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Cashback Mortgage Plus Terms and Conditions

Cashback Mortgage Plus Terms and Conditions

The Cashback Mortgage Plus Offer

  1. Offer Summary: Meridian Credit Union Limited (“Meridian”) is offering the Cashback Mortgage Plus, which includes:
  1. The qualifying amount for the Eligible Mortgage Product will be eligible for a total of 0.30% cash back to a maximum of $3,000 (the “Cash Back”);.
  2. Monthly chequing account package fee waived for six (6) months (the “Chequing Account – Waived Package Fee”).
  3. Annual fee waived for the first year on a Meridian Visa Credit Card (optional) (the “Meridian Visa Credit Card - Waived Annual Fee”).
  4. A complimentary financial plan (the “Financial Plan”).

    (collectively, the “Cashback Mortgage Plus Offer” or “The Offer”)

    The Cashback Mortgage Plus Offer is available to new and existing Meridian Members, who meet the eligibility criteria outlined below during the Offer Period.
  1. Offer Period: The Offer is valid starting April 9, 2025, and until June 30, 2025. Meridian reserves the right to extend or shorten the Offer Period at its sole discretion.

  2. Eligible Mortgage Products: The Offer is available for the new purchase, transfer or refinance of following mortgage products only:
  1. 3 Year Fixed Closed Mortgage.
  2. 3 Year Fixed Closed High Ratio Mortgage.
  3. 5 Year Fixed Closed Mortgage.
  4. 5 Year Fixed Closed High Ratio Mortgage.

    (the “Eligible Mortgage Product”).
  1. Eligibility Criteria: To be eligible for the Offer, you (collectively the “Member” or the “Meridian Member”) must:
  • Have or obtain a Meridian Retail Banking Membership Share.
  • Be a resident of Ontario, Canada.
  • Be of the age of majority in Ontario, Canada.
  • Apply for, and receive Meridian written approval, for an Eligible Mortgage Product with a minimum mortgage principal of $100,000 (“Qualifying Amount”), on an owner-occupied property during the Offer Period (“Eligible Mortgage Application”).
  • The Eligible Mortgage Product must be funded within 120 days from the start of the Eligible Mortgage Application date.
  • Open, or hold an existing, Digital Chequing Package (the “Chequing Account”) and set up recurring pre-authorized mortgage payments to the Eligible Mortgage Product from the new Chequing Account, prior to the funding date of the Eligible Mortgage Product.
  1. Cash Back:
  1. To calculate the eligible Cash Back amount, the Qualifying Amount for the Eligible Mortgage Product will receive a total of 0.30% Cash Back, to a maximum limit of $3,000.00. This percentage is applied to the Qualifying Amount to determine the Cash Back the Member is eligible to receive. To break it down further, the Cash Back amount is calculated at 0.30% of the total Qualifying Amount of the Eligible Mortgage Product, with a maximum limit of up to $3,000.00. Therefore, if the Qualifying Amount for the mortgage is $100,000.00, the Member will receive $300.00 in Cash Back. If the Qualifying Amount exceeds $1,000,000.00, the Cash Back amount will be capped at $3,000.00.
  2. The Cash Back will be issued as an interest rebate with an assumption that the mortgage will remain in effect for the full term of the Eligible Mortgage Product selected.
  3. The Cash Back for the Offer will be paid to the Chequing Account, at the time the Eligible Mortgage Product is funded, following the signing of the Meridian Cashback Mortgage Plus Agreement. The Cash Back must be accepted as awarded and is not transferable or assignable. No substitutes permitted.
  4. If the Eligible Mortgage Product is closed or paid off in full before the completion of the selected term, or if prepayments exceed the prepayment privileges defined in Meridian’s Mortgage Agreement, the Member will be required to repay a pro-rated portion of the Cash Back to Meridian as outlined in the Cashback Mortgage Plus Agreement, in addition to any applicable prepayment charges payable under the Meridian Mortgage Agreement.
  1. Chequing Account - Waived Package Fee:
  1. The Chequing Account’s monthly package fee will be waived for six (6) or twelve (12) consecutive months from the Chequing Account opening date (“No Fee Period”). A maximum of one (1) Chequing Account monthly package fee will be waived per Eligible Mortgage Product.
  2. Members who meet the Offer Eligibility Criteria will be eligible for six (6) months No Fee Period.
  3. In addition, Members who are eligible for and obtain Creditor Group Insurance Coverage for the Eligible Mortgage Product, prior to the funding date, are eligible for an additional six (6) months No Fee Period, for a total of twelve (12) consecutive months.
  4. All other applicable service charges on the Chequing Account will continue to apply. Once the No Fee Period ends, the standard monthly package fee for the Chequing Account will be charged in accordance with the applicable Meridian rates and fees for personal accounts.
  1. Meridian Visa Credit Card – Waived Annual Fee:
  1. The Members will be eligible for the annual fee waived in the first year on a new Meridian Visa Credit Card, subject to meeting the eligibility requirements for each credit card, as applicable, and is contingent upon application and approval. This offer does not apply to credit cards that do not have an annual fee.
  1. Complimentary Financial Plan:
  1. Meridian is pleased to offer a complimentary Financial Plan to Members upon request, available prior to the funding date of the Eligible Mortgage Product. In some instances, a referral to a wealth partner may be offered to assist in facilitating the request. For more information or to request your complimentary Financial Plan, please contact your associate during the Offer Period.

