Vault Mastercard® Charge Card Cardholder Agreement
1. Defined Terms
The following Definitions apply to this Cardholder Agreement. Any definitions not stated here will take the meaning as detailed within the Vault Platform Agreement.
Agreement means this Vault Mastercard® Charge Card Cardholder Agreement between Peoples Trust and the Cardholder and all documents that are expressly referred to in this Agreement, which govern your use of the Card, as amended from time to time.
Amendment refers to any change to a term or condition of this Agreement or to the addition of a new term or condition.
App means the Vault web and mobile application operated by Vault.
Applicable Law means, in relation to any person, property, transaction, or event, all applicable provisions of: (a) statutes, laws (including the common law), rules, regulations, decrees, ordinances, codes, proclamations, treaties, declarations or orders of any Governmental Authority; (b) any consents or approvals of any Governmental Authority; (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority; and (d) any bylaw, operating rule, or regulation of Mastercard, in each case applicable to or binding upon such person, property, transaction or event.
Authorized User means, an individual to whom the Cardholder has granted the authority to request one or more Cards on behalf of the corporate Cardholder.
Balance means the funds in your Vault Account that can be accessed by your Card.
Card means the Vault Mastercard® Charge Card activated, received, signed or used by the Cardholder and managed through your Card Account.
Card Account means the Vault card account associated with your Card on your Vault Account.
Cardholder means the corporate entity to whom the Vault Mastercard® Charge Card has been issued.
Cardholder Information means information collected by Peoples Trust and its service providers about you and Authorized Users and your use of the Card and related services, including information about your Card transactions (e.g. the date, amount and place of each transaction).
Communications means any and all communications or disclosures that Peoples Trust is legally required to provide to you in writing in connection with your Card and any related products and services.
Foreign Currencies means all currencies other than Canadian Dollars.
Foreign Exchange Service Fee means the foreign exchange service fee we assess when you complete transactions in a currency other than Canadian dollars.
Governmental Authority means the government of Canada or of any other nation, or of any political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including any supra-national bodies, a Minister of the Crown, the Office the Superintendent of Financial Institutions, or other comparable authority or agency.
Mastercard means Mastercard Incorporated and its affiliates, successors, and assigns.
Mastercard Conversion Rate means the rate that we pay to Mastercard to convert foreign currency to Canadian currency plus the Foreign Exchange Service Fee.
Outstanding Balance means amounts owed to Vault for charges, fees, or fines on Cards.
PCI DSS means a multifaceted security standard defined by the Payment Card Industry Security Standards Council and includes requirements for security management, policies, procedures, network architecture, software design, and other critical protective measures.
PIN means a Personal Identification Number used with your Card for POS transactions or at Automated Teller Machines (“ATM”) for additional security.
POS means point of sale, where you can use the Card to purchase goods or services from a merchant.
Primary Account Number means the unique payment card number of your Card.
Program Sponsor means Vault Payments Inc.
Peoples Trust means Peoples Trust Company, its affiliates, successors or assigns.
Spend Limit means the maximum amount that may be spent on a Card during a specified time period, as set by an Authorized User of the Vault Account.
Supplementary Card means the additional cards issued by the administrator of the Card Account for Authorized Users of the Card.
Supplementary Cardholder means the individual associated with the Supplementary Card by the Cardholder.
Transaction Amount means the amount that is debited from the Balance in connection with your use of the Card to purchase goods or services, which includes the amount of the Balance to be transferred, the Card service charges, and the taxes imposed to complete the transaction.Vault means Vault Payments Inc.
Vault Account means the account opened by you using the Vault website.
We, us, and our mean Peoples Trust and our assignees.
Website or Vault Website means the website available at www.tryvault.com.
You, your, and yours mean the Cardholder.
2. Statement of Disclosure on Fees and Charges
The following are all fees and charges associated with your Vault Mastercard® Charge Card.
† Subject to change. See terms and conditions at https://www.tryvault.com/legal/terms-of-service for details.
Additional Information
3. Card Terms
This Agreement sets out the terms and conditions under which you may use your Card and it applies if Peoples Trust sends you any renewal or replacement Card. By opening a Card Account, you agree to the terms and conditions of this Agreement. This Agreement only governs your Card account associated with the Card (“Card Account”), and not your Vault Account. Your application is incorporated into and forms part of this Agreement.
The terms under which Peoples Trust will issue a Card to an Authorized User are set in the “Authorized Users” section of this Agreement. While your Authorized Users and Supplementary Cardholders will have the same ability to charge transactions to your Card Account as you do, you will be responsible for all amounts owing on your Card Account, including those incurred by Authorized Users and Supplementary Cardholders. You are also responsible for ensuring that all of your Authorized Users and Supplementary Cardholders comply with the applicable terms and conditions of this Agreement.
This Agreement is your promise to pay amounts owing on your Card Account. You should read it carefully as it explains your rights and obligations. The activation or use of a Card or your Card Account by you or an Authorized User means that you have received and read this Agreement and agree to and accept all of its terms.
