Terms & Conditions

Bank Account Verification

By checking the box indicating your consent and proceeding with bank account verification, you agree to provide your credentials and information to the third-party service provider(s) that Qtrade Direct Investing (“Qtrade”) engages to provide account verification services (each, a “Service Provider”). Your use of the account verification service, including any related application programming interface, technology or platform (the “Service”), to verify your bank account from within Qtrade’s designated website (the “Qtrade Website”) is subject to the following terms. You should read these terms closely to make sure you understand and agree to them.

Your Choice

Using the Service is optional. If you do not wish to use the Service, you will not be able to connect your bank account directly to Qtrade or use Electronic Funds Transfers to move money to or from your Qtrade account. Several other methods are available to move money to or from your Qtrade account, including Interac e-Transfer, bill payment and cheque withdrawals. Please contact Qtrade to discuss the alternatives available for your particular transaction.

Important Information

Before connecting your account, you should review the terms and conditions that apply to your financial institution account and decide whether you are comfortable using a financial data connectivity service. Financial institutions may have different requirements about sharing your credentials with third parties and using third-party services.

1. Account Verification Service

To verify your bank account and help protect against fraud, Qtrade uses the Service, provided by a vetted and secure Service Provider, to confirm your bank account information. The Service is used to link your bank account to Qtrade for Electronic Funds Transfers.

When using the Service, you will be asked to connect to your financial institution account. Depending on your financial institution, you may enter your online banking credentials directly with your financial institution or through a connection facilitated by the Service. Information provided during this process is used to retrieve certain account information and to verify that the bank account is held in your name. Qtrade does not receive or store your online banking credentials. Credentials submitted through the Service are encrypted and are not stored after the connection process is completed.

2. Proprietary Rights

You may use information, data or other materials delivered to you through the Service only with the Qtrade Website. You may not copy, reproduce, distribute or create derivative works from this information, data or other materials. You also agree not to reverse engineer or decompile any technology used to provide the Service.

3. Content You Provide

You grant Qtrade and the Service Provider a non-exclusive, royalty-free licence to use any account information and other data you provide through or to the Service, or that is retrieved from your Bank Accounts through the Service (collectively, “Content”), solely to the extent necessary to: (a) verify your identity and confirm that the Bank Accounts are held in your name; (b) set up, validate and maintain your Bank Accounts on Qtrade for Electronic Funds Transfers; (c) detect and prevent fraud in connection with the foregoing; and (d) comply with applicable laws, regulations and regulatory requirements (together, the “Purpose”). Qtrade and the Service Provider will not use or disclose Content for any other purpose without your consent, except as required or permitted by applicable law. Qtrade and the Service Provider will retain Content only for as long as reasonably necessary to fulfil the Purpose or as required by applicable law.

4. Third-Party Accounts

By using the Qtrade Website and the Service, you authorize Qtrade and the Service Provider to link to the bank accounts you designate (the “Bank Accounts”) on your behalf. You also authorize and permit Qtrade to use the information in the Bank Accounts to: (a) validate and verify your account information; (b) verify that the linked Bank Accounts belong to you; and (c) configure the Service so that it is compatible with the banking service providers for the Bank Accounts. You agree that Qtrade and the Service Provider assume no responsibility and will incur no liability for the acts, omissions or determinations of any such banking service providers. You are responsible for making sure that this authorization and access does not breach any third party’s online access agreement or other applicable agreement. Qtrade, the Service Provider and each of their affiliates will not be responsible for any breach of an access agreement with your financial institution, or for any losses resulting from unauthorized access or transactions.

5. Disclaimer of Warranties

You expressly understand and agree that:

a) Your use of the Service, and of all information, products and other content (including that of third parties) included in or accessible from the Service, is at your sole risk. The Service is provided on an “as is” and “as available” basis. Qtrade and the Service Provider expressly disclaim all warranties of any kind, whether express or implied, as to the Service and all information, products and other content (including that of third parties) included in or accessible from the Service. This includes, but is not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement;

b) Qtrade and the Service Provider make no warranty that (i) the Service will meet your requirements, (ii) the Service will be uninterrupted, timely or error-free, (iii) the quality of any products, services, information or other material purchased or obtained by you through the Service will meet your expectations, or (iv) any errors in the technology will be corrected; and

c) You download or otherwise obtain any material through the Service at your own discretion and risk, and you are solely responsible for any damage to your computer system or loss of data that results from downloading any such material. No advice or information, whether oral or written, that you obtain from Qtrade or the Service Provider through or from the Service will create any warranty not expressly stated in these terms.

6. Limitation of Liability

You agree that neither Qtrade, the Service Provider nor any of their affiliates will be liable for any losses, damages or harms, whether direct, indirect, incidental, special, consequential or exemplary, resulting from any of the matters listed below. This includes, but is not limited to, damages for loss of profits, goodwill, use, data or other intangible losses, even if Qtrade or the Service Provider has been advised of the possibility of such damages. The matters are:

a) the use of, or inability to use, the Service; b) the cost of obtaining substitute goods and services; c) any products, data, information or services purchased or obtained, messages received, or transactions entered into, through or from the Service; d) unauthorized access to, use of, distribution of or alteration of your Content; e) statements or conduct of anyone on the Service; f) the use, inability to use, unauthorized use, performance or non-performance of any third-party financial institution or other account provider website, even if the provider has previously been advised of the possibility of such damages; or g) any other matter relating to the Service.

7. Indemnification

You agree to protect and fully compensate Qtrade, the Service Provider and their affiliates for any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable legal fees) caused by or arising from: (a) your use of the Service; (b) your breach of these terms; or (c) any infringement, by you or by any other user of your account, of any intellectual property or other right of any person.

8. Third-Party Beneficiary

You agree that each Service Provider is a third party beneficiary of these terms and may enforce them as if it were a party to these terms.