Additional Terms and Conditions apply to the Cashback Mortgage Plus Offer. For further information, please refer to the General Terms and Conditions described below.

If you qualify for the Cashback Mortgage Plus Offer, you may also be interested in taking advantage of another exciting opportunity: the Wealth Offer.

The Wealth Offer is designed to provide you with additional benefits and support to help you achieve your financial goals. It's an excellent way to maximize the value of Meridian's products and services, ensuring you make the most of your mortgage journey.

The Wealth Offer

  1. Meridian Members who qualify for the Cashback Mortgage Plus Offer can take advantage of the following Wealth Offer at the same time. In partnership with Aviso Wealth, Meridian is offering a rate discount on Eligible Mortgage Products with the transfer of New Wealth Assets to Aviso Wealth during the Cashback Mortgage Plus Offer-Offer Period, subject to meeting the eligibility criteria outlined below (the “Wealth Offer”).
  2. Qualifying Investments: are registered and non-registered investments, or a combination thereof, and are not Non-Qualifying Investments. Non-Qualifying Investments are investments including the following: options, personal mortgages, shares of Canadian-or foreign controlled private corporations, units of limited partnerships, or securities that are not listed on a recognized exchange or quoted on a recognized quotation or trade reporting system or other market, recognized by Meridian, in its sole discretion.
  3. New Wealth Assets are Qualifying Investments transferred from an investment firm account held outside of Meridian, motusbank, Aviso Wealth, Aviso Insurance Inc. and/or Qtrade Direct Investing, just prior to its transfer to a Qualifying Account.
  4. A Qualifying Account is an investment account held at Aviso Wealth into which New Wealth Assets are transferred. Qualifying Accounts can be (a) registered retirement savings plan accounts; (b) spousal registered retirement savings plan accounts; (c) locked-in registered retirement savings plan accounts; (d) registered retirement income fund accounts; (e) spousal registered retirement income fund accounts; (f) life income fund accounts; (g) tax free savings accounts; (h) non-registered accounts; (i) registered education savings plan accounts; (j) registered disability savings plan accounts; and (k) first home savings accounts (the “Qualifying Account”).
  1. Eligibility Criteria: To qualify for the Wealth Offer, you must:
  1. Fulfill the Cashback Mortgage Plus Offer Eligibility Criteria.
  2. Have or open a Qualifying Account.
  3. Initiate a transfer of New Wealth Assets to a Qualifying Account.
  4. New Wealth Assets must meet the minimum valuation defined herein.
  5. To fulfill the Eligibility Criteria of the Wealth Offer, you must fulfill sections 5(a) – 5(d) above, during the Cashback Mortgage Plus Offer - Offer Period.
  1. Rate Discount Details: The mortgage rate discount is determined based on the market value of New Wealth Assets transferred:


    New Wealth Assets (Market Value)
    Mortgage Rate Discount
    $100,000.00 to $249,999.00
    -0.15%
    $250,000.00 or higher
    -0.25%

    (the “Rate Discount”).

    The Rate Discount applies to the qualifying interest rate, on approved credit, at the time of the New Wealth Assets transfer initiation. The Rate Discount will apply to the full term of the Eligible Mortgage Product in the Cashback Mortgage Plus Offer described above, based on term length of the selected Eligible Mortgage Product (e.g. 3 Year Fixed Closed Mortgage will have the Rate Discount applied for 3 years). Additional rate discounts cannot be applied to the Eligible Mortgage Product.

  2. Valuation, and Offer Limitations
  1. New Wealth Assets transfers must be initiated into a Qualifying Account prior to signing the Meridian Mortgage Agreement for the Eligible Mortgage Product in the Cashback Mortgage Plus Offer described above.
  2. In order to be eligible for the Wealth Offer, New Wealth Assets must have a minimum market value, as determined by the valuation method set forth herein, of $100,000.00 into a Qualifying Account held at Aviso Wealth.
  3. Valuation of Qualifying Investments will be based on the market value of the New Wealth Assets as of 4:00 p.m. Toronto, Canada time on the date the transfer was initiated in Aviso Wealth’s investment system (“Transfer Initiation Date”).
  4. U.S. dollar accounts will be converted at prescribed rates in effect at Meridian, as of the Transfer Initiation Date.
  5. Co-applicant(s) on the Eligible Mortgage Application will not be able to qualify for the Wealth Offer unless the co-applicants on the Eligible Mortgage Application for the Eligible Mortgage Product in the Cashback Mortgage Plus Offer described above are identical to the proposed owners of the Qualifying Account.
  1. Application of Rate Discount: The Rate Discount will be applied to the Eligible Mortgage Product in the Cashback Mortgage Plus Offer described above on the business day following the signing of the transfer-in commitment of New Wealth Asset into a Qualifying Account during the Offer Period. The Wealth Offer is limited to one (1) Rate Discount per mortgage within the Offer Period.