3.1 Using Your Card
Users may only use Cards for acceptable business-related charges and transactions, and not for personal, family, or household purposes. You understand that your Card is commercial in nature and that certain consumer protection laws, such as sections designated as “consumer provisions” in the Bank Act (Canada) and provincial and territorial consumer protection legislation do not apply to this Card. You agree that all charges and other transactions in your account will be treated as business transactions made solely for business purposes.
Cards are not permitted for use for the remittance of payroll expenses. You may not use your Card for any illegal, improper, or unlawful purpose. Peoples Trust reserves the right to prevent your Card or your Card Account from being used for certain types of transactions as determined by Peoples Trust, including transactions connected to Internet gambling. When you or your Authorized User(s) use a Card or your Primary Account Number for a transaction, Peoples Trust is lending you the amount of such purchase, as the case may be.
You are solely and completely responsible for the possession, use, and control of the Card. You must surrender the Card to us immediately upon request by us. The Card is provided to you only. If you authorize another person to use the Card (including your Authorized Users), you agree, to the extent permitted by law, that you will be liable for all transactions, fees and charges arising from use of the Card by such person.
You are responsible for selecting the individuals in your organization who are authorized to use Cards, and you are responsible for all Card transactions and activities. You agree to establish and maintain controls designed to ensure that the Cards are only used by Authorized Users for eligible Cardholder business purposes and in compliance with this Agreement and Applicable Law. You are responsible for charges and transactions made by any person given access to Cards even if they are not the person associated with or named on the Card. When you use your Primary Account Number without showing your Card, you will have the same responsibilities as if you had shown your Card and signed a receipt or entered your PIN.
Vault, Peoples Trust, Mastercard, or other intermediary third-party service providers (including merchant acquirers) may deny or reverse charges for any reason. Peoples Trust is not responsible for any losses, damages, or harm caused by any charges that are denied or reversed.
The Card can be used to pay the full amount of the purchase and applicable taxes, so long as the Balance available in your Card Account is sufficient. The Card is, and will remain, our property; resale of the card is not permitted. Purchases using the Card are not reported to any credit reporting agencies, and its usage will not enhance nor improve your credit rating. No interest dividends or other earnings or returns will be paid on the Card. Neither the Card nor the Card Account is a deposit account. You have no right to write cheques on, or demand repayment of, the Outstanding Balance on the Card, but are strictly limited to the right to use the Card, in accordance with this Agreement, as payment for goods and services from merchants who accept Mastercard.
When you use the Card to make a purchase, the amount of the purchase, plus any applicable fees and taxes, will be deducted from the available Balance associated with the Card. If you use the Card for card-not-present transactions (such as online, mail, or telephone purchases), the legal effect is the same as if you used the physical Card. The Card can be used without a PIN to make purchases online. You should retain the receipt as a record of the transaction. It is your responsibility to obtain such record and ensure that it is accurate. We are not responsible for providing you with any transaction record or periodic statement.
Some merchants (including, but not limited to, restaurants, hotels, or car rental companies) may pre-authorize the transaction amount for the purchase amount plus up to 20% (or more) above the purchase amount to ensure that there are sufficient funds available on the Card to cover any tips or incidental expenses. In such cases, your transaction will be declined if the Balance will not cover the Transaction Amount plus the additional amount.
A pre-authorization will place a hold on an amount of your available Card Balance until the merchant sends us the Transaction Amount of your purchase. Once the Transaction Amount is received, the pre-authorization amount on hold in excess of that Transaction Amount will be released. The time it takes for a pre-authorization hold to be removed may vary depending on the type of merchant. A hold is typically removed within ten (10) days for most standard merchants, and within forty-five (45) days for hotels, cruise lines and car rental agencies. During the hold period, you will not have access to the pre-authorized amount.
Any amount of the pre-authorized amount that is returned to your Card Account in error or otherwise, does not waive your responsibilities, obligations, or liabilities under this Agreement. All Authorized Users are subject to this Agreement and all terms, agreements, and policies incorporated by reference. You are responsible for ensuring that Authorized Users read, understand, and comply with their obligations with respect to use of the Cards and the Services. You are also responsible for notifying Authorized Users of any applicable updates to these terms and conditions and policies incorporated by reference, and for ensuring Authorized Users comply with such updates. Peoples Trust may or may not provide notice of updates directly to Authorized Users, but rather to the Cardholder only.
3.2 Requesting and Replacing Cards
Administrators may request Cards for Users through your Vault Account. Peoples Trust may decide in its sole discretion not to grant requests for Cards or limit the number of physical or virtual Cards provided to any User.
In order to request a Card for any Authorized User, the Authorized User must provide their full legal name, contact information, personal address, and date of birth. Cards may be denied or cancelled due to changes in Peoples Trust’s or Vault’s policies, as required by law, or for any other reasons Peoples Trust or Vault determines are appropriate in its sole discretion. Cards may be issued to Users as physical or virtual cards (a Card issued without an associated physical card).
