Personal deposit accounts
Your Laurentian Bank personal chequing and savings accounts will be migrated to comparable National Bank accounts. The terms and conditions applicable to your National Bank accounts are described in the Deposit Account Agreement available at: nbc.ca/lbc-legal.
We encourage you to review these documents to fully understand the features of your new account, as well as any fees that may apply.
For questions, additional information or to discuss other options better suited to your needs, please contact us at any time.
You also have the right, at any time and at no cost, to terminate the agreement or close your account. However, there may be a fee for using your account until the closing date, as per the Fee Guide for Personal Banking Solutions. For more information, refer to Section 7. Fee Guide.
For more information on National Bank's other accounts and their features, visit nbc.ca/accounts.
The table shows the National Bank accounts to which your Laurentian Bank accounts will be migrated.
For additional information on applicable fees, refer to Section 7. Fee Guide.
| Laurentian Bank | National Bank |
|---|---|
| Account before migration | Account after migration |
| Chequing Account
Chequing Savings Account Chequing Account (2015) Day by Day Interest Account The Investment Excellence Account À La Carte Account Senior Citizen Account Youth Account |
Chequing account |
| Day by Day Interest Plus US Account | USD Progress Account |
| High Interest Savings Account
Budget Plan Security Plan The Project Planner Personal Internet Account |
High Interest Savings account |
2.1 Chequing accounts
National Bank's chequing account is intended for everyday banking transactions, such as deposits, withdrawals and bill payments. It is not intended for savings, and no interest is paid on these accounts.
As part of the migration to National Bank, you will not be charged a fixed monthly fee on offers and packages for professionals or any excess transaction fees until February 28, 2027.
You can change your package at any time and choose another one that better suits your needs. A change in package will not trigger any fees before February 28, 2027. You will receive a written notice before any fees are charged, in accordance with regulatory requirements. After this date, the applicable fees will depend on the package you have and the offers in effect at the time.
The following table shows the National Bank package to which each Laurentian Bank account will be migrated. We suggest that you take the time to review your assigned package to make sure it meets your current needs.
For more information on packages and applicable fees, please see Section 7. Fee Guide.
| Laurentian Bank | National Bank | |
|---|---|---|
| Chequing | After the migration | Monthly fee
(no fixed monthly fees until February 28, 2027) |
| Chequing account, Chequing Account (2015), Chequing Savings Account, Senior Citizen Account, Day by Day Interest Account, The Investment Excellence Account
— No package — 25+ Basic Account Preferred Account Unlimited Account Preferred Account 60+ Advantage Preferred Exclusive Account Preferred Account for youth and seniors – 25+ Preferred Account Student Advantage – 25+ Unlimited Account Student Advantage – 25+ Extra Plan Extra Plan + 65+ Plan Privilège Time Saver Quebec employees Employees outside Quebec Free Package 9M/12M/18M |
The Minimalist | — Includes 18 electronic transactions
— Until February 28, 2027: No fixed monthly fees or excess electronic transactions — After February 28, 2027: $3.95/month – 0–17 years: $0/month – 18–24 years: $0/month – 65+ receiving the Guaranteed Income Supplement: $0/month – 18+ who are beneficiaries of a Registered Disability Savings Plan: $0/month |
| Basic account for newcomers during their first year in Canada | Offer for newcomers | — Unlimited electronic transactions included free of charge in the first year. For fees and eligibility conditions after the first year, see Section 7. Fee Guide. |
| À la carte Account and Youth Account
— No package Chequing, Chequing Account (2015), Chequing Savings Account, Senior Citizen Account, Day by Day Interest Account, The Investment Excellence Account — No package — 24 and under Youth Plan Preferred Account for youth and seniors (24 and under) Preferred Account Student Advantage (24 and under) Unlimited Account Student Advantage (24 and under) |
The Connected | — Unlimited electronic transactions included
— Until February 28, 2027: No fixed monthly fees — After February 28, 2027: $15.95/month – 0–17 years: $0/month – 18–24 years: $0/month – 60+: $10.95/month |
| Unlimited Account 60+ Advantage
Unlimited Account Privilege Program TimeSaver Plan (Quebec) TimeSaver Plan (outside Quebec) Senior Citizen Plus Program – Indispenable Option Package SuperSaver Gold Service Gold Service 60+ Advantage |
The Total | — Unlimited transactions included
— Until February 28, 2027: No fixed monthly fees — After February 28, 2027: $28.95/month – 0–17 years: $18/month – 18–24 years: $13/month – 60+: $23.95/month |
| The Total
Banking Plan with Interest |
Offer for engineering professionals | — Unlimited electronic transactions included
— Until February 28, 2027: No fixed monthly fees — After February 28, 2027 — Without an eligible credit card: $12.95/month For fees and eligibility requirements, please see Section 7. Fee Guide. |
| More Interest Banking Plan | See Section 2.2 Savings account | |
2.2 Savings accounts
2.2.1 High Interest Savings Account
The National Bank High Interest Savings Account (HISA) is designed to help you earn interest while giving you quick access to your money. It can help you save for future plans while ensuring your funds are available. It is not intended for day-to-day transactions, such as making purchases or paying bills, as some transactions may result in fees. One free withdrawal per billing cycle is included with your savings account. A fee of $5.00 will be charged for each additional withdrawal made in the same billing cycle. To avoid incurring these fees, we recommend that you transfer the funds to your National Bank chequing account and make purchases and payments from your chequing account.
