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Contract reading

What NBF legally published, but does not want you to read

Every clause below is published by NBF itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: National Bank Financial Inc.

sole discretionno noticedeemed deliveryhidden feeliability exclusionconflict of interestmarketing contradictiononline servicesprice outside contractaccount closure

National Bank Financial pays 0.00% on the cash sitting in your account, and charges prime plus 7.00% when you owe it money. A currency conversion under $25,000 costs you 1.50%, and that figure is nowhere in the account agreement. You get 10 days to object to a trade confirmation, and silence counts as agreement that it was right. The French and English versions of its online services agreement do not put the same duties on you.

Back to NBF

Contract risk

Harder than average
4.2/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
1
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
44
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 24 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical1
Warning19
Notice4

section 92 of 118is where the deepest clause sits, 78% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 3 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical10 daysTime to complain. Jump to the clause this comes from.Ten days to object, then silence counts as agreement1.5%Fee you were not shown. Jump to the clause this comes from.A currency conversion under $25,000 costs 1.50%$1000000In the contract. Jump to the clause this comes from.You contract with the dealer, not with the bank that owns it

What the documents say

24 clauses worth knowing about, worst first, each quoted from NBF's own files

01

You get 10 days to tell National Bank Financial a trade confirmation is wrong, and 30 days for a portfolio statement. If you miss the window, clause 1.3 says NBF will treat the document as error free.

Why this matters

The clock starts when NBF files the document online, and it assumes you received it that same business day. If you check the platform every few weeks, the 10 days can run out before you look. You can still complain to NBF, CIRO or OBSI, but your contract position is already weaker.

Exhibit 1CriticalHarder than usual10 days

If you do not contact us within these timelimits, we will consider that the document given to youiserror-free.
Clause 1.3 in Your Relationship with National Bank Financial, p.11
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day of filingA document filed online or emailed counts as received by you that business day.1.4
Day 10Your window to report an error in a trade confirmation closes.1.4
Day 30Your window to object to a portfolio statement closes.1.4
After the deadlineNBF treats the document as error free.1.3
  • Worse together with Exhibit 9Documents filed online count as delivered even while NBF can switch off your access to the service holding them.
  • Worse together with Exhibit 11On a joint account only the first named holder is written to, so the second holder's window can expire unseen.
02

Every time your money changes currency, National Bank Financial sets the rate and keeps the difference. The published spread is 1.50% on conversions up to $24,999.99, and the agreement does not carry that number at all.

In plain words

Remuneration means payments it receives.

Why this matters

A conversion can happen without you asking: a US dividend paid into a Canadian dollar account, or a transfer between accounts. Moving a US dollar plan to a RRIF converts everything to Canadian dollars. On $10,000 the spread is $150, and the page says it can change without notice.

Exhibit 2WarningHarder than usual1.5%

Up-to-date information on the applicable Spread can be obtained by visiting the Regulatory Information section of our website.
Clause 3.2 in Your Relationship with National Bank Financial, p.19
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must give a retail client the costs and charges of a service before they trade. Here the only published figure sits on a web page, labelled a demonstration and based on rates from February 2023.

NBF is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Up to $24,999.99NBF keeps 1.50% of the amount converted.Currency Conversion
From $25,000 to $74,999.99NBF keeps 0.70%.Currency Conversion
From $75,000 to $499,999.99NBF keeps 0.30%.Currency Conversion
$500,000 and overNBF keeps 0.15%, which the table calls a maximum.Currency Conversion
  • Worse together with Exhibit 4The spread sits on a web page and the fee schedule sits in an appendix, so no single document prices the service.
03

National Bank Financial pays 0.00% on every credit balance, in cash, margin and registered accounts. If you owe money in a cash or registered account, the rate card charges prime plus 7.00%.

Why this matters

A debit in a cash account costs prime plus 7.00%, while the same card charges prime plus 1.50% or less in a margin account. Your idle cash earns nothing while it sits there, and interest below $5 is never paid at all.

Exhibit 3WarningHarder than usual7%

No interest is paid or debited if the amount is less than $5. No interest is payable on credit balances in multi-currency accounts.
Clause 5.1, clause 7 in Your Relationship with National Bank Financial, p.30
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 6A debit balance at prime plus 7.00% is also what switches on NBF's power to sell your holdings without notice.
04

National Bank Financial charges an annual administration fee and does not state the amount where it explains its fees. The schedule is an appendix at page 42 of a 78-page booklet, and no page on the website lists a price.

Why this matters

You cannot price this service before you sign. The agreement adds that any unusual transaction may cost extra, without saying what counts as unusual or what it costs.