Administrators may request that Users be issued Cards with specific restrictions made available by Vault. You are responsible for securing Cards (including Supplementary Cards), Primary Account Numbers, and Card security features (including the CVV and PIN, if any). You will promptly notify Vault and take appropriate measures to prevent unauthorized transactions when a Card is lost, stolen, breached, or needs to be replaced. In such cases, administrators may request the issuance of replacement Cards by Peoples Trust through your Vault Account. Replacement Cards may have new Primary Account Numbers that could require you to update the Card on file for any scheduled or recurring payments. You are solely responsible for updating Card information stored with merchants where Primary Account Numbers have been changed. If you lose the Card and/or PIN or you become aware that the PIN may have become known to someone else, you may either call +1 (888) 568-2858, email support@tryvault.com to report your Card as lost or stolen, or log into your Vault Account at www.tryvault.com to change your PIN for free. Avoid PIN combinations that may be easily guessed by others. All transactions carried out on the Card before you notify us will be considered to have been made by you.
3.3. Card Expiration
Your Card will be valid and usable until either there is insufficient collateral to cover Transaction Amounts, the Card is suspended, closed or deactivated in accordance with the terms of this Agreement, or the Card expires at the end of the month displayed on the Card, whichever occurs first. You must not use the Card or your Primary Account Number if your Card has expired. If any amounts are charged to your Card Account after your Card has expired, you are responsible for and must pay the amount owing.
3.4. Recurring Payments
You are responsible for any recurring payments you have authorized merchants to charge to your Card Account, even after you or Peoples Trust cancels this Agreement. If you wish to discontinue any such payments, you must contact the merchant in writing and then check your Periodic statements to ensure that the payments have, in fact, been discontinued. If they have not stopped despite your instructions to a merchant, Peoples Trust may be able to assist you if you provide Peoples Trust with a copy of the written request to the merchant.
3.5 Transferring funds to your Card Account and accessing Balance
You may transfer funds to your Card Account through the methods listed on the Website. Transfer services are provided by Vault and its service providers, and not by us. You agree that Vault, or its services providers, act as your authorized agents, and not ours. YOU ALSO AGREE THAT WE WILL NOT BE RESPONSIBLE FOR ANY ERRORS MADE OR LOSS CAUSED BY VAULT OR ITS SERVICE PROVIDERS IN PROVIDING US WITH TRANSFER INSTRUCTIONS UNDER ANY CIRCUMSTANCES, INCLUDING IF VAULT OR ITS SERVICE PROVIDERS ARE NOT ACTING ON OR IN ACCORDANCE WITH PROPER OR GENUINE INSTRUCTIONS FROM YOU. In such cases, you agree that you will not make or advance any claim against us, and that your sole claims, if any, shall be against Vault or its service providers who provided us with instructions, and subject to the terms of any agreements you may have with those parties. Subject to applicable fees, funds transferred to your Card Account will be available immediately after the transfer is confirmed by Vault. The time before funds become available may vary depending on the transfer method you use.
4. Authorized Users
An Authorized User is a person to whom Peoples Trust will issue a Card on your Card Account at your request. You can add or remove Authorized Users through the App, although Vault or Peoples Trust may limit the number of Authorized Users on your Card Account. A Card may only be used by the individual whose name is associated with or attached to the Card or appears personalized on physical cards.
Authorized Users have the same ability to charge transactions to your Card Account as you do; however, Authorized Users are not responsible to Peoples Trust for any amounts owing for purchases, fees, and interest on the Card Account. If an Authorized User is responsible to you for any of these amounts, you must make your own arrangements with the Authorized User for repayment.
You are responsible for ensuring that each Authorized User receives a copy of this Agreement and any replacements or amendments to this Agreement, as well as any Notices that affect the use of a Card or your Card Account.
By signing, using, or activating a Card in their name, an Authorized User agrees to be bound by all of the terms and conditions of this Agreement except that an Authorized User will not be responsible to Peoples Trust for the payment of any amounts owing in respect of purchases, fees, or interest on the Account. Without limiting the general obligation of an Authorized User to comply with this Agreement, an Authorized User agrees, that:
- the Authorized User will not use the Card issued to the Authorized User if it has expired;
- all security requirements including those designed to protect PINs or other security codes will be complied with;
- the Card issued to the Authorized User will not be used for any illegal, improper, or unlawful purpose;
- the Authorized User will report to Vault if the Authorized User suspects that the Authorized User’s Card has been lost or stolen;
- the Authorized User agrees to permit the collection, use, and disclosure of personal information as set out in the “Data and Privacy” and “Issuing Bank Privacy Policy” sections of this Agreement.
