Opening a Business Account

Business Account and Banking Service Agreement

Why do I need to give consent to verify my identity with the credit bureau? Will my rating be affected?

The Bank is required to identify all clients who open an account, and by law, must ask for authorization to verify their identity with the credit bureau. Credit ratings will not be affected since the credit bureau will only be consulted to verify an identity.

Why do I have to enter my login credentials for a personal account to a financial institution?

The Bank validates the holding of an active personal account to a major Canadian financial institution to identify the client. This validation is required to complete the online account opening process.

What can I do if I forget the login credentials of my financial institution?

If you have any questions about connecting to another Canadian financial institution, contact them directly to retrieve your username or password. If your personal account is with National Bank, contact us at 1-844-394-4494.

Which Canadian financial institutions are eligible for online identification when applying for an account?

Accepted financial institutions are:

• National Bank
• BMO
• CIBC
• Desjardins
• HSBC
• Laurentian Bank
• RBC
• Tangerine
• TD Canada Trust

Does the Bank keep my login information in memory?

The Bank does not retain any login credentials (password or username) in memory.

Can I open an account online even if I am not the sole owner of the business (multiple signatories)?

Once the request for a new account is sent, an advisor will contact you within 24 business hours to complete the application. If there are other signatories to the account, we will make an appointment with you so that everyone can come identify themselves in person with a branch advisor. Your information will be sent to the branch that will open the account.

Can I finalize my account opening remotely?

The identification and application for opening an account can be done online. To do this, you must have online access to an active personal account at a Canadian financial institution. An advisor will contact you within 24 business hours to confirm your identity and determine your needs. However, you will need to visit a branch to collect your debit card and your 10 departure cheques.

Should I sign documents online and return them to the Bank?

No. You only need to answer a few questions about yourself and your business. 

For companies belonging to a multiple entity structure, and each holding a business package, the subscription to Internet Banking Solutions - Businesses is included.

*ePackage:

• All non-electronic debit or credit transactions (requiring action by a National Bank agent/representative or requiring a cheque to be issued) will be billed at $2.50.
• When subscribing to the ePackage, the activation of Internet Banking Solutions - Businesses is required.

Conditions for the $900 cashback
To benefit from this offer, businesses must:

1. Open a business banking account before August, 31st 2019
2. Sign up for one of our business packages
3. Get a Client Card
4. Sign up for Internet Banking Solutions for Businesses

The business must keep the eligible products and services for at least 24 months. If this condition is not met, the business will have to refund the Bank an amount corresponding to the portion of the payment already made in proportion of the period during which it did not keep the eligible products and services, within 30 days of receiving the request for refund.

Up to $900 cashback offer for new clients or for existing clients without a transactional account or Business package 

• Sign up for ePackage = $71,88 cashback.
• Sign up for the 20 package = $191,88 cashback.
• Sign up for the 35 package = $323,88 cashback.
• Sign up for the 50 package = $479,88 cashback.
• Sign up for the 75 package = $659,88 cashback.
• Sign up for the 100 package = $935,88 cashback.

If applicable legal terms and conditions are respected, the cashback will be deposited to the bank account opened as part of this offer 
at the latest 6 months after the account opening in 12 equal payments following the business banking account chosen over a period of one year.