Market Conduct Code
The Market Conduct Code shows the best practices for soliciting, promoting, advertising, marketing, selling, or distributing our products or services in Manitoba. Our credit union’s Board of Directors adopts this code and also demonstrates our commitment to the fair treatment of those who use our products and services.
Our best practices are summarized in five fundamental principles:
- Fair Treatment and Sales Practices: Treating members fairly and demonstrating fair sales practices are integral parts of our business practices.
- Business Practices: We are committed to providing fair treatment to all members using our products and services. It is a core component of our governance and corporate culture.
- Access to Banking Services: We ensure that all credit union members are provided access to certain fundamental financial services.
- Transparency and Disclosure: We strive to use plain-language descriptions of products and services in all our communications to allow members to make informed decisions. We exercise transparency in our operations. Click here for a complete list of retail service fees.
- Complaint Handling: We examine complaints and settle them fairly, using a process that is available to all members.
To read the complete Market Code of Conduct that our credit union supports, click here.
Privacy and Your Credit Union
In April 2000, the House of Commons enacted the Personal Information Protection and Electronic Documents Act.
This Act affects the way corporations collect, maintain and use personally identifiable information. It stipulates that information about you is your property and may not be used or disclosed to other parties without your express, informed consent. MAXA Financial a division of Westoba Credit Union Limited has adopted a Privacy Code that is designed to protect the confidentiality of your personal information. This code follows the 10 principles of Canada’s privacy legislation as stated in the Personal Information Protection and Electronic Documents Act.
MAXA Financial has always treated your private information in a confidential manner. All MAXA Financial employees are required to pass an annual privacy training course as well as sign a confidentiality agreement as a condition of employment.
For us, the new legislation simply formalizes practices that have always been in place at MAXA Financial.
Canada’s new privacy legislation sets out 10 principles for the protection of your information which have been adopted by MAXA Financial.
- Accountability: MAXA Financial is responsible for personal information under its control and must designate an individual who is accountable for MAXA Financial’s compliance with the principles of the Code.
- Identifying Purposes: The purposes for which personal information is collected shall be identified by MAXA Financial at the time, or before, the information is collected.
- Consent: An individual’s knowledge and consent are required for the collection, use or disclosure of personal information, except where
- Limiting Collection: The collection of personal information must be limited to the information which is necessary for the purposes identified by MAXA Financial, or when it’s required or permitted by law. Information can only be collected by fair and lawful
- Limiting Use, Disclosure and Retention: Personal information must not be used, or disclosed, for purposes other than those for which it was collected, except with the individual’s consent or as required by law. Personal information can be retained only as long as necessary to fulfil those
- Accuracy: Personal information must be as accurate, complete and up-to-date as is necessary for the purposes for which it is to be
- Safeguards: Personal information must be protected by security safeguards in keeping with the sensitive nature of the
- Openness: MAXA Financial must make specific information about its personal information management policies and practices readily available to
- Individual Access: Upon request, an individual must be informed of the existence, use and disclosure of his or her personal information and be given access to that information. An individual will be able to challenge the accuracy and completeness of the information and have it amended as
- Challenging Compliance: Challenges concerning compliance with the above principles may be addressed to the designated individual accountable for MAXA Financial’s All inquiries regarding privacy should be in writing to the Privacy Officer by mail, at the following address:
MAXA Financial Ltd.
Attention: Privacy Officer
210 10th Street, Unit C
Why We Ask For Your Information.
We ask you for information to establish and serve you. The information we ask for depends on which product or service you use. For every product or service, we need your name, address and some identification. We only collect the information we need and only use it for the purposes explained to you. Here’s why we need some of the other information we ask for:
- Birth date: This helps us identify you and ensure that no one is trying to impersonate you. We may also use it to determine your eligibility for products and services that may be of benefit to a particular age group.
- Social Insurance Number (SIN): Your SIN is required for products which earn investment income, in order to comply with Canada Revenue Agency’s income reporting requirements. We also use it to keep your information separate from that of other customers with a similar name. This may include information we obtain with your consent through the credit approval process.
- Financial Information: This is used to assess your eligibility for credit products such as loans. We also use it to ensure that the advice we give you is appropriate for you. When you apply for a new product or service, we will indicate in the application or agreement how we intend to use your information. If we need to use it for another purpose, we will ask you for your consent at that time.
Questions or Comments
In most cases, a question or complaint can be resolved by discussion at your local branch. If a problem regarding privacy is not resolved to your satisfaction and/or you require additional information, you should send a written request to our Privacy Officer by mail, at the address below:
MAXA Financial Ltd.
