Legal information

This document provides details on the interest rates applicable to deposit accounts and on the service charges at BNP Paribas, in Canada, (hereinafter referred to as the « Bank »).

RATES – DEPOSIT ACCOUNTS

Unless agreed otherwise, any credit balance in a Canadian dollar deposit account bears interest at the annual prime rate of the Bank minus five percent (5%)*; such interest is calculated on the daily outstanding balance and is payable monthly on the last day of the month.

Interest rates may be changed upon written notice issued 30 days prior to the date where the new rate is to come into effect. Changes are posted in the offices and on the Websites of the Bank.

The Prime rate of the Bank is the annual interest rate announced by it as being its reference rate to determine interest rates on Canadian dollar loans made in Canada by the Bank. The US Base rate of the Bank is the annual interest rate announced by it as being its reference rate to determine interest rates on American dollar loans made in Canada by the Bank.

The Bank may change its Prime rate and its US Base rate at any time, without prior notice. Changes will be communicated in writing or posted in the offices and Websites of the Bank.

The Bank reserves the right to introduce new charges or to increase the charges listed in this brochure:

• By a written notice joined to your statement of account, sent 30 days before the date where the change is to come into effect;

• By posting a notice in the offices and on the Websites of the Bank, 60 days before the date where the change is to come into effect.

*With a floor rate of 0.00%.

DEPOSIT CONFIRMATIONS

The annual rate of interest, the calculation method of the interest, the frequency of payment of interest and any other condition or circumstance that could affect the rate of interest will be communicated to the customer verbally and in writing at the time the Bank confirms any deposit received for a given term.

DEBIT BALANCES

The customer acknowledges that any debit balance in its account represents an advance made by the Bank to the customer, and the customer undertakes to repay such advance, on demand by the Bank, with interest calculated on the daily debit balance, at the prevailing annual Prime rate of the Bank (or annual US Base rate if the account is in American dollars), unless agreed otherwise in writing. Minimum fees of $5.00 per month shall be debited, as applicable.

SERVICE CHARGES

Standard service charges related to deposit accounts, and to some other transactions, are as follow, unless agreed otherwise in writing with the customer. Other charges, not mentioned herein, may apply to other services offered by the Bank and may apply to deposit accounts.

Charge per account entry – $ 1.00

Processing of deposited cheque in CAD – $ 0.18

Processing of deposited cheque in USD – $ 0.25

Stop payment – $ 10.00

Cheque returned for insufficient funds – $ 45.00

Cheque certification / Issuance of a bank draft – $ 10.00

Cheque returned unpaid – $ 45.00

Bank confirmation – $ 40.00

Searches related to account entries dating back more than 12 months – $ 35.00 per hour (minimum $ 35.00)

Statement of account (and any additional copy) – $ 3.00 per statement or copy

Transfer between accounts – $ 4.00 per transfer

If the other charges cannot be determined at the time of the opening of an account, the Bank will advise the customer of such charges as soon as they are determined.

For further information, please contact your local office of BNP Paribas, in Canada.

In compliance with the Support Orders and Support Provisions (Banks and Authorized Foreign Banks Regulations), BNP Paribas (Canada Branch) designates the following offices for the service of enforcement notices for the following provinces:

Ontario
155 Wellington Street West, Suite 3110, RBC Centre, Box 149 Toronto, Ontario, M5V 3H1

Quebec
2001 Robert-Bourassa Boulevard Montreal, Quebec, H3A 2A6

The Bank Act prohibits all authorized foreign banks (a “Bank”), including BNP Paribas, in Canada, to force a person to purchase a product or service to obtain another product or service, constituting an illegal practice, called “coercive tied selling.”

The Bank Act prohibits any Bank in particular to:
 “impose undue pressure on a person, or coerce a person, for any purpose, including to obtain a product or service from a particular person — including the institution and any of its affiliates — as a condition for obtaining another product or service from the institution”; or
 “take advantage of a person”.

No undue pressure can thus be imposed by a Bank on a person as a condition to purchase a product or service which such person does not wish to obtain, and any person has the right to freely choose a product, service or financial provider.

For example:
 A Bank cannot force a person to transfer investments in its institution as a condition to opening up an account.

However, the law does not prohibit a Bank:
 To provide a service or product at a more advantageous rate should you wish to obtain another service or product;
 To group products and services in order to offer a lower rate than the one that would have been offered if the products or services were obtained separately.

