General terms – Opening a personal account

General terms – Opening a personal account

The terms below are for information purposes only and may differ from those in the contract depending on the type of account being opened.

Your Desjardins account

The following rules apply to an everyday account and any other savings accounts that may eventually be opened under the same folio number.

What does it mean to open an account (folio) with Desjardins?

You're choosing the Desjardins difference

Choosing Desjardins is about being part of a cooperative movement that not only supports your goals and dreams, but also supports the community around you.

By opening an everyday account, you're gaining access to a wide range of products and services that are not only offered by your caisse, but by all of Desjardins Group, particularly in terms of financing, savings, investments and insurance.

If your needs change, you can open other accounts with the same folio number.

Becoming a member of our caisse

You apply to become a member of a Desjardins caisse when you open an account

In addition to taking part in a group that promotes financial literacy and cooperative and social values in the community, members have access to a range of benefits (for example, the opportunity to get member dividends). Members can also contribute to the success of their caisse by taking part in meetings.

To become a member, you need to buy a qualifying share ($5). Note that we will conduct some verifications before you become a member and again after your account is opened. This includes identity verification to prevent fraud and identity theft.

If you're already a member of our caisse, you won't have to take out a new qualifying share.

Member rights and obligations are included in the Caisse Bylaws, which are available upon request at a caisse.

  1. 1.Transactions in the account

    There are different types of accounts. The persons authorized to make transactions in the account vary depending on the type of account chosen.

  2. 2. Your deposits and withdrawals

    You can use your account to make everyday transactions, such as:

    • Depositing or withdrawing cash
    • Cashing or writing cheques
    • Receiving or transferring money

    Note that possible transactions may change according to the type of account and may be limited as set out in section 4. Our rights.

    You cannot add notes or messages to the caisse during a transaction (for example, final payment or payment under protest), as they may not be considered at the caisse .

    We can hold funds in certain cases

    For example, if you deposit an item like a cheque, draft or money order, the total amount will appear in your account even if the caisse hasn't yet received it from the financial institution where the funds originated. The authorized transit represents the maximum amount that the caisse authorizes you to use without having to wait for the funds to be in your account. The portion of the funds that isn't immediately accessible is on "hold." This is why we use the expression "funds on hold."

    While we can agree to give you access to funds during this time, this isn't confirmation that the funds deposited have been cleared. The caisse can take back the funds deposited into your account if an item is unpaid or needs to be repaid for any reason. Funds may be retrieved from your account at any time, regardless of whether the hold period is over or not.

    We may change the withdrawal and hold limits at any time if we deem it necessary.

    You acknowledge that you are aware of the limits in effect, which you can view on the Withdrawal limits, funds on hold page.

    Foreign currency accounts are subject to certain restrictions

    A foreign currency account has many benefits, like protecting you from exchange rate fluctuations.

    However, a foreign currency account doesn't give you access to all the same services as an account in Canadian dollars. For more information, see Foreign currency accounts.

    Your money is protected by the Autorité des marchés financiers (AMF)

    The Federation and Desjardins caisses in Quebec are deposit institutions authorized by the Autorité des marchés financiers (AMF). As a result, your deposits are protected by deposit insurance, whether they're in Canadian dollars or foreign currency. For more information, see the Deposit protection section of the AMF website.

  3. 3. Your commitments and obligations to us

    You must always comply with the following commitments and obligations. Other individuals authorized to make transactions in your account must also comply with them.

    The same commitments and obligations will apply to any other account eventually opened under the same folio number.

    You agree to comply with your commitments and obligations to us. If you don't, your rights may be limited as stipulated in section 4. Our rights, and you may be suspended or expelled from your caisse.

    3.1 Monitor your account

    Always check your monthly account statement. Don't forget that you're responsible for all transactions made in your account, even if they're made by another authorized individual.

    Contact us if you see an error

    If information is missing, or if you see a transaction that you haven't authorized, contact us within 30 days following the date you received your statement (paper or electronic). If you’ve taken the necessary measures to protect your account, we can correct the errors. However, if you go beyond 30 days, we cannot be held responsible for your loss, and you give up your right to sue.

    3.2 Pay account fees

    You agree to pay the fees related to the use of your account, and you authorize us to withdraw this amount from your account.

    You acknowledge that you’re aware of the fees in effect, which you can consult on the Service fees page. Visit this page regularly as service charges may change from time to time. This information is also available upon request at the caisse.