An Authorized User may request the issuance of a Card in connection with the Card Account to a Supplementary Cardholder. The Cardholder is solely responsible for the use of each Card issued in connection with the Cardholder’s Card Account according to this Agreement. All rights, obligations, and liabilities of Supplementary Cardholders are the Cardholder’s responsibility, including but not limited to responsibility for any negative balance howsoever arising. We may process transactions and accept instructions initiated by a Supplementary Cardholder, acting alone, in any fashion permitted under this Agreement. The Cardholder will be bound by the instruction and transactions as if given or approved by the Supplementary Cardholder(s). YOU, THE CARDHOLDER, AGREE THAT YOU SHALL NOT CLAIM AGAINST US FOR ANY LOSS ARISING OUT OF THE OPERATION OF A SUPPLEMENTARY CARDHOLDER(S) CARD AND THAT WE ARE NOT RESPONSIBLE FOR THE CONDUCT OF A SUPPLEMENTARY CARDHOLDER. The Cardholder knowingly accepts the risk that Supplementary Cardholder(s) transactions or otherwise may be your liability, including any fees for transactions where there are insufficient funds. The Cardholder’s sole responsibility is to ensure sufficient funds are available in their Card Account to cover any transactions made on the Supplementary Cardholder(s) Card.
5. Your Credit Limit & Collateral
5.1 Credit Limit
Your Credit Limit will be capped at the lesser value of: (i) the Balance in your Card Account at the time of any attempted purchase, and (ii) the Spend Limit placed on the Card. Credit Limits are dynamic and may be modified at any time with or without notice to you, including temporary increases or decreases or reducing Credits Limits to $0.
5.2 Balance & Collateral
Your Balance is held in your Card Account. To obtain Balance information on your Card Account or the transaction history, log into your Card Account through the Website. For every accepted transaction, Vault will debit funds from your Balance held in your Card Account to act as collateral (the “Collateral Requirement”). It is your responsibility to ensure that there is a sufficient Balance to cover the Collateral Requirement which is capped at the Transaction Amount plus any pre-authorized amounts.
Within one calendar day of receiving the final Transaction Amount for a transaction, where sufficient collateral is held by Vault, the collateral will be used to cover the Transaction Amount. If you attempt to use the Card when there is insufficient Balance available to cover the Collateral Requirement equal to the full Transaction Amount, the transaction in most instances will be declined. However, if due to a systems malfunction or for any reason whatsoever, a transaction occurs despite insufficient Balance on your Card Account to cover the Collateral Requirement, creating a negative amount, you agree to reimburse us, upon request, for the amount of the Transaction Amount in excess of the Balance.
5.3 Collateral for Transactions Made in Foreign Currencies
We will first attempt to take and hold collateral in the same currency as the transaction currency if you hold a sufficient Balance in that currency in your Card Account. In the event that you do not have sufficient Balance in the transaction currency, we will convert transactions made in a foreign currency to Canadian dollars using the Mastercard Conversion Rate in effect on the day the transaction is posted to your Card. We will then calculate the Foreign Exchange Service Fee on the converted amount and add it to the Transaction Amount. We will then take and hold collateral equal to this calculated amount in Canadian dollars. The Mastercard Conversion Rate in effect on the posting date may differ from the rate in effect on the date of the transaction. You may also be charged the Foreign Exchange Service Fee on the converted Transaction Amount. If a foreign currency transaction is refunded to your Card, the Mastercard Conversion Rate used to convert your refund to Canadian dollars for the Card charge may not be the same as the rate that existed on the date the transaction was refunded. For these reasons, the amount that is credited to your Card for a refund of a foreign currency transaction may be different than the amount that was originally charged to your Card for that transaction and the amount of the refund you receive may be less than the amount that was originally charged to the Card for that transaction. You may also be charged the Foreign Exchange Service Fee on the converted refund amount.
5.4 Setting Spend Limits
For all Cards, administrators may set Card-specific limits or controls through your Vault Account.
6. Periodic statements
You are responsible for payment in full of all charges, fees, and fines. Vault will provide you periodic statements identifying charges, fees, fines, refunds, any other Card transactions, or other amounts owed or credited to your Card Account. Periodic statements may be delivered daily, weekly, biweekly, monthly, or as otherwise described in materials Vault provides to you when you receive your Card or otherwise indicated by Notice to you. You must notify Vault promptly if you believe that there are any errors on your periodic statement, and submit any disputes or chargebacks in accordance with this Agreement.
7. Failure to Pay, Set Off, Collections
7.1 Failure to Pay
If there is a negative Balance on your Card Account Peoples Trust or Vault may attempt to collect amounts owed from any account linked to your Vault Account, whether or not it is currently connected to your Card Account. Peoples Trust or Vault may collect partial payments for unpaid amounts from any linked account, but any partial payment is not a waiver of Peoples Trust’s or Vault’s rights and will not satisfy your obligation to pay in full.
Any amounts owed may be set off, debited, or collected from amounts in any Card Account that you hold jointly with a third party or open in the future even if your original Card Account has been closed. Peoples Trust may exercise this right against you or any of its respective successors or assigns, or any assignees for the benefit of your creditors, trustees, or receivers of your assets. This right will exist even if Peoples Trust or Vault does not exercise it prior to the making, filing, or issuance of an arbitration demand, court order, or other action.