Should you feel that any form of undue pressure was placed upon you by a staff member of BNP Paribas, in Canada, please inform us by contacting in writing the following representative:

Representative of the Protection of Interests of Clients
Compliance Canada
2001 Robert-Bourassa Boulevard, suite 900
Montréal, Québec, H3A 2A6
Fax: 514-228-3875
E-mail: canada_compliance_ethics@americas.bnpparibas.com

If you are not satisfied with the outcome of that process, please write to the Ombudsman for Banking Services and Investments at the following address:
Ombudsman for Banking Services and Investments
401 Bay Street
Office 1505, C.P. 5
Toronto (Ontario) M5H 2Y4
Telephone: 416-287-2877
Toll-free Telephone: 1-888-451-4519
Fax: 416-225-4722
Toll-free Fax: 1-888-422-2865
E-mail: ombudsman@obsi.ca
Web site: https://www.obsi.ca

You may also communicate in writing, at any time, with the Financial Consumer Agency of Canada:
Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th floor
Ottawa (Ontario) K1R 1B9
Telephone: 613-960-4666
Toll-free Telephone: 1-866-461-3222
Fax: 613-941-1436
Toll-free Fax:1-866-814-2224:
Web site: www.fcac-acfc.gc.ca

NOTICE

	Rate	Date of Change
Prime rate *	7.20%	2023/07/13
US Base rate **	9.00%	2023/07/27

* Annual reference rate used by BNP Paribas, in Canada, to determine interest rates on Canadian dollar loans they make in Canada.

**Annual reference rate used by BNP Paribas, in Canada, to determine interest rates on American dollar loans they make in Canada.

Data Protection Notice – BNP Paribas CIB

This document provides information regarding accounts, deposits or instruments in Canadian dollars* (an “Account ”) held with BNP Paribas, in Canada, and which remain inactive for periods of two, five and nine years.

The Bank Act (Canada) requires that any financial institution sends an inactive account notice in writing to the holder, beneficiary or owner of an Account, after periods of two, five and nine years of inactivity of an Account.

If you have received such a notice in relation to an inactive Account held with BNP Paribas, in Canada (or with its affiliate formerly known as “BNP Paribas (Canada)”, now transferred to or assumed by BNP Paribas) (the “Bank”), please note that:

• Interest on deposits, if any, will be paid until the Account is closed; and
• Fees applicable to the Account, if any, will be charged and debited until the Account is closed.

For any question on an inactive Account, or to obtain information on the presentation of a request for payment relating to an inactive Account, you may contact our Client Service team as follow:

BNP Paribas
Client Service
2001 Robert-Bourassa boulevard, suite 900 Montréal, Québec, H3A 2A6
Telephone: (514) 285-3433
Email: Canada.customerservice@americas.bnpparibas.com

After a period of ten years of inactivity, and as provided in the Bank Act (Canada), any unclaimed balance relating to an inactive Account will be transferred by the Bank to the Bank of Canada (the “Unclaimed Balance”), which will act as the sole manager of the funds; the inactive Account will then be closed by the Bank.

For more information on how to retrieve an Unclaimed Balance held by the Bank of Canada, you may contact the Bank of Canada as follow:

Bank of Canada – Unclaimed Balances Services
234, Wellington Street Ottawa (Ontario) K1A 0G9
Telephone: 1-800-303-1282
Email: info@banqueducanada.ca
Web Site: https://www.bankofcanada.ca/unclaimed-balances/

*This document does not cover “inactive” accounts, deposits or instruments in currencies other than the Canadian dollar.

PUBLIC COMPLAINTS INFORMATION – 2023

Regulatory reporting guide for banks and authorized foreign banks, VI Public complaints information

An authorized foreign bank must make the following information available to the public on an annual basis	#
The number of complaints that its Senior Designated Employee dealt with that year, including the number of complaints Resolved or Closed	4
The average length of time the Bank took to deal with those complaints, from the first interaction with the Consumer to the date on which the complaint was Resolved or Closed	8 day
The products or services to which the complaints related	Commercial loan
A description of the nature of the complaints, beyond the related product or service information contained in the classification	Repetitive issues on transaction process
The number of Resolved complaints	4

For any questions in regards to a claim or complaint you may have, you may contact directly the Chief Compliance Officer:

Mr. Michel Allen
Telephone: (514) 285-6102
2001 Robert-Bourassa boulevard, suite 900 Montréal, Québec, H3A 2A6
Email: michel.allen@ca.bnpparibas.com

You may also contact at any time:

Financial Consumer Agency of Canada
Telephone: 1 (866) 461-3222
427, Laurier Avenue West, 6th Floor Ottawa (Ontario) K1R 1B9
Web Site: https://www.fcac-acfc.gc.ca

Date created: February 2007 – Date updated: March 2021

BNP Paribas, Canada Branch and some of its Canadian affiliates namely: Corporation BNP Paribas Canada, BNP Paribas (Canada) Securities Inc. and BNP Paribas IT Solutions Canada Inc. (collectively hereafter « the Bank ») have established this Code of Conduct for maintaining healthy and effective relationships with small and medium-sized businesses*.

However, this Code in no manner limits the legal rights of the business or of the Bank.

This Code is available at all branches of the Bank, to all small or medium-sized businesses seeking to establish a business relationship with the Bank. It is also available with the Financial Consumer Agency of Canada.

This Code does not apply to BNP Paribas Leasing Solutions Canada Inc.