    Depending on your plan or the offers you're taking advantage of, you may be charged pay-per-use fees for some transactions. You can choose or change your plan at any time on AccèsD or by getting in touch with us. For details on the services included and fees related to different plans, view the Transaction plans page or the document you receive when you open your account.

    3.3 Pay us back if your account balance is negative (in case of overdraft)

    If a withdrawal goes over the amount of funds available in your account, we consider this a loan request for the funds missing. If we agree to lend you this amount, your account will be in overdraft.

    As a result, you'll need to pay service charges and pay back the amount loaned plus interest. The current interest rate is 21% (interest is calculated each day). You can view the service charges and interest rates in effect at the caisse or on the Service fees page.

    You’ll have to pay us back when we ask.

    There are ways you can avoid the drawbacks associated with overdrafts. Talk to your advisor.

    3.4 Use your account for legal, legitimate and personal purposes

    You agree to use your account in accordance with applicable laws and regulations, and to use it for legitimate purposes.

    In addition, your account must only be used for personal purposes. You cannot use it upon request or for the benefit of another person, or for purposes other than those stipulated in this document (for example, to run a business).

    If we ask, you must be able to show that the transactions in your account are for legal, legitimate and personal purposes.

    3.5 Follow your Caisse Bylaws

    By becoming a member, you agree to follow your Caisse Bylaws and to act in a respectful manner. We will not tolerate any hostile behaviour or speech toward employees or other members.

    To learn more, see your Caisse Bylaws (available upon request at the caisse) .

    3.6 Contact us if your situation changes

    You must notify us if your situation changes so we can update our records. For example, if anything changes regarding:

    • Your occupation
    • The account's intended use
    • Your contact information (mailing address, email, phone number)
    • Your tax residence. You must inform us within 30 days of the date of the change

    At any time, we can ask you to update the information we have in our records (for example, your profession, assets or income). We may ask you to provide documents to confirm this information.

    If we can no longer reach you or your information is inaccurate, you may have to pay fees or incur other financial losses due to the inaccuracy of your information.

    If you have a joint account, you must inform us of any changes to your situation that may impact the use of your account by one of the account owners. For example, if you and your spouse are separated.

  4. 4. Our rights

    Note that our rights set forth in this document and those set forth by law apply to all accounts that may eventually be opened under the same folio number.

    4.1 Verify, correct or refuse transactions

    We may ask questions and conduct an investigation

    If we have any reason to suspect unusual activity in your account, we may investigate to verify that transactions are being carried out for legitimate, legal and personal purposes. For example, we can communicate with you to ask you questions about an unusual or foreign transaction.

    We may correct information we are responsible for

    We may correct a transaction if we find that we've made an error when entering data. For example, if funds were deposited into your account by mistake, we may remove this amount and deposit it into the correct account.

    We may refuse transactions

    We may refuse deposits, withdrawals or other transactions without warning, particularly under the following circumstances:

    • If we have any reason to believe that you have not authorized a transaction
    • If we have any reason to believe that a transaction is fraudulent
    • If we have any reason to believe that a transaction is related to illegal activities or activities that go against Desjardins Group guidelines
    • If the amount of a payment is greater than the amount available in your account
    • If we are unable to get your cooperation when requesting information related to our regulatory requirements
    • If an authority, like a court, orders us to do so
    • If you are carrying out an activity that we believe carries a financial, regulatory or reputational risk that is unacceptable to us

    4.2 Limit the rights of individuals to act in your account

    Account owner or representative

    If we deem it necessary, we may limit the rights, products and services, and access of account owners and authorized representatives. For example, we can limit the right to use cheques or decline to issue a Desjardins Debit Card.

    If a problematic situation recurs or we suspect unusual activity in an account, we may block access to the account without warning.

    Person with power of attorney

    Adding someone with power of attorney to your folio is a privilege, not a right. If you sign a power of attorney, we have the right to limit their privileges and powers at any time, temporarily or definitively, particularly in the following cases:

    • If we have any reason to believe that the attorney represents a risk for you or us
    • If we have any doubts about your ability to manage your assets due to your health
    • If we no longer want to work with the attorney and cease recognizing the power of attorney

    If we deem it necessary, we may:

    • Limit their means of accessing the account, for example, by cancelling their Desjardins Debit Card
    • Verify or refuse any transactions
    • Refuse to answer a request from the attorney and ask to do business with you directly

    4.3 Changes to our tools and services

    We are constantly improving our services. At any time, we may change or limit the tools and services available to you to access your account or make transactions.