Exhibit 4WarningHarder than usual

Included in these fees is an annual administration fee, which covers all of the costs associated with opening and maintaining an investment account. This annual administration fee only applies to clients who have opted for the by-the-transaction pricing option.
Clause 3.2 in Your Relationship with National Bank Financial, p.19
Downloaded from the broker's site on Open the reference
05

Owing National Bank Financial anything turns your whole account into security for the debt. It can then sell, pledge or lend your holdings with no notice and no grace period, and it picks what goes.

Why this matters

A debit can start with something as small as an unpaid fee. In Quebec the booklet also registers a charge over your account for $100,000,000, and it says that figure has no practical effect unless you owe money.

Exhibit 6WarningHarder than usual

If you owe us money, we may use the Collateral, in whole or in part, without notice to you and without your prior permission, to conduct our normal business, including:
Clause 5.1, clause 9(c) in Your Relationship with National Bank Financial, p.31
Downloaded from the broker's site on Open the reference
06

The same online services agreement reads differently in French. The English version asks you not to send orders or transfers over the internet. The French version has you agree not to, and says NBF cannot accept them.

Why this matters

Which version you read decides what you promised. The English text also excludes NBF's liability for fraudulent use of your password, where the French text covers only improper use.

Exhibit 7WarningRarely seen

Consequently, we also ask that you not send buy or sell orders, fund transfers, or other directives via the Internet, as the sender of these communications cannot be identified with certainty by National Bank Financial due to their means of transmission.
Clause Use of the internet in Electronic brokerage service user agreement
Read from the broker's site on Open the reference
Our own capture of fbngp.ca, taken on Oct 11, 2026The claim, on French version of the same online services agreement, on National Bank Financial's French siteVisit this page on the broker's siteDownload the full size image file
Our own capture of nbfwm.ca, taken on Oct 11, 2026What the contract says, clause Use of the internetVisit this page on the broker's siteDownload the full size image file
Our own capture of fbngp.ca, taken on Oct 11, 2026The claim, on French version of the same online services agreement, Authentication sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of nbfwm.ca, taken on Oct 11, 2026What the contract says, clause AuthenticationVisit this page on the broker's siteDownload the full size image file
Our own capture of fbngp.ca, taken on Oct 11, 2026The claim, on French version of the same online services agreement, Verification of information sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of nbfwm.ca, taken on Oct 11, 2026What the contract says, clause Verification of informationVisit this page on the broker's siteDownload the full size image file

The French and English versions of the same agreement do not match

The French and English versions of National Bank Financial's online services agreement do not put the same duties on you. The English text excludes liability for fraudulent use of your password, where the French text does not. Its Chinese page still quotes about 75 billion under management while the English page says over $200 billion.

Language versions2 clauses flagged

National Bank Financial markets its client platform as the place your documents live, and files statements there by default. Its online services agreement says only the confirmation and statement sent by mail count as official proof.

Why this matters

If you ever need to prove what you were told, the copy in the platform is not the one the agreement recognises. You can ask in writing for paper, and the booklet says you may withdraw electronic consent at any time.

Exhibit 8WarningHarder than usual

Only your transaction confirmation and your portfolio statement sent by mail constitute official proof.
Clause Verification of information in Electronic brokerage service user agreement
Read from the broker's site on Open the reference
Our own capture of nbfwm.ca, taken on Oct 11, 2026The claim, on Digital services page, subtitle under the main headingVisit this page on the broker's siteDownload the full size image file
Our own capture of nbfwm.ca, taken on Oct 11, 2026What the contract says, clause Verification of informationVisit this page on the broker's siteDownload the full size image file

National Bank Financial's Chinese language page says it manages about 75 billion in assets and has more than 1,000 advisers. Its English about page says over $200 billion and 900 plus advisers.

Why this matters

The Chinese page calls the Wellington West and HSBC Securities takeovers recent, and those closed around 2011. It invites you to use its links to reach the policies, and that list carries no links at all.

Exhibit 22Warning

公司现时管理的资产约750亿元
Quoted in Chinese language welcome page (中国)
Read from the broker's site on Open the reference

National Bank Financial publishes how each charge works and the size of almost none

A currency conversion up to $24,999.99 costs you 1.50% at National Bank Financial, and that figure is not in the account agreement. It sits in a table on the regulatory information page, labelled a demonstration and based on rates from February 2023. The fee schedule itself is an appendix at page 42 of a 78-page booklet, and no page on the website gives a price.

Cost disclosure1 clause flagged

National Bank Financial uses other brokers to fill your orders on markets outside Canada. Its best execution statement says their fees may be reported to you as a net price.