General Terms and Conditions for the Offers

  1. All amounts are shown in Canadian dollars.
  2. The Offer and the Wealth Offer (collectively referred to as the “Offers”) cannot be combined with other promotional offers or rate discounts from Meridian.
  3. This is a limited time promotion. The terms and conditions of the Offers, including the overall availability of the Offers, are subject to the absolute discretion of Meridian and may be changed by Meridian at any time without further notice. Meridian reserves the right at any time without prior notice and in its sole discretion, to add, alter or modify all or any of these terms and conditions or to replace the Offers, wholly or in part, with any other offer, whether similar to the Offers or not, or to withdraw the Offers altogether. Meridian reserves the right to suspend, disqualify, limit, or revoke the Offers to any Member at any time, at its sole discretion.
  4. The Offers are subject to all applicable Meridian terms and conditions, including but not limited to the standard mortgage approval requirements, on approved credit. Conditions are related to the approval and advancement of the mortgage (i.e. various precedent conditions and/or disbursement conditions for funding) and inquiries should be directed towards the associate submitting/working on your Eligible Mortgage Application.
  5. Additional terms and conditions apply to both the opening and operation of the Chequing Account, the Qualifying Account at Meridian and Aviso Wealth, and an applicable Meridian Visa Credit Card. Except as may be set out in the terms and conditions of the Offers, all terms and conditions applicable to products and services held with Meridian are not amended by these terms and conditions and continue to apply during and after the Offers.
  6. Meridian reserves the right to end earlier or to extend the Offer Period further at its absolute discretion, without notice.
  7. Meridian reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke the Offers to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the Offers.
  8. To the extent that the terms and conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from Meridian, these terms and conditions will supersede all other Messages.
  9. Meridian shall have the exclusive right to determine the amounts, if any, payable under these Offers.
  10. Meridian, and Aviso Wealth are not responsible for transfers that are not initiated or received and completed by the dates stated in the Offers due to problems or technical malfunctions of telephone networks or lines, computer online systems or servers, computer software problems or traffic congestion on the internet or at any website, or any other delays.
  11. Meridian representatives that are not registered with Aviso Financial Inc., or Aviso Wealth will not be involved in any investment decision involving a Qualifying Account held at Aviso Wealth. 
  12. The Aviso Wealth representative managing a Qualifying Account must be affiliated with Meridian.
  13. Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing and Aviso Wealth are divisions of Aviso Financial Inc. Aviso Insurance Inc. offers financial planning, life insurance and investments to members of credit unions and their communities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by any government deposit insurer that insures deposits in credit unions.
  14. By participating in the Offers, Members agree to comply with all applicable laws and regulations. Any attempt to manipulate or exploit the Offers will result in disqualification.
  15. Meridian is not liable for any loss or damage arising from or in connection with the Offers, including but not limited to direct, indirect, or consequential losses.
  16. Creditor Group Insurance Coverage is optional and is underwritten by the Canada Life Assurance Company (“Canada Life”). Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of Canada Life. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Certificate of Insurance for full coverage details.
  17. Meridian Visa Credit Card - Waived Annual Fee is a limited time offer for applicable primary and additional cards. The annual fee will appear on the initial statement and a credit will be applied on the same statement. Meridian reserves the right to modify or withdraw this offer at any time without prior notice.
  18. Any dispute, controversy, or claim arising out of or relating to the Offers, including any question regarding its existence, interpretation, validity, breach, or termination, shall be resolved through binding arbitration in accordance with the Arbitration Act, 1991 (Ontario). Either party may initiate the arbitration process by providing written notice to the other party of their intent to arbitrate. The arbitration shall be conducted by a single arbitrator mutually agreed upon by both parties. If the parties cannot agree on an arbitrator within thirty (30) days of the notice of arbitration, the arbitrator shall be appointed by a judge of the Ontario Superior Court of Justice. The arbitration shall take place in Toronto, Ontario, and shall be conducted in English. The dispute will be resolved by arbitration at ADR Chambers using the ADR Chambers Expedited Arbitration Rules. The arbitrator shall have the authority to order pre-hearing exchanges of information and documents. The fees and expenses of the arbitrator shall be shared equally by the parties, unless otherwise determined by the arbitrator. Each party shall bear its own legal fees and costs associated with the arbitration. The decision of the arbitrator shall be final and binding on both parties. Judgment upon the arbitrator’s award may be entered in any court having jurisdiction thereof.
  19. These Offers are intended for promotional purposes only and do not constitute financial or legal advice or an opinion related to the acquisition, suitability or use of the Chequing Account or the Qualifying Accounts.
  20. You agree that you have read and understood the terms and conditions and agree to be bound by them. Any notice offered by us with respect to the Offers is deemed to be provided on the day it is posted on our website.

  21. For any questions or concerns regarding this promotion, please contact Meridian Contact Centre at 1-866-592-2226.

    Publish Date: April 9, 2025