Any failure to pay the full amount owed to Peoples Trust or Vault when required is a breach of this Agreement and all terms, agreements, and policies incorporated by reference herein. You are responsible for all costs or expenses that Peoples Trust incurs in the process of collecting amounts owed but not timely paid, including legal or collections fees.
7.2 Collection Escalation Policy
Any failure to pay 100% of the Outstanding Balance of a Statement will result in a series of escalating communications, automated and non-automated, in order to recover all amounts owed.
Vault will attempt to notify you via the following channels, provided that Vault has your contact details and ability to notify you via the channel. The following escalation schedule will be utilized in relation to the number of Business Days a negative Balance is outstanding:
Immediate
Upon your Vault account entering a negative Balance, Vault will immediately notify you in the following manner:
- Notification within Vault account
1-3 Days
Reminders will be sent every 24 hours to you via:
- Notification within Vault account
After three days of non-payment, your Account and all associated Cards will be locked to prevent further transactions until payment is made in full.
7 Days
Automated reminders will continue every 24 hours. In addition, an authorized Vault representative will reach out to you to assist you in making a payment in the following manner:
- Ask questions to discover the reason of non-payment
- Schedule a time to make a manual payment
10 Days
Automated reminders will continue every 24 hours.
You will be notified by an authorized Vault representative that your Account is at risk of being sent to collections and that subsequent steps may include legal action in accordance with the fullest extent allowable under federal and provincial law.
11-13 Days
Automated reminders will continue every 24 hours.
14 Days
Authorized Vault representatives will make a last attempt at manual follow-up by email with a clear indication that legal action will commence immediately.
15 Days
You will be notified by all available channels that your Account is being sent to collections. Outside legal counsel will serve a notice for commencement of legal action to the primary business address by registered mail.
16+ Days
Indefinite follow ups every 48 hours until legal proceedings are concluded or payment is made.
8. Changes to Fees
Peoples Trust will disclose Fees to you when you are approved for a Card. Peoples Trust may update, add, or change Fees upon 30 days’ Notice (though Peoples Trust may not provide prior Notice when we reduce any Fee). Notice will be provided to you via email for any fee changes. Fees Peoples Trust assesses may include periodic fees, fees for Card issuance or replacement, fees applicable to certain transactions, foreign transaction fees, usage fees, service fees, cash advance fees, fees for late payments, fees for failed payments or returned payments, fees for misuse of the services, or other fees Peoples Trust discloses to you. You are responsible for Fees in addition to charges and Fines.
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10. Problems with a Purchase
You are responsible for reviewing your periodic statements promptly and identifying any charges that you believe are unauthorized or that you dispute.
If you and a merchant have a dispute regarding a charge identified on your periodic statement, such as the delivery of incorrect goods or services or being charged the wrong amount, you should first attempt to resolve the dispute with the merchant. If the dispute is not resolved to your satisfaction or if you believe the charge is unauthorized, you may initiate a chargeback through your Card Account.
You understand that the Vault Mastercard® Charge Card is subject to Mastercard rules regarding chargebacks. Mastercard has established procedures for resolving chargebacks that may require you to provide details of the disputed charge or associated documentation.
Charges relating to disputed charges and chargebacks will be collected on the payment date if they are pending resolution as of the date that payment is due for the applicable periodic statement. Chargebacks resolved in your favour will be credited to your Card Account on either the current or a future periodic statement. Peoples Trust or Vault may impose Fees, reduce your Credit Limit, or suspend access to your Card Account or the Services if you fail to pay Charges relating to Chargebacks that are pending resolution on the payment date.
11. Ownership of the Card
Peoples Trust owns all Cards issued on your Card Account. Peoples Trust has the right to cancel any Card issued on your Card Account at any time. You must return all Cards to Peoples Trust if Peoples Trust asks you to do so.
12. Assignment
Peoples Trust may, at any time, sell, transfer, or assign any or all of its rights under this Agreement. If Peoples Trust does so, Peoples Trust can share information concerning your Account with prospective purchasers, transferees, or assignees. In any such case, Peoples Trust will ensure that they are bound to respect your privacy rights in the same manner as Peoples Trust.
13. Notices, Monitoring, and Communication
Communications concerning your account will be made in accordance with Vault’s Privacy Policy and such agreement applies to any and all communications or disclosures that Peoples Trust is legally required to provide to you.
Providing Information
You will, at all times, ensure that current, complete, and accurate company data and each Authorized User’s personal data is maintained in your Vault Account.
Peoples Trust may require additional information from you at any time, including Company Data (such as copies of government-issued identification, business licenses, or other information related to your business) and Personal Data (such as copies of government-issued personal identification and proof of address) to verify beneficial owners or control persons, validate information you provided, verify the identity of administrators or Authorized Users, or assess Company’s financial condition and business risks.
Notification of Corporate and Business Changes
Your company must, at all times, be duly organized and remain in good standing under the laws of its jurisdiction of organization.
