Note: This is preferred, however Disability is acceptable) - For permanent disability, please use Permanent Disability Never worked C) Retired Accountant (Note: This is preferred, however Retired is acceptable)

6 Source of Funds DUCA will accept cheques from the following source of funds: Personalized cheque preprinted with account holder s name, payable to DUCA Maturity cheque from other Financial Institutions Counter cheque with the bank s letter stating the account the funds are drawn from DUCA will not accept the following source of funds: Cash Money orders Bank drafts Deposit Brokers are NOT permitted to use their Trust Accounts.