Does a Québec deposit institution (excluding banks) have the obligation to open an account for me?
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.
What guarantees can a Québec deposit institution (excluding banks) demand before granting me a loan?
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.
What is the basic guarantee for my deposits in Québec?
In the event a deposit institution becomes bankrupt, the AMF guarantees up to $100,000 per person, per registered institution. For more information on this topic, see the brochure prepared by the AMF entitled Your deposits are protected. That's a guarantee!
Which deposit institutions are registered?
In Québec, nearly 550 financial institutions are registered with the AMF:
- financial services cooperatives (the Desjardins caisses, the Fédération des caisses Desjardins du Québec, the Caisse centrale Desjardins and the Caisse des Mutuellistes Épargne et Crédit);
- trust companies;
- savings companies.
What deposits are guaranteed?
Deposits in chequing or savings accounts and term deposits such as certificates of deposit and guaranteed investment certificates, provided the deposits have been made in Québec and are payable in Québec, in Canadian currency, and provided they carry a term of five years or less.
For more information on this topic, see the brochure prepared by the AMF entitled Your deposits are protected. That's a guarantee! (pdf - 2 MB)This link will open in a new window
Recently, I was the victim of debit card fraud. Am I liable for the amounts withdrawn from my account by the thief?
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.