You will promptly notify Vault in writing if any of the following occur:
- The nature of your business changes significantly;
- There is a change of Beneficial Owners or Control Persons;
- There is a material change in the control or ownership of your business (whether direct or indirect) or you transfer or sell 25% or more of your total assets
- There is a planned or anticipated liquidation or voluntary bankruptcy or insolvency proceeding;
- You are party to a dispute or are involved in a regulatory proceeding in which claims are asserted that would, if sustained in a legal or regulatory proceeding or alternative dispute resolution forum, result in a material impact to your company’s financial condition;
- You receive a judgment, writ or warrant of attachment or execution, lien, or levy against 25% or more of your total assets; or
- You begin engaging in any prohibited activities or restricted activities.
14. Amendments
Peoples Trust may amend this Agreement at any time. If Peoples Trust does amend this Agreement, Peoples Trust will let you know at least 30 days before the amendments come into effect. If your Card or your Primary Account Number is used for a transaction or if any amount owing remains unpaid after this Agreement is amended, you will be deemed to have accepted the amendments Peoples Trust has made to this Agreement.
15. Disclaimer of Warranties and Limitations on Peoples Trust’s Liability
Disclaimer of Warranties: EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT AND EXCEPT FOR ANY APPLICABLE WARRANTIES AVAILABLE UNDER APPLICABLE LAW (INCLUDING THE CONSUMER PROTECTION ACT (QUÉBEC)), WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU, WHETHER EXPRESS OR IMPLIED, REGARDING ANY SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THOSE ARISING BY STATUTE OR OTHERWISE IN LAW OR FROM A COURSE OF DEALING OR USAGE OF TRADE.
Except in Quebec, or as expressly required by this Agreement or Applicable Law, Peoples Trust will not be liable to you for performing or failing to perform any obligation under this Agreement, unless Peoples Trust has acted in bad faith. Without limiting the foregoing, Peoples Trust will not be liable to you for delays or mistakes resulting from any circumstances beyond Peoples Trust’s control, including, without limitation, acts of any governmental authority, national emergencies, pandemic, epidemic, public health emergency, communicable disease outbreak, insurrection, war, riots, failure of merchants to perform or provide services, failure of communication systems, or failures of or difficulties with Peoples Trust equipment or systems. Also without limiting the foregoing, Peoples Trust will not be liable to you for damages of any kind (including, any indirect, consequential, exemplary or special damages) for any delay, failure, or malfunction attributed to your equipment, any internet service, any payment system, any customer service function, or if your Card or Primary Account Number is not accepted or you are unable to access your account. In the event that Peoples Trust is held liable to you, you will only be entitled to recover your actual and direct damages. In no event will you be entitled to recover any indirect, consequential, exemplary, or special damages (whether in contract, tort, or otherwise), even if you have advised us of the possibility of such damages.
16. Cancelling This Agreement
You may at any time cancel this Agreement by emailing support@tryvault.com. Upon Agreement cancellation, your Card will also be cancelled and you should destroy it immediately. Despite any cancellation of this Agreement, you must fulfil all of your obligations under this Agreement.
We may terminate this Agreement at any time, with or without cause, at which time you must immediately return the Card to us or as we direct, provided that if you are not in default of your obligations under this Agreement, we will notify you in writing at least sixty (60) days before the date of termination. We will reimburse you any remaining collateral on the Card Account less outstanding fees. Despite any termination of this Agreement, you must fulfil all of your obligations under this Agreement.
Alternatively, you may surrender the Card to Vault and Vault will reimburse you in cash any remaining collateral on your Card Account less any outstanding fees.
17. Notification and Change of Terms
Subject to the limitations of Applicable Law, we may from time to time amend any term or condition of this Agreement or add new terms or conditions to this Agreement, including increasing or adding new fees.
As required by Applicable Law, notice of any Amendments will be sent to you at the most recent mailing or email address that we have on record for you. We must, at least thirty (30) days before the Amendment comes into force, send you a written notice drawn up clearly and legibly, setting out the new clause(s) only, or the amended clause(s) and the clause(s) as it (they) read formerly, the date of the coming into force of the Amendment, and your rights set forth below. Notification of any Amendment will also be posted on the Website at least sixty (60) days in advance of the effective date of the Amendment, unless otherwise required by Applicable Law. The change will take effect on the date indicated in the notice. You are responsible for informing us of any change in your mailing or email address by contacting customer service through the in app chat and for checking the Website for such notifications. Notice will be deemed to be received by you five (5) days after mailing, or the next business day after electronic mail.
You may refuse the Amendment and rescind this Agreement without cost, penalty, or cancellation indemnity by sending us a notice to that effect no later than thirty (30) days after the Amendment comes into force, if the Amendment entails an increase in your obligations or a reduction in our obligations. If you choose to rescind this Agreement, the ”Cancelling this Agreement” section of this Agreement will apply. You may notify us by sending notice on the Vault Account (other than notification of a lost or stolen Card, which may only be made by telephone as set out above). Notice will be deemed to be received on the date of delivery of notice to us, as applicable, and the next business day after electronic mail.