Please contact us if you would like to discuss other options that may better suit your needs.
The following table shows the Laurentian Bank accounts that will be migrated to the National Bank HISA. After the migration, the interest rates applicable to your account may differ from those previously offered at Laurentian Bank. For current National Bank rates, please visit nbc.ca/rates.
| Laurentian Bank | National Bank | |
|---|---|---|
| Savings accounts | Account after migration | Rate |
| High Interest Savings Account | High Interest Savings Account | A rate bonus will apply until February 28, 2027. Applicable rates are available at nbc.ca/lbc-rates.
After that date, the interest rates applicable to National Bank's HISA without a bonus will apply. Rates for the National Bank HISA are available at nbc.ca/rates/bank-account-rates. |
| Budget Plan Account
Security Plan Account Project Planner Account Personal Internet Account More Interest Banking Plan |
High Interest Savings Account | Applicable rates are available at nbc.ca/rates/bank-account-rates. |
Funds in National Bank's HISA are available 24/7.
2.2.2 USD Progress Account
National Bank's USD Progress Account is designed for people who use US dollars in different situations, including to have funds in US dollars, travel to the United States, or make withdrawals or payments by cheque in US dollars. This account generates interest on balances over $5,000. Transactions on this account can only be made through a National Bank branch or by calling National Bank's Client Experience Centre (CEC). They cannot be carried out at ABMs, through National Bank online banking or with a debit card across points of service. For additional information on applicable fees, refer to Section 7. Fee Guide. Note that fees for this account are charged in USD.
The following table shows the Laurentian Bank USD account that will be migrated to the National Bank USD Progress Account. Your post-migration interest rates may vary from previous interest rates at Laurentian Bank. For current National Bank rates, visit nbc.ca/rates/bank-account-rates.
| Laurentian Bank | National Bank | |
|---|---|---|
| USD account | Account after migration | Rates |
| Day By Day Interest Plus US Account | USD Progress Account | Applicable rates are available at nbc.ca/rates/bank-account-rates |
2.3 Interest rates on savings accounts
The interest rates on your National Bank savings account may vary from those you had at Laurentian Bank.
You can find current interest rates and information on interest rates applicable to National Bank savings accounts at nbc.ca/rates-bank-account-rates.
Interest on your National Bank savings account is based on the daily closing balance and paid monthly.
Interest accrued on your Laurentian Bank account prior to the migration will be credited to your National Bank account after the migration. Subsequent interest earned during the month following migration will be calculated and paid based on the end-of-day balance at National Bank's regular deposit date. Please note that this date may differ from the date on which Laurentian Bank credits interest to your account.
2.4 Protection between your accounts (linked accounts)
National Bank offers you the opportunity to link your accounts to protect you in the event of a lack of funds. This service is called Overdraft Protection and allows you to protect your bank account with another bank account, credit card or line of credit.
Your overdraft protection with Laurentian Bank (linked accounts) will be carried over to National Bank. You can change these conditions after your accounts have been migrated to National Bank by contacting us.
For more information, please refer to Section 7. Fee Guide.