Why this matters

A net price hides the charge inside the number you see, so you cannot tell what the trade cost you. The same document says a markup on a principal trade is added to the price you pay.

Exhibit 5WarningStandard wording

The fees or commissions charged to us by Third Parties for such orders may be reported as a net price.
Clause Execution on Foreign Marketplaces in National Bank Financial Inc. Best Execution Public Disclosure Statement, p.9
Read from the broker's site on Open the reference

Buried at section 92 of 118 in the National Bank Financial Inc. Best Execution Public Disclosure Statement, 78% of the way through.

Moving a registered plan out carries no deadline at all

Moving an RRSP or TFSA out of National Bank Financial takes a reasonable time, and the trust declaration sets no outer limit. The trustee chooses which holdings to sell to fund the transfer. It owes you nothing for a loss on that sale, and it can charge a fee for the transfer itself.

Exit conditions1 clause flagged

When you move an RRSP or TFSA to another firm, the trust declaration promises only a reasonable time after the paperwork is complete. It sets no outer limit anywhere.

Why this matters

A transfer that drags on leaves your money out of the market with no date you can hold anyone to. The trustee also picks which holdings to sell to fund it, and owes you nothing for losses on that sale.

Exhibit 15WarningStandard wording

Such transfers shall take effect within a reasonable time after all forms required to be completed in respect of such transfer have been completed and forwarded to the Trustee.
Clause 8(e) in National Bank Financial Inc. Retirement Savings Plan (RSP) Declaration of Trust, p.2
Read from the broker's site on Open the reference
  • Worse together with Exhibit 2A US dollar plan moving to a RRIF or LIF is converted to Canadian dollars at NBF's own rate on the way out.

NBF can rule a holding worthless and take it out at zero

National Bank Financial can decide a security in your account is worthless and remove it at zero, with no notice. If value or a distribution arrives later, clause 5.1.11 says NBF owes you nothing. The clause does require NBF to act reasonably.

Write-offs1 clause flagged

National Bank Financial can decide a security in your account is worthless. Clause 5.1.11 then lets it remove the holding at zero or a nominal value, with no notice to you.

Why this matters

If the company behind that security later pays out or recovers, the agreement says NBF owes you nothing. The clause does require NBF to act reasonably, and in a mixed portfolio the write off needs your instructions.

Exhibit 14WarningHarder than usual

In this case, NBF may, without giving you notice, withdraw the worthless security fromyour account, at a zeroor nominal value.
Clause 5.1, clause 11 in Your Relationship with National Bank Financial, p.32
Downloaded from the broker's site on Open the reference

Owing anything turns your account into security NBF can sell at once

Owing National Bank Financial money lets it sell, pledge or lend your holdings with no notice and no grace period, choosing what goes. It can refuse an order, return a deposit without telling you, and end the relationship with or without notice. Your access to the online service can stop for any reason.

Who decides3 clauses flagged

National Bank Financial can suspend or end your access to its online service for any reason and with no notice. It can also change or interrupt any part of the service at any time.

Why this matters

Documents filed in that service still count as delivered to you on the same business day. If your access stops, the objection deadlines keep running.

Exhibit 9WarningHarder than usual

You agree that National Bank Financial may suspend or terminate your access to the service for any reason and without prior notice.
Clause Service interruptions and termination of service in Electronic brokerage service user agreement
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1Losing access does not pause the 10 day and 30 day windows, because delivery is judged by the filing, not by your login.

National Bank Financial alone decides whether to accept your order, and can refuse one it thinks is ill advised. It can also return an electronic transfer you deposited without telling you first.

Why this matters

NBF can end the relationship with or without notice. If you do not move your assets after that, management of the account stops and only liquidation or transfer instructions are carried out.

Exhibit 10WarningStandard wording

We alone have the right to refuse any of your orders or instructions if we think they are unreasonable, in breach of regulations, or ill-advised, taking into account factors such as the state of your account, the type of transaction involved, your investment objectives and your
Clause 5.1, clause 3 in Your Relationship with National Bank Financial, p.29
Downloaded from the broker's site on Open the reference

Either holder of a joint account can give instructions alone, and National Bank Financial does not have to question them. Each holder owes the whole balance, not half of it.

Why this matters

NBF writes to the first named holder only, and treats that as notice to everyone on the account. The other holder can miss a statement, miss the objection window, and still owe any debit.

Exhibit 11WarningStandard wording

In other words, you arenot only responsible for part ofthe obligations pertaining to the account, but for the account as a whole, as if you were the sole holder.
Clause 5.3.1, clause 1 in Your Relationship with National Bank Financial, p.35
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 1A second holder who is never written to is still treated as having received the document, and the objection window still closes.