18. How to Contact Us
If you have questions regarding the Card, or need to report a lost or stolen Card, you may call customer service at +1 (888) 568-2858, through the in app chat, or via email support@tryvault.com. You may also reach Peoples Trust at 1-855-694-6214 or write to: 888 Dunsmuir St #1400, Vancouver, BC V6C 3K4 Canada.
19. Issuing Bank Privacy Policy
19.1 Privacy Policy
By accepting or using the Card, you consent to the collection, use, disclosure, and retention of your personal information by Peoples Trust and its service providers for purposes relating to your application for the Card and your use of the Card and as otherwise described below. The collection of such personal information is necessary for the entering into and performance of this Agreement. Therefore, if you do not consent to the collection, use, disclosure, and retention of your personal information, you may not accept or use the Card. As explained below, you may withdraw your consent at any time by cancelling your Card and all related services from Peoples Trust. The restrictions and requirements described herein do not apply to information that is aggregated or otherwise anonymized and does not otherwise identify you.
Peoples Trust employs reasonable safeguards to protect personal information in its possession or control from loss, theft, alteration, and misuse. The safeguards employed by Peoples Trust to protect your personal information are commensurate with the sensitivity, amount, distribution, format, and storage of the personal information. Although technologies can make it easier for fraud to occur, Peoples Trust employs around-the-clock monitoring systems and controls to detect and prevent fraudulent activity. Peoples Trust also builds fraud prevention measures into its due diligence processes and regularly update Peoples Trust’s fraud detection/prevention methods. While Peoples Trust takes precautions to protect your personal information from loss, theft, alteration, or misuse, no system or security measure is completely secure. Any transmission of your personal data is at your own risk and we expect that you will also use appropriate measures to protect your personal information as well. Peoples Trust maintains physical, electronic, and procedural security measures that comply with Applicable Law to safeguard personal information.
Peoples Trust and its service providers will collect information about you and Authorized Users (e.g. their name, address, telephone number and date of birth) when you apply for a Card and, if a Card is issued to you, Peoples Trust and its service providers will collect information about you and Authorized Users and your use of the Card and related services, including without limitation information about your Card transactions (e.g. the date, amount and place of each transaction) and your Card Account (e.g., account number) (all collectively, “Cardholder Information”). Peoples Trust and its service providers will collect your Cardholder Information directly from you and from other sources, including without limitation Mastercard and third-party providers of identity verification, demographic, and fraud prevention services.
19.2 How Peoples Trust Uses, Retains, and Discloses Your Personal Information
Peoples Trust and its service providers will use, disclose and retain your Cardholder Information to process the issuance of your Card (including to verify your identity) and, if a Card is issued to you, to provide you with services relating to your Card (including to administer your Card and to process your Card transactions), to protect against fraud and for legal compliance purposes, to perform and enforce this Agreement, to protect and enforce Peoples Trust’s legal rights and for other purposes required or permitted by applicable law. Peoples Trust will disclose your Cardholder Information to its service providers to assist Peoples Trust to provide services to you and to provide related services to Peoples Trust.
Peoples Trust and its service providers may use and store your Cardholder Information at facilities in various countries (including Canada and the United States of America). The personal information protection laws of those countries might be different from the laws of the jurisdiction in which you are located, and might permit courts, government, law enforcement and regulatory agencies and security authorities to access your Cardholder Information without notice. The laws on data protection in other jurisdictions, to which Peoples Trust may transfer your information, may differ from those in your jurisdiction and any personal information transferred to another jurisdiction will be subject to law enforcement and national security authorities in that jurisdiction. Subject to these laws, Peoples Trust will use reasonable measures to maintain protections of your personal information that are equivalent to those that apply in your jurisdiction. You hereby give your consent to such cross-border transfers (including to the United States) of such personal information to third parties for the purpose set out above.
Peoples Trust will use and rely on your Cardholder Information to issue and administer your Card and provide related services. Peoples Trust and its service providers will rely on you to ensure that your Cardholder Information is accurate, complete, and up to date. You will promptly inform us of any changes to your Cardholder Information or if you discover any errors in your Cardholder Information through the in app chat or emailing support@tryvault.com or with regards to requests to access information related to you that Vault has obtained. If such information is obtained from providers of identity verification data and demographic information, Peoples Trust will inform you of your right of access and rectification in relation to the file held by the personal information agent and will indicate to you the manner in which and the place where you may have access to the reports or recommendations and cause them to be corrected, where necessary.
Peoples Trust and its service providers may use the Cardholder Information for you and your Authorized Users (including telephone and mobile phone numbers and email addresses) to contact you, including by regular and electronic mail, telephone call (including by pre-recorded or artificial voice messages and automatic telephone dialing systems) and instant messaging, regarding your Card and related matters, regardless of whether you incur any long distance or usage charges as a result.