    4.4 Review the terms of the opening account agreement

    By signing an opening account agreement, you agree that any changes will apply to your account and any other account eventually opened under the same folio number.

    We can change service fees, interest rates and plans

    We may also change our service fees and interest rates according to changes in the market and in our practices and service offering. Visit the Service fees page to view the service fees and interest rates in effect.

    We may also change our plans by adding, removing or changing them. Visit the Transaction plans to see which plan works best for you.

    Changes to the other conditions of the agreement

    We also reserve the right to change the other conditions of the agreement according to our needs, the needs of our members, or changes to our practices.

    Notifying you of any changes

    We'll let you know if any parts of the agreement have changed by sending a written notice at least 30 days before the modification takes effect.

    You will not receive a notice about changes to interest rates, which vary regularly, or for any specific situations that require us to act quickly, and which are already included in the agreement.

    To refuse a change, you must terminate the agreement and notify us within 30 days following the effective date of the change.

    4.5 Member suspension or expulsion from the caisse

    If we have valid reasons to do so, the law provides for the suspension or expulsion of a member from the caisse.

    Circumstances that can lead to expulsion include:

    • If you don't comply with our Caisse Bylaws or Desjardins Group guidelines
    • If you don't fulfill your commitments to us (described in this document or another agreement)
    • If your account remains in overdraft despite a request from us to correct the situation
    • If you are carrying out an activity that we believe or that the Federation believes to carry a financial, regulatory or reputational risk that is unacceptable to us
    • If you put at least 2 cheques without sufficient funds (NSF) into circulation
  5. 5. About your personal information

    To open an account with Desjardins, we may collect information we deem necessary, including employment references and credit reports, from financial institutions, personal information agents or employers. We use this information for things like:

    • Managing the operational aspects of your folio during our business relationship, such as the authorized transit and limits on withdrawals and funds on hold
    • Reassessing any financial commitments you have or will have with us

    You agree that the individuals contacted (financial institution, employer) may disclose this information to us, even if it is in a closed or inactive file.

    For the opening and use of a joint account, we can disclose some of your personal information to each account owner, for example, upon the signing of the opening account agreement.

    We may disclose information about any financial commitments you have made or will make with us to any personal information agent so that the agent may update your file.

  6. 6. Residency status

    You must report your residency information for tax purposes.

    You agree to inform your caisse of any change in your tax residence within 30 days of the change.

  7. 7. Declaration and consent

    By signing the agreement to open an account:

    • You confirm that you are not opening the account for a third party (you confirm that your account will not be used under instructions or for the benefit of anyone other than yourself)
    • You accept the conditions set out in this document and you agree to follow them.
    • You declare that all information that you have provided is complete and accurate.
    • You agree to follow the Caisse Bylaws of your caisse.
    • Joint account: According to the Act respecting remittance of deposits of money to account co-holders who are spouses or former spouses :
      • You can plan in advance how you want to share (%) the balance in a joint account in the event of the death of 1 of the spouses or ex-spouses.
      • If no declaration form is completed, each person's share for this account will automatically be 50% in the event of death.
      • A declaration may be amended at any time before death with the agreement of both spouses or former spouses. It's your responsibility to notify us of any change to your share by making a new declaration.
    • New member: You agree to pay your qualifying share as soon as possible and you authorize the caisse to withdraw this amount directly from your account.
      • You understand that the withdrawal of your qualifying share by the caisse is part of what confirms your admission as a member.
      • You understand that if the caisse is unable to withdraw your qualifying share from your account within a reasonable time frame, your membership application and account opening may be cancelled.
    • You also authorize the caisse to collect, use and disclose your personal information in accordance with privacy regulations and the Desjardins Group's Privacy Policy.
      • To serve you effectively every day and fulfill our legal obligations, we need to collect, use and disclose information about you. For full details, read Desjardins Group's Privacy Policy.
      • You acknowledge and accept that this consent takes precedence over any other consent I have previously signed. This consent remains in effect for as long as I maintain a business relationship with Desjardins Group .

    Improve your experience with us

    Your information can also help us to serve you better. With your consent, we may use and disclose your information – within Desjardins Group only – to provide you with personalized offers and recommendations. To learn more, read our Privacy Policy.