Desjardins is a cooperative, not a bank.
Desjardins is a group of cooperatives, not a bank. This page shows what that changes for a newcomer: the $5 share, how deposits are protected, what an account needs before you arrive, and the fees that are different.
Is this you?
You are moving to Quebec, or you have just arrived. You need a bank account, and you are not sure how the system there works, or whether you can manage without French.
You are moving to Quebec. The first worry is often the language: can you open an account without French?
A bigger difference is less talked about. Desjardins, the largest cooperative financial group in Canada, is based in Quebec, and it is not a bank.
A cooperative, not a bank
Back to topDesjardins describes itself as “The largest cooperative financial group in Canada.” It reports “10 million+ members and clients”, as at 31 December 2025.
It is made of caisses. A caisse is a local Desjardins cooperative: Desjardins says a caisse populaire’s members “generally live in the same town or neighbourhood.” A caisse can have more than one location. Desjardins counts “189 caisses or branches and over 547 points of service in Quebec and Ontario.”
Desjardins says: “Every Desjardins caisse is a financial services cooperative.” Its members are the people who hold accounts there.
The $5 share
Back to topDesjardins says: “Since each caisse is a cooperative, when you open your first account in a caisse you must pay a $5 qualifying share to become a member.” And: “It’s not an account opening fee. If you close the account, we will reimburse your $5.”
A vote. Desjardins says: “A caisse operates on the ‘one member, one vote’ principle.” The size of your account does not change your vote.
A share of the surplus, sometimes. Members can receive a member dividend. Desjardins says it “is subject to certain conditions, such as the caisse’s financial capacity and the vote by members on the distribution of surplus earnings.” Desjardins reports $505 million in member dividends for 2025.
A second caisse is a second share. “If you open an account in a different caisse, you’ll have to pay a new qualifying share.”
Opening an account before you arrive
Back to topDesjardins lets newcomers start an application from outside Canada. From its newcomer page, read on 29 September 2026:
Before you apply. “Make sure you have a valid passport and know your future address or that of your employer in Canada.”
After you apply. “You’ll receive a welcome email within 24 to 48 hours following confirmation”.
Money before you leave. “You can make 1 money transfer for a fee before you leave”.
The appointment. “Two weeks before you leave, follow the instructions in the email to book an appointment at a caisse or branch.” At the appointment, Desjardins finishes opening the account. The documents to bring are “listed in your email”.
“Your account application is valid for 12 months. If you move to Canada after these 12 months, you’ll have to submit a new application.”
At a bank, the Financial Consumer Agency of Canada (FCAC) says you may be able to open an account “even if: you’re not a Canadian citizen; you live in another country”. The identification it lists includes a foreign passport, and “You must provide original ID, not photocopies.”
The newcomer offer, and what comes after
Back to topOn 29 September 2026, Desjardins’ newcomer offer included “an everyday account (chequing account) with a free monthly plan for newcomers who meet eligibility requirements”, and free legal phone assistance “for the 2 years after you open your account.”
The conditions, in Desjardins’ words: “You’re eligible for this offer for 2 years if you’re 25 and over and you’re a permanent resident or a temporary resident with a work permit valid for more than 8 months, AND: You’ve lived in Canada for 3 years or less. You’re not a Desjardins member or have been a member for less than 1 year”. A separate youth offer covers people aged 18 to 24, and full-time students aged 25 to 30.
The legal service “is intended solely to provide general information. It does not include legal consultations, document review or case analysis.”
When it ends. “Once the offer ends, the monthly fees for the Unlimited plan will apply.” That plan is $15.95 a month, or free with a balance of at least $4,000. The offer is “subject to change or termination at any time without notice”, so check the current terms when you apply.
How deposits are protected
Back to topDeposits at a bank that is a member of the Canada Deposit Insurance Corporation (CDIC) are insured by CDIC. A caisse is different. CDIC says: “Caisses populaires are not members of CDIC, so CDIC does not insure deposits made with them. Caisses populaires participate in alternative deposit insurance arrangements under Provincial laws.”
Desjardins says of its caisses in Quebec: “Deposits made there are protected by the Autorité des marchés financiers.” The Autorité des marchés financiers (AMF) is Quebec’s financial regulator.
What is covered, and up to what amount, is set out by the AMF. Read its deposit protection information before you move large amounts.
ATM fees outside the network
Back to topDesjardins’ fee page lists extra charges for using another network’s ATM.
| Network | Extra Desjardins fee | |
|---|---|---|
| In Canada | Interac | $1.50 |
| In Canada | AccuLink | Free |
| North America, outside Canada | PLUS | $3.00 |
| Elsewhere in the world | PLUS | $5.00 |
“Other financial institutions and non-bank ATM operators may charge a convenience fee when you use their ATM.” That fee is set by the machine’s owner, and it comes on top.
Your credit history starts here
Back to topFCAC says Canada’s two main credit bureaus, Equifax and TransUnion, “only collect information about your credit activity in Canada.” It adds: “Some lenders may look at your credit history from another country. You may need to provide your credit report from another country and meet with a bank officer.”
Desjardins says: “Once you arrive in Canada, you can apply for a credit card to start building up your credit report.” Its cards “are issued and credit limits are set based on the applicant’s credit risk.”
Check before you open
Back to topIs the offer’s condition met? 25 or over, a permanent resident or a work permit valid for more than 8 months, and in Canada 3 years or less.
Which caisse is near where you will live? Each caisse is its own cooperative, and a second one needs a second $5 share.
What does the plan cost after the offer ends, and what balance makes it free?
Which ATMs near you are Desjardins or AccuLink?
What does the AMF say is covered?
What you now know
Desjardins caisses are cooperatives, and opening a first account costs a $5 qualifying share, refunded if you close the account. Each member has one vote, and member dividends depend on the caisse’s finances and a vote of members. An application can start from abroad with a passport and a future address, and it stays valid for 12 months. CDIC does not insure caisse deposits; Desjardins says the AMF protects them. Another network’s ATM can cost $1.50 extra in Canada, and more outside it, and Canada’s credit bureaus record only Canadian credit activity.
Common questions
Back to topIs the $5 a fee?
No. Desjardins says it is a qualifying share, not an account opening fee, and it is refunded if you close the account.
Is my money insured like at a bank?
Not by CDIC. Desjardins says caisse deposits in Quebec are protected by the AMF. The AMF sets out what is covered.
Do I have to bank with Desjardins in Quebec?
No. FCAC says you have the right to open an account at a bank, and that you can also open one at a provincially regulated financial institution.
The video says the extra ATM fee can be $1.50, $3 or $5. Which applies in Quebec?
In Canada, $1.50 on the Interac network, and nothing on AccuLink. The $3 and $5 apply on the PLUS network outside Canada.
Sources
Back to topEvery claim on this page was checked against these documents on 29 September 2026.
- Desjardins: Who we are · Newcomers to Canada · Everyday account · How cooperatives work · Caisse network · Member dividends · Transaction fees
- Canada Deposit Insurance Corporation: Glossary · List of members
- Financial Consumer Agency of Canada: Opening a bank account · Credit report and score basics
Quebec Banking: Why the Rules Are Just Different (Canada 2026). Published 10 June 2026. Loads on click. Nothing is requested from YouTube until you ask.
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