2.5 Electronic alerts
National Bank will continue to send you electronic alerts when the balance in your account falls below $100 or any other amount that you had set up with Laurentian Bank, provided that your file contains a valid email address.
If you had chosen not to receive any alerts prior to migration, this choice will be retained.
You can choose to opt out of receiving electronic alerts or change your preferences (including the amount set for the alert) through National Bank online banking.
2.6 Changes to your Laurentian Bank agreements for deposit accounts
Certain terms and conditions of your Laurentian Bank deposit account agreements will be amended to align with those of National Bank's Deposit Account Agreement.
The following table presents the main differences between the agreements. For all other changes, please refer to the Deposit Account Agreement at nbc.ca/lbc-legal. You can also refer to the comparison table available at nbc.ca/lbc-comparison.
What your current agreement includes and will include after the migration:
| Laurentian Bank | National Bank | |
|---|---|---|
| Cheque deposit restrictions | The Bank is authorized to endorse on your behalf any instrument credited to your account which has been given to it for acceptance or collection. (Section 4.2) | Cheques from an institution that is not a member of Payments Canada: Your account will be credited only if we collect the amount of the cheque. You assume the risks associated with depositing the cheque.
Cheques deposited by another person: We may refuse a cheque that is deposited on your behalf by another person. (Section 1.1.3) |
| Cut-off time | At Laurentian Bank, our day ends at 8:45 p.m. Eastern Standard Time (EST). From 8:46 p.m. onward, any transactions made at one of our ABMs, through LBCDirect or the Laurentian Bank mobile app is dated the next day. (Page 6 of My Money – Personal Banking) | If you use our automated banking machines or online services to make a transaction after the cut-off time, during the weekend or a holiday, this transaction will be processed the next business day.
As of the date of this contract, the cut-off time is 9:00 p.m., but this could change over time. (Section 3.4) |
| Currency conversion fees | If an instrument is in a currency other than the currency of the Account and the Bank agrees to credit or debit the Instrument to or from the Account, you agree that the Bank may convert the Instrument at the applicable currency conversion rate established by the Bank in its discretion for such purpose. The Bank is not responsible for any losses related to foreign currency conversion, including those resulting from a change to our currency conversion rates between the date an Instrument is converted by the Bank and the date the Instrument is presented, processed or returned. The conversion rate in effect at the time a service is requested may be different from the rate in effect at the time your transaction takes place that the Bank applies. You are solely responsible for any losses related to foreign currency conversions in connection with the Bank's services, including those resulting from a change to the Bank's currency conversion rates and any loss in the value or amount of an Instrument due to an adverse change to such rates. (Section 20) | We may accept the deposit of a cheque in your account written in a currency other than the currency of your account. This transaction applies to cheques in US currency drawn on banks located in the United States or cheques in euros drawn on banks located in France.
The amount of the cheque will be converted to the currency of your account at our current exchange rate at the time of the conversion. Our exchange rate is available on nbc.ca. We may accept to pay a cheque drawn on your account in Canadian dollars if you changed the currency of the cheque to US currency. Fees are applicable for the payment or the deposit of an instrument in a currency other than the currency of your account. This fee is listed in your Fee Guide. The applicable exchange rate may be different depending on the date and time the cheque is converted. For example, if the cheque that is deposited is returned, the amount credited to your account might be different from the amount that was debited. (Section 4.3.1) |
| Foreign-currency transactions (other than by cheque) | Not applicable | You can make a transaction in a currency other than the currency of your account. The amount of the transaction will be converted into the currency of your account at the rate and according to the method of conversion determined by the network used. We add a 2.5% fee to the conversion rate used by this network for each transaction.
A transaction includes a debit or credit to your account. The applicable exchange rate may be different depending on the date and time of the transaction. (Section 4.3.2) |
| When fees are billed | You agree to pay the Bank all charges and fees that apply to the Account, including interest on overdrawn Accounts, as they appear in the Fee Schedule in Canadian legal tender. You authorize the Bank to debit your Account for these fees and charges in Canadian legal tender when they are incurred or on the last day of each month. If you close the Account, the charges and fees for the current month will be withdrawn from your Account at the time of closing. If, at any time, you do not have sufficient funds in your Account to pay any of these fees and charges, you authorize us to withdraw the amount you owe from any other account you may have with us, as described more fully in section 6 below on set off. (Section 3.1) | Each month on the first business day after the end of the billing cycle, we will debit from your account the fee for your package, program or other offer. The date the fee is debited and the date it is posted to your statement do not always match.