Attention: Privacy Officer
210 10th Street, Unit C
Be sure to include:
- Your name;
- Your address/e-mail address where you prefer to be reached;
- The nature of your complaint or request; and
- Details relevant to the matter, including whom you have already discussed the issue with
If a problem regarding privacy remains outstanding, you can ask how your complaint can be further escalated.
Your online security is important to us!
MAXA Financial offers the following ways to maximize your online security.
- Encryption: All online transactions with online banking are encrypted. The information travelling between your computer or phone and a server is translated into unreadable messages. Scrambling data into an unreadable format makes it difficult for unauthorized individuals to obtain. Once the destination is reached, the messages are decrypted back into useable material.
- 128-Bit Secure Sockets Layer (SSL) Encryption
To access our services, your browser must also support 128-bit Secure Sockets Layer (SSL) encryption. All browsers online banking supports meet this requirement. If yours doesn’t, please download the appropriate encryption support from your browser’s supplier. Keeping your browser up-to-date, does a better job keeping your data safe.
- Login Verification: A higher level verification process is another added security feature to our online banking. Security questions makes it harder for unauthorized people to gain access.
- Direct Alerts: Our direct alerts will let you know when important changes are made to your online banking information. These alerts add another level of security to your account. You need to monitor these and report any potential fraudulent activity as soon as it happens. If you receive an alert but did not perform a change in Internet Banking, contact us immediately and we can address your concerns and take the appropriate steps to fix things.
Membership Application & Account Agreement – Individuals
By signing a Membership Application, the Applicant requests membership in the Credit Union and agrees to be bound by the terms of this Account Agreement. If the application for membership is not accepted, the Credit Union may close any accounts opened under the Membership Application but the terms of this Account Agreement will still apply. Wherever the terms “I”, “me” or “my” are used, they mean the person or persons who signed the Membership Application. Wherever the terms “you” and “your” are used, they mean the Credit Union. Wherever the term “payment order” is used, it means any order by one person directing another to pay money, including cheques, withdrawal instructions, automated funds transfers, direct deposits, pre-authorized debits and any other orders communicated in writing or by means of a computer or telecommunications or digital device. Any terms set out in this Account Agreement that clearly do not apply to the Applicant should be disregarded. References to a person or persons include partnerships and corporations and the singular includes the plural, where applicable.
Application of Account Agreement – This Account Agreement will apply to all of the persons who have signed the Membership Application (if more than one) jointly and severally even if, for some reason, the Membership Application has not been effectively signed by every person who had been intended to sign it. This Account Agreement will be binding on me and on my estate even if I should die, lose mental capacity or become a bankrupt. This Account Agreement will apply to all accounts opened by you for me from time to time, unless you have opened an account for me under a different Account Agreement and then such other Account Agreement will apply to the accounts opened under it. The types of account to which this Account Agreement applies can include TFSA, RRSP, RRIF, RESP, savings, chequing, trust, line of credit and loan accounts and any other types of account that you might offer.
Joint Accounts – If two or more natural persons signed the Membership Application, the account will be joint with right of survivorship and the authority to give payment orders will be as set out in the Membership Application. All obligations under this Account Agreement, including the obligation to pay any overdrafts and the obligation to pay interest, fees and charges, will be joint and several.
Statements – You agree to provide to me a periodic statement that sets out all transactions affecting my account. I agree that you may provide me with that statement at such intervals as you may determine and that you may provide it by mail or by personally handing it to me or by such other means as we may both agree. I acknowledge that I am primarily responsible for monitoring my account and making sure that all transactions through it are proper, accurate and have been authorized by me. If I have not received a statement for a particular period, I acknowledge that I should ask you to produce a statement; otherwise you will not be responsible to me for any errors or unauthorized transactions. You will not be liable to me for any errors, omissions or unauthorized, forged and/or fraudulently obtained, executed or communicated transactions, charges or payment orders debited to my account unless I complain within 30 days of when I received or should normally have received the statement. If you mail my statement, I will be deemed to have received it three days after you mail it.
Fees and Charges – I agree to pay the usual charges and fees set by you, from time to time, including any costs incurred in providing information about my accounts to me or to those who are authorized by this agreement, by law or by me to request information and I agree that you may debit my account for such charges and fees. You will make a list of your usual charges and fees available to me, but I agree that you may change the amounts of your charges and fees without actual notice to me.