Peoples Trust and its service providers may monitor and record their communications and correspondence with you (including emails, online chats, and telephone calls) for quality assurance, staff training and legal compliance purposes. With your consent, Peoples Trust and its service providers may share this information for audit related purposes to ensure you are receiving the best possible customer service.
19.3 Other Uses of Your Personal Information
In addition to the foregoing, if you consent to a third party collecting and using your personal information (including Cardholder Information) for their own purposes (not as Peoples Trust’s service provider), including to send marketing and promotional messages to you, then Peoples Trust will not have any control over, and will not be responsible or liable for, the collection, use, disclosure and retention of your personal information by the third party, the marketing or promotional messages that they send to you, or any other wrongful act or omission by the third party.
19.4 Your Right to Access Your Personal Information
You may obtain access to the Cardholder Information Peoples Trust holds about you at any time and review its content and accuracy, and have it amended as appropriate; however, access may be restricted as permitted or required by law. To request access to such information, to ask questions about Peoples Trust’s privacy policies or to withdraw your consent to the collection, use and disclosure of your Cardholder Information and to cancel your Card and all related services from Peoples Trust, contact Peoples Trust below. If you withdraw your consent, Peoples Trust will continue to collect, use, disclose and retain your Cardholder Information, in accordance with applicable law, for as long as may be reasonably required to perform services relating to the cancellation of your Card, to protect against fraud and for legal compliance purposes, to perform and enforce this Agreement, to protect and enforce Peoples Trust’s legal rights and for other purposes required or permitted by applicable law.
Peoples Trust’s general personal information practices are described in Peoples Trust’s privacy policy, as amended from time to time, available online at http://www.peoplestrust.com/en/legal/privacy-security/privacy/.
20. Third Party Claims
In the event Peoples Trust reimburses you for a refund claim you have made, or if Peoples Trust otherwise provides you with a credit or payment with respect to any problem arising out of any transaction made with the Card, you are automatically deemed to assign and transfer to Peoples Trust any rights and claims (excluding tort claims) that you have, had or may have against any third party for an amount equal to the amount we have paid to you or credited to your Card. You agree that you will not pursue any claim against or reimbursement from such a third party for the amount that Peoples Trust paid or credited to your Card, and that you will cooperate with us if we decide to pursue the third party for the amount paid or credited to you. If Peoples Trust does not exercise its rights under this section, Peoples Trust does not give up its rights to exercise them in the future.
21. Governing Law, Language and Interpretation
This Cardholder Agreement will be governed and interpreted in accordance with the laws of the Province of British Columbia and the applicable laws of Canada. You agree that any claim or action brought pursuant to this Agreement will be brought in the exclusive jurisdiction of the courts of British Columbia and this Agreement will be construed in accordance with and governed by the laws of the Province of British Columbia and the laws of Canada applicable therein.
FOR RESIDENTS OF QUÉBEC ONLY: The parties attorn to the jurisdiction of Québec and this Agreement will be construed in accordance with and governed by the laws of the province of Québec and the laws of Canada applicable in the Province of Québec.
Language: Vous reconnaissez qu’une version française de cette entente vous a été remise. Si vous choisissez de signer seulement la version anglaise de cette entente, vous serez réputé avoir exigé que cette entente et toute communication, autres contrats, documents et avis qui y sont afférents soit rédigés en anglais seulement. You acknowledge that a French version of the Agreement has been provided to you. If you choose to execute only the English version of the Agreement, you will be deemed to have required that the Agreement and any communications, other contracts, documents and notices relating to the Agreement be drafted in English only.
Section Headings: Section headings in this Agreement are for convenience of reference only, and will not govern the interpretation of any provision of this Agreement.
Severability: If any part of this Agreement is found to be invalid or unenforceable by any court or government agency of competent jurisdiction, that invalidity or unenforceability will not affect the remainder of this Agreement, which will survive and be construed as if such invalid or unenforceable part had not been contained herein.
22. Complaints
If you have a concern or complaint about your Card, you can contact customer service through the in app chat, via email to support@tryvault.com, or filling out the complaint form on the FAQ page at tryvault.com. If you are not satisfied with the resolution provided by Vault, you can escalate your complaint to us by calling 1-855-694-6214 or emailing complaints-officer@peoplesgroup.com. You can find our complaint handling procedure on our website (http://www.peoplestrust.com/en/about-us/resolving-your-concerns/). We will do our best to resolve your complaint.
If for some reason we are unable to resolve your complaint to your satisfaction, you may refer your complaint to the Ombudsman for Banking Services and Investments at +1 (888) 568-2858 for resolution. If you have a concern regarding a potential violation of a consumer protection law, a public commitment, or an industry code of conduct, the concern may be communicated at any time to the Financial Consumer Agency of Canada, either in person, by letter, by telephone, or through its website at:
Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th Floor
Ottawa, ON, K1R 1B9
Telephone: 1-866-461-3222
www.fcac-acfc.gc.ca
Mastercard is a registered trademark, and the circle's design is a trademark of Mastercard International Incorporated.