Other fees are debited from your account at the time of the transaction. Under Payments Canada's rules, a debit transaction which has been returned for insufficient funds may be presented for payment a second time within 30 days following the return of the original debit transaction. Consequently, fees for insufficient funds, as set out in our Fee Guide, may be charged a second time. (Section 4.5) |
| Death | Not applicable | In the event of death, the account is frozen until such time as a legal representative is appointed to settle the estate. In the meantime, we may allow withdrawals for emergency expenses and funeral costs. (Section 8.6) |
| Death of a joint holder | This sub-section applies to all provinces except Quebec: Survivorship. This joint Account has the right of survivorship, which means each Co-Holder intends that on their death, the balance of the Joint Account shall be paid to the surviving Co-Holder(s), subject to any right of set-off that follows. Each Co-Holder directs the Bank, upon receipt of a demand from the surviving Co-Holder(s) and evidence of death acceptable to the Bank, to act in accordance with a request to remove the name of any deceased Co-Holder from the Account, subject to applicable laws. The Bank reserves the right of set-off against each Co-Holder jointly and severally.
This means that on the death of any Co-Holder, all debts owing to the Bank may be paid out of the joint Account and any remaining balance, if any, will be paid to the surviving Co-Holder(s). (Section 12.5) |
In Quebec:
General rule In Quebec, in the event of death, the account is frozen until such time as a legal representative is appointed to settle the estate. In the meantime, we may allow withdrawals for emergency expenses and funeral costs. Accounts held by spouses or ex-spouses — Joint declaration on the distribution of assets in the account — Quebec only Under the law, joint holders of a joint account who are spouses or former spouses and who are the only two joint holders of the account may jointly declare their respective shares in the account balance. A spouse or former spouse includes joint holders who are:
What you need to know about this declaration:
Elsewhere in Canada: In a province or territory other than Quebec, a joint account includes a right of ownership with survivorship. In the event of death, the surviving account holders maintain ownership of the funds in the account and continue to manage it. We have no obligation to the estate of a deceased account holder. Limitation of liability: We are not liable for losses, damages or fees, including legal fees resulting from litigation between the estate and others involved. (Section 6.1.5) |
| Your obligations in the event of an investigation | Not applicable | We may conduct an investigation because of activity related to your debit card, your account, a deposit or withdrawal transaction. You must cooperate with us in good faith and provide us with any information or evidence upon request. (Section 7.2.3) |
| Security on deposits | Not applicable | You may only grant a security (collateral) on your deposits with our authorization. To secure repayment of any amounts that you owe us, the funds in your account are encumbered by a security interest in our favour. (Section 7.2.5) |
| Statement verification | The Bank will provide you with a monthly Statement of transactions that took place in the Account. An Online Statement will be made available through Online Services unless the Bank is instructed you wish to receive Paper Statements. (Section 13.1)
The Online Statement shall be considered to have been received when posted or made available in Online Services. If a Paper Statement is sent by mail, you are considered to have received it within ten (10) days of the Paper Statement date. If you have not received it within this time, you undertake to promptly advise the Bank, failing which you are considered to have received the Paper Statement. (Section 13.2) You agree to regularly and at least once a month check your statements and notify the Bank if you notice any errors or omissions. If you fail to notify the Bank within thirty (30) days from the date of the Statement and bring evidence to the contrary, all entries will be deemed accurate, and you will be considered to have acknowledged the accuracy of all entries and information on your Statement. Except for errors reported in writing during that time, the Bank is discharged from any claim with respect to the accuracy of your Statement. (Section 13.3) Our records showing the use of your Debit Card and PIN and our determination of the details of that Transaction will be considered correct and binding on you. (Part II, Section 14) |
You must verify the accuracy of the transactions recorded on your statement that you receive periodically. You must inform us immediately if you do not receive the statements.
If you see an irregular entry, you must notify us within 30 days of the statement date. After that time, the Bank shall have no liability for such entries, which shall be deemed accurate and final. An irregular entry may result from:
Each time you access your account using our online services, we consider that you have reviewed the entries regarding your account. You must notify us if you see any irregular entry even before you receive your statement in order to limit your loss. (Section 8.1) |
| Banking packages, programs and offers | Not applicable | You may enrol in any of our packages, programs or other banking offers at any time. The fees and features that apply are described in the Fee Guide and specific brochures that we provide when you enrol, as applicable.
