Common use of Payments Functionality Clause in Contracts

Payments Functionality. The following terms apply to you to the extent you open a payments functionality enabled account (a Wealthsimple Cash Account) as part of your accounts with the Firm. Your receipt of payments functionality is contingent upon your agreement to the below terms, and should you decline to accept these terms, your use of payments functionality will be suspended. Payments functionality is offered jointly by Wealthsimple Payments Inc. (WSP) and the Firm. Direct deposit, pre-authorized debit and bill payment transactions are made to and from your Wealthsimple Cash Account. The money in your Wealthsimple Cash Account is not protected by CIPF. Money in your Wealthsimple Cash Account is held in trust at a CDIC member institution. Wealthsimple Cash Card transactions and peer-to-peer transactions are provided by WSP. The Firm will automatically transfer money from your Wealthsimple Cash Account to your account with WSP to facilitate these transactions, and WSP will send the money to the payees of these transactions. If you have signed up for payments functionality, you authorize the Firm to share your account balance and other transactional data with WSP.

Payments Functionality. The following terms apply to you to the extent you open a payments functionality enabled account (a Wealthsimple Cash Chequing Account) as part of your accounts with the Firm. Your receipt of payments functionality is contingent upon your agreement to the below terms, and should you decline to accept these terms, your use of payments functionality will be suspended. Payments functionality is offered jointly by Wealthsimple Payments Inc. (WSP) and the Firm. Direct deposit, pre-authorized debit and bill payment transactions are made to and from your Wealthsimple Cash Chequing Account. The money in your Wealthsimple Cash Chequing Account is not protected by CIPF. Money in your Wealthsimple Cash Chequing Account is held in trust at a CDIC member institution. Wealthsimple Cash Card Prepaid Mastercard transactions and peer-to-peer transactions are provided by WSP. The Firm will automatically transfer money from your Wealthsimple Cash Chequing Account to your account with WSP to facilitate these transactions, and WSP will send the money to the payees of these transactions. If you have signed up for payments functionality, you authorize the Firm to share your account balance and other transactional data with WSP.