*For purposes of opening a deposit account, a small or medium-sized business is one with revenues less than CAD 300 million. For purposes of granting credit, a small-sized business is one granted a credit limit by the Bank as first banker, up to CAD 500,000; a medium-sized business is one granted a credit limit by the Bank as first banker, up to CAD 1,000,000.

CLEAR COMMUNICATION

The Bank promotes honest and open communication with its clients. To this end, the Bank’s documents, including forms and contracts, are written in clear and understandable language.

This Code also serves to establish open communication in the customer-bank relationship, by specifying the responsibilities and expectations of both the Bank and the client.

STARTING A RELATIONSHIP

For every business which seeks to deal with the Bank, a Relationship Manager is assigned by name. The Relationship Manager responds to the request for service and oversees the relationship if the business becomes a client of the Bank.

Opening an account

To open an account, a client must provide information and fill out and sign the necessary Bank forms, depending on the nature of the business relationship to be established between the Bank and the client. The Relationship Manager assists the client by providing him/her with all information deemed necessary, and helping him/her fill out and sign the required documentation.

When an account is opened, the client is provided with the brochure « Complaint handling procedure and mandatory notices and disclosures », which includes the customer complaint resolution procedure. The purpose of this brochure is to help establish clear communication from the outset, between the Bank and its client.

CREDIT PROCESS

Any credit application by a business must go through a review and authorization process.

To help establish open communication, the business’s credit application is analyzed on the basis of documents requested by the Bank and provided by the business, and of any other diligent verification carried out by the Bank.

The Relationship Manager informs the business of the credit application process, and of the information and documentation which must be provided, including a business plan; the Bank may then consider the credit application and any collateral which may be required to secure the credit before it is granted. The business plan is essential to determine the strategic orientation of any business, as well as, among other things, its financial needs. Information and a guide for the preparation of a business plan are accessible on the Internet website of Industry Canada at www.ic.gc.ca.

The Relationship Manager provides the business with an estimate of how long it should take to process the credit application and receive a decision from the Bank.

The Relationship Manager analyzes the credit application and, if it is to his satisfaction, forwards it for authorization to relevant decision-makers, in accordance with the Bank’s credit authorization process.

Each credit application is judged on its own merits.

Approval of the credit application

If the credit application is approved, the Relationship Manager informs the business of the terms and conditions of the credit, including any collateral which must be provided to secure the credit.

A credit agreement is then prepared which reflects the credit authorization and its terms and conditions, and specifies the information and documents which must be provided both before and after the credit is granted.

If Credit is declined

If the credit application is declined, the Relationship Manager informs the business of the decision and of the main reason(s) for the decision, as well as of any requirements necessary for the Bank to reconsider the credit application. The Relationship Manager also provides the business with information the Bank may have, on alternative sources of financing which may be available to the business, depending on the nature of the credit application.

Changing circumstances in the Credit relationship

The credit agreement between the Bank and the client specifies that the Bank reserves the right to review terms and conditions of the credit, should the financial situation or business of the client evolve unfavorably. Under such circumstances, the Bank may deem it necessary to obtain additional information, which the Bank will give the client reasonable opportunity to provide.

The Bank examines such circumstances carefully before making any changes and ending its business relationship with the client, in which case the Bank usually gives the client at least 15- calendar days’ notice before taking any intended action. This delay may be shorter if circumstances so warrant. In cases involving fraud or other offences, the Bank may act immediately.

Furthermore, the policy of the Bank is to agree to any changes with the client, in particular when changes are made to conditions, fees and other terms of the credit, which changes affect the bank-client credit relationship.

RESPONSIBILITY

Every Relationship Manager must ensure, within the scope of his/her duties, that principles set out in this Code are applied.

Compliance is also responsible for ensuring that this Code is applied and followed by all Bank employees.

This Code of Conduct is provided to the Financial Consumer Agency of Canada, which is responsible for monitoring the application of voluntary codes of conduct by financial institutions.

COMPLAINT HANDLING

The Bank has established a customer complaint resolution procedure. All clients are informed of this procedure in the brochure « Complaint handling procedure and mandatory notices and disclosures ».

This procedure provides clients with the information they need to use the complaint resolution mechanism, for any general complaint or if they believe the Bank has not met the standard of conduct outlined in this Code.

The objective of the Bank is to acknowledge any complaint as quickly as possible and inform the client of approximately how long it will take to answer the complaint. The Bank informs the client of the decision taken regarding the complaint and of any reason(s) for the Bank’s decision if the complaint is not resolved to the satisfaction of the client.

If the client remains dissatisfied, he/she may take the complaint to the Ombudsman for Banking Services and Investments.

The client may also communicate with:

Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th floor Ottawa, Ontario, K1R 1B9
Telephone (toll free): 1 866 461-2232
Fax: +1 866 814-2224
Web site: https://www.fcac-acfc.gc.ca

It is important to the Bank that its business relationship with any small or medium-sized business be privileged and mutually agreeable.