Overdrafts and NSF Items– I agree that, should I issue any payment order that would result in the Account being overdrawn, I will be responsible for repayment of the overdrawn amount in full. I further agree that you may debit one account to cover an overdraft amount in another account and that you may charge an appropriate fee for overdrawn amounts in compliance with your overdraft policies.
Deposits to Account – You may accept payment orders on deposit to my account or on collection and you may use the services of another financial institution or other agent as you think best to present a payment order for payment, acceptance or collection. I waive, as far as possible, all requirements of any legislation governing payment orders and agree that I will not hold you responsible if any payment order payable to or endorsed to me is not honoured. I will indemnify you against all claims made against you or liability incurred by you in connection with any payment order deposited to my credit, including payment orders that have forged or unauthorized signatures or endorsements and those that have been countermanded. I also agree to pay to you, and I agree that you may debit my account with, the amount of any payment orders that I or others may deposit to my account or that I may cash (if your policies allow me to cash payment orders) and that are not honoured or paid to you.
Withdrawals from Account – You may debit my account the amount of any payment order communicated to you by any means unless you have reason to believe that the payment order is not proper or unless I have countermanded that order by any verifiable means. You are not obliged to certify any payment order made by me. If you do not honour a payment order because you do not believe it to be proper, I agree that you will not be responsible for any damage resulting to me. If I have more than one account, you may debit any one of them, even if the payment order refers to a particular account. I will be responsible for the accuracy and validity of any pre-authorized debits (PADs) from my account unless I report any errors within the applicable period (10 business days for business PADs and 90 calendar days for consumer PADs).
Closing Account – You may close any account without notice to me without affecting any other accounts operated under this Account Agreement, and I agree that any outstanding charges against that account may be debited to another account. Either you or I may, on written notice, close the Account.
Statutory Accounts – The provisions of this Account Agreement as they relate to joint accounts (including right of survivorship), the application of monies from one account against debits in another and closing accounts do not apply to TFSA, RRSP, RRIF, RESP accounts or any other similar type of accounts opened under specific statutory authority granting special tax deferral or other benefits whether opened pursuant to the Income Tax Act or other similar legislation (“statutory accounts”). I agree that each statutory account will be the subject of a separate agreement between us and that such separate statutory agreement will apply in the event of a conflict between it and this Account Agreement.
Trust Accounts – The provisions of this Account Agreement as they relate to the transfer of monies between accounts only apply to the trust accounts that I may open with you for the same beneficial owners. Where an account is a trust account, the authority to make payment orders is as set out in the Membership Application. You may rely on my instructions only and you are not responsible for making sure that I comply with the terms of the trust. If a trustee dies, the governing agreement, if there is one, will apply, otherwise the surviving trustee or trustees are authorized to carry out the terms of the trust.
Insurance – Where I have requested insurance with respect to any deposit or loan account with you, I agree that the terms of any master policy that you have with the insurer, including any limitations on coverage, will apply to and be binding on me.
Identification – Unless a document is required to contain an original signature, I may authorize you to accept a mechanical signature, electronic signature, or digital version of my signature attached to or associated with a document, provided that such signature is reliable for (i) the purposes of identification, and (ii) associating the signature with the document for the purpose for which the signature was applied. I am responsible for maintaining the security of any membership cards, including related personal access codes, passwords and personal identification numbers in connection with my account. I agree to comply with any request made by you for documentation for the purpose of confirming my identity, including a credit file report as deemed necessary.
Legislation – Nothing in this Account Agreement alters any provision of The Credit Unions and Caisses Populaires Act or any regulation under that Act. The laws of Manitoba apply to this Account Agreement and to any disputes relating to it.
Notices – Either you or I can give notice to the other in writing (at the addresses shown on the Membership Application or as changed and communicated from time to time) or by such electronic or digital means as may be convenient. If electronic or digital means are used, both you and I must have access to such means of communication and the communication must be transmitted and received in a way that is reliable and can be confirmed.
CCSM 50.401 Rev. 02/18
I ___________________, request MAXA Financial a division of Westoba Credit Union deliver, and I consent to receive, periodic statements relating to my current and future deposit and loan accounts electronically, via online banking, only. By consenting to receive statements via online banking only, I acknowledge that I will no longer receive paper statements relating to my loans and accounts. Electronic statements will be available online for seven years from the statement date. Should I require a permanent record, I will print or save a copy of any statements I require.
E-Statement Consent form 2019_Jan_15