Local regulations

Regulations

Desjardins Bank is governed by federal U.S. and Florida state laws, so its products and services are adapted to local regulations. All Desjardins Bank documentation is in English but account holders have access to services in French.

Deposit insurance

Account holders' deposits are insured up to US$250,000 by the Federal Deposit Insurance Corporation (FDIC). Interest on accounts that are insured in this manner is compounded daily. Also in accordance with local regulation: passbooks are not widely used and account holders receive monthly account statements.

Declaring interest income

There are no deductions at source on interest earned on non-resident U.S. accounts as long as a certificate of non-resident status (W-8 BEN form) is filled out and submitted to the bank. This certificate, available at Desjardins Bank, is valid for 4 years. Interest paid by the bank is declared to the U.S. government. Account holders must declare interest income to the Canadian government authorities.

Estate taxes on property in the U.S.

We suggest that you consult a U.S. tax specialist or lawyer about estate taxes applicable to property in the United States. Desjardins Bank can provide you with a list of professionals specializing in various fields such as law, accounting, real estate and immigration.