Business deposit accounts

The following sections outline the most important changes regarding your business deposit accounts, in addition to supplemental services that are offered at National Bank from which you could benefit. To learn more about the features of National Bank’s products and services, please visit nbc.ca/lbc-business.

Your Laurentian Bank business deposit accounts will be migrated to the most similar or equivalent National Bank accounts. Please refer to the migration letter to find the effective time and date of the migration of your services. As National Bank continues to make enhancements to its services and offerings, please refer to nbc.ca/lbc-business for future updates.

You will be able to access your new National Bank account numbers in your online banking profile before migration. Your migration letter will provide relevant and detailed information about the online banking enrolment process. If your business does not use online banking, after the migration, your account manager or customer service can provide you with information about your accounts or discuss whether online banking might be right for you.

Please note that after migration, all payments will need to be sent to and made from your National Bank current account.

Once the migration has been completed, your current pricing may also change. However, as part of the welcome offer, you will benefit from a fee exemption and discounts until February 28, 2027, for the accounts described below.

If you have any questions or concerns about these changes, please refer to Section 1.7 Contact Us.

Please refer to the migration letter or nbc.ca/lbc-business for the recommended actions to complete before the migration.

National Bank offers protection against overdrafts. This protection triggers an automatic transfer from a National Bank current account to make up for insufficient funds. This way, your available funds will be put to good use.

The following Laurentian Bank overdraft conditions will not be carried over to National Bank:

• Overdraft protection between a business account and a personal account.
• Overdraft protection between a CAD account and a USD account.
• Overdraft protection with an additional amount. Overdraft protection will cover the overdraft balance only.
• Savings account overdraft protection.

For more information, please refer to our Fee Guide for Banking Services for Businesses at nbc.ca/lbc-business-legal.

National Bank’s current accounts provide seamless access to your funds and efficient handling of your business finances for easy and secure management of everyday financial transactions.

National Bank substitutes may present features that differ from those of Laurentian Bank’s solutions. Please take note of the changes to current accounts and packages following the migration to National Bank by reviewing the tables in Sections 2.2.1 Packages on National Bank current account (CAD) and 2.2.2 National Bank current accounts, or visit nbc.ca/businessaccounts.

• If your current accounts currently earn interest, they will be migrated to an interest-bearing current account. Interest rates will be migrated with an indefinite duration until the renegotiation of your agreement.
  • If you have a fixed rate, it will be converted into a National Bank variable rate at migration.
  • If your interest rate is structured by tiers, the rate in effect at the time of the migration will be applied to your entire account balance.
  • The interest you earn during the migration month, up to the migration date, will be credited to your National Bank accounts.

For more details on our standard fees, please refer to our Fee Guide for Banking Services for Businesses at nbc.ca/lbc-business-legal.

To learn more about packages on National Bank’s CAD current account, see the table below.

Please note that National Bank’s packages will be activated on March 1, 2027.

Packages on National Bank current account (CAD)

For the purposes of this document, the term “current account” is used to represent operating, business and chequing accounts, which are treated as equivalent.

The welcome offer described in Section 2.2 Current accounts applies to all National Bank products listed below until February 28, 2027.

For more information on National Bank’s current accounts, please refer to the table below.

Current accounts

National Bank Guaranteed Investment Certificates (GICs) and term deposits are available in Canadian and US dollars. They are low‑risk investments that protect your principal while offering competitive interest rates that are guaranteed for your chosen term.

Please take note of the following related to Laurentian Bank GIC and term deposit services after the migration to National Bank:

• The cancellation period for a GIC is ten business days from the date of issuance or renewal.
• The interest rate for this product differs; National Bank’s cash is non‑interest‑bearing, unlike Laurentian Bank’s cash, which bears interest at a rate of 0.00% to 0.15%.

• When your product is migrated, National Bank will uphold the rate and term lengths established with Laurentian Bank until maturity. Any new purchases or renewals made after the migration will be subject to the terms and conditions of National Bank GICs, including minimum investment/term requirements as well as interest rates.
• All instructions given prior to the migration regarding the maturity of your GIC will be honoured, such as automatic renewals or deposits to the account. Insofar as possible, your instructions regarding your GICs will be honoured when they mature. For some GICs where we are unable to honour your instructions, your investment will be automatically renewed for the same term and at the rate in effect at the time. We suggest that you check the status of your GICs online after the migration and contact National Bank if you would like to cancel the automatic renewal.
• If Laurentian Bank has given you a rate guarantee or negotiated rate for a future renewal, National Bank will not be able to honour that rate at the time of a future renewal or issue.
• If your GIC or term deposit is maturing, or if there is an interest payment scheduled in the week preceding the migration date, please notify Laurentian Bank as soon as possible of the bank account where you would like those funds to be deposited.
• Interest paid on cash balances will no longer be paid after the migration to National Bank.
• The payment of interest and principal at GIC maturity by cheque is not available at National Bank. Please contact us before your GICs mature if your instructions provide for payment by cheque.

For more information on the different guaranteed investment products, please refer to the table below.

GICs and term deposits