Desjardins Group was the first Québec financial institution to open a branch in Florida. In fact, Desjardins Bank is an American bank, a subsidiary of Desjardins Group, founded in Hallandale Beach, Florida in 1992. It serves members of Desjardins Caisses and customers, individuals or businesses, all over Florida and the United States.
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Desjardins Bank is governed by federal laws in force in the United States, as well as Florida State laws. Its products and services are therefore adapted to local regulations. All banking documentation is in English, so it is important for account holders to have access to services in French.
Account holders' deposits are insured up to $250,000 US by the Federal Deposit Insurance Corporation (FDIC). Interests on accounts that are insured in this manner are compounded daily. Also in accordance with local regulation, passbooks are not widely used and account holders receive monthly statements of account.
Declaring Interest Income
There is no tax withholding on interest earned on non-resident U.S. accounts, provided a certificate of non-resident status (W-8 BEN form) is completed and submitted to Desjardins Bank. This certificate, which is available at Desjardins Bank, is valid for 4 years. Interest paid by the Bank is declared to the U.S. government. Account holders are responsible for declaring to the Canadian government authorities any interest income received from Desjardins Bank.
Estate Taxes on Property Owned in the U.S.
We recommend that you consult a U.S. tax specialist or attorney concerning 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, immigration, etc.