No. Unlike the Bank Act, the Québec act regarding deposit institutions does not contain any obligation with respect to new accounts. The opening of an account in a credit union is a contractual relationship that depends on the intention of the parties in question.

The institution granting the loan is the one that decides the conditions of the loan. It may require such guarantees as it considers necessary based on the risks attached to the loan (an investment given as security, insurance, etc.). However, it cannot require that such guarantees be acquired from it. For example, an institution may oblige you to take out disability or life insurance before granting you a loan, but it cannot force you to purchase these products from among products offered by it.

As with any fraud, debit card fraud must be reported so an investigation can be undertaken. If the investigation does not establish any link between the fraud and the account holder and if the account holder has not been negligent (e.g.: PIN written on the back of the card), the institution will assume the consequences of the fraud, including the amounts involved.

Remember, bouncing a cheque is fraud. However, deposit institutions offer restricted access accounts. You can’t write cheques on them and don’t get any of the other advantages that usually go with opening an account. You might want to request one. It could help you rebuild trust with your institution.