Our packages have a limited duration or end because you no longer meet the eligibility requirements. On their end date, certain packages are automatically migrated to another package with comparable fees and features. If your needs or financial situation have evolved, or if the migrated package does not suit you, you may choose another package at any time. Consult the Fee Guide to find out if your package offers an automatic migration, as well as the fees and features of the new automatically migrated package. You may choose to cancel a package linked to your account at any time including the automatically migrated package. If you do so or no longer meet the eligibility requirements of a package without an automatic migration, you will be charged a fee for each transaction associated to the use of your account as set out in the Fee Guide. Once we process your request, you will no longer be able to use the service, but you remain bound by this agreement in respect of your account. (Section 4.4) |
| Transmission of documents and your responsibility to provide and update your contact information | Not applicable
Transactions may be declined or delayed for any reason. It is your responsibility to ensure all information required by the Bank is accurate and up-to-date at all times. The Bank is not required to seek accurate or up-to-date information on your behalf and will not be liable for any loss you may incur because the information you provided was incorrect. (Section 9.2) |
8.3. Communication of Documents
8.3.1 By mail All documents (including statements) are sent by mail to your most recent address appearing in our system. 8.3.2 Electronically If you signed up to Consent for electronic communications, you will receive statements, documents and communications via our online services:
You are deemed to receive documents as soon as they are sent through our systems. You will receive a notification by email or text message when a document, such as your monthly statement, is available on our online services. If the document is of public or regulatory interest, it will also be available on nbc.ca. 8.3.3 Your responsibility to provide and update your coordinates You are responsible for providing us with your complete and accurate contact information (including your email address if you have signed up to Consent for electronic communications). You must keep your contact information up to date to receive all documents (including statements) related to your account as well as products and services associated with your bank account. You must promptly update your contact information when we request you to do so (for example, by way of a banner on our online services). If a document sent to you by email or mail is returned to us, or if you fail to promptly comply with our request to update your contact information, future documents will no longer be sent to you until you update your address. You remain responsible for your account and associated products and services even after we stop sending you documents (including statements). |
| Amendments to the agreement | The Bank may, at any time, increase and/or introduce new charges and fees related to the Account by written notice sent to you electronically or by mail, as applicable, at least thirty (30) days before the effective date of the change, advising you of the new fees and rates. (Section 3.2)
Subject to section 3.2 on changes to fees and charges and any other matters specifically provided for in this Agreement, the Bank may, at any time, change the terms and conditions of this Agreement or the services offered under them, by sending you a notice. Such changes will take effect on the date stated in the notice. The use of your Account after the effective date of a change will constitute proof of your acceptance of the changes made. (Section 16.1) The Bank may at any time amend the terms and conditions of this ATM Agreement, in which case the Bank will notify you of the changes before they take effect, either by sending you a notice (paper or electronic) or by posting a notice on the Bank's website. If the Bank sends you a notice, they will send it to the address in its records. If you use your Card after the effective date of the change, it will mean you have accepted the change(s). (Part II, Section 10) |
We may at any time amend this agreement, including the following clauses:
At least 30 days prior to the amendment taking effect, we will send you a written notice setting out:
An amendment to this agreement does not create a new agreement. The unchanged clauses continue to apply. (Section 8.5) |
| Assignment of this agreement | Not applicable | We may transfer the account and the amounts owed to us under this agreement to another person. This transfer may be made without your consent, with or without the benefit of the rights provided for in this agreement or a security.
You cannot assign your rights under this agreement to another person without obtaining our prior written authorization. This agreement is legally binding on our successors and assigns, as well as on your heirs and legal representatives. (Section 9.1) |
| Governing laws | This ATM Agreement will be governed in accordance with the laws of the province or territory in which you reside, as well as the applicable federal laws, and if you reside outside of Canada, by the laws of the province of Ontario and federal laws, as applicable. (Part II, Section 26) | This agreement will be governed by and interpreted in accordance with the laws of the province or territory in which you reside. If you do not reside in Canada, this agreement will be governed by the laws of the province of Quebec. (Section 9.4) |