Ten days of silence makes a trade confirmation error free

National Bank Financial gives you 10 days to object to a trade confirmation and 30 days to object to a statement. Clause 1.3 then treats the document as error free. Anything filed online counts as received the same business day, so the clock can start before you look.

Objection windows2 clauses flagged

You agree to cover National Bank Financial against claims, costs and penalties arising from transactions in your account. Clause 5.1.12 also excludes NBF's liability for errors and lost profits, unless its own negligence caused them.

Why this matters

The carve out for negligence matters. Outside it, a lost opportunity or a missed profit is excluded even when you did everything right.

Exhibit 12WarningStandard wording

You agree to indemnify and hold us harmless from and against any losses, damages, claims, expenses orpenalties of any kind, whether direct or indirect, arising out of such transactions or operations inyour account as well asany tax consequences.
Clause 5.1, clause 12 in Your Relationship with National Bank Financial, p.32
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 13NBF answers for plain negligence while the trustee of your registered plan answers only for gross negligence.

You agree to cover the trustee of your RRSP for taxes, penalties, legal fees and claims, unless it was grossly negligent, meaning far worse than an ordinary mistake. The TFSA declaration uses the same standard.

Why this matters

An ordinary mistake by the trustee of your retirement plan is yours to absorb. The account agreement holds NBF to plain negligence, so your registered plan carries the weaker protection.

Exhibit 13WarningStandard wording

The Annuitant or the Beneficiaries will at all times indemnify the Trustee and its nominees, agents and correspondents in respect of any and all taxes, interest, penalties, assessments, fees (including legal fees), claims and demands made by tax authorities or other third parties, or resulting from the custody or administration of the Plan or the holding of prohibited or non-qualified investments in the Plan, as permitted under the provisions of the Tax Legislation, and will hold them harmless from all of the foregoing, except in the case of the gross negligence of the Trustee.
Clause 14(e) in National Bank Financial Inc. Retirement Savings Plan (RSP) Declaration of Trust, p.3
Read from the broker's site on Open the reference

You flag your own tax reporting, and open your advisers to NBF

National Bank Financial puts the duty on you to flag a transaction that must be reported to the tax authorities. Clause 4.3 can also require copies in advance and access to your tax advisers. The policy governing your personal information is not published on this website.

What you hand over2 clauses flagged

You have to tell National Bank Financial when one of your transactions must be reported to the tax authorities. Clause 4.3 also has you hand over copies in advance and, on request, access to your tax advisers.

Why this matters

The same clause removes NBF's liability for anything it does, or fails to do, in good faith under those rules. The duty to spot a reportable transaction sits with you.

Exhibit 20WarningHarder than usual

You agree to notify us if any of your transactions are required to be reported and you also agree to provide us with any information we need to comply with our obligations in a timely manner, including providing us with a copy in advance of any disclosures you will make under the rules or, upon request, providing us with access to your tax advisors, if applicable.
Clause 4.3 in Your Relationship with National Bank Financial, p.27
Downloaded from the broker's site on Open the reference

The booklet points you to a Personal Information Protection Policy available on nbfwm.ca. The site's own footer sends you to the parent bank's website instead.

Why this matters

The booklet defines the Bank as NBF plus every company in the National Bank group. Your information moves across the group by definition, and the policy that limits that use is published elsewhere.

Exhibit 21NoticeStandard wording

any other purpose provided for in the Bank’s Personal Information Protection Policy available on nbfwm.ca.
Clause 4.2.1 in Your Relationship with National Bank Financial, p.26
Downloaded from the broker's site on Open the reference

Third parties pay NBF on your trades, and NBF borrows your shares itself

Clause 4.1.3 says third parties pay National Bank Financial on some of your trades, and those payments may be weighed when it routes your order. The same clause makes NBF the only borrower of shares you lend it. Its fund disclosure admits it may prefer related issuers over comparable products from competitors.

Who pays NBF3 clauses flagged

National Bank Financial collects fees and payments from third parties on some of your trades. Clause 4.1.3 says those payments stay with NBF and may be weighed when it decides where to route your order.

Why this matters

Routing decides the price you get. Money paid to NBF for sending your order one way is money that never reaches your account, and the agreement says so.

Exhibit 17WarningStandard wording

NBF receives fees or payments fromthird parties on some of the transactions it executes. Such fees and payments will not accrue in theclients’ account and may be considered as part of NBF’s routing decision-making process, though this is not the principal determinant.
Clause 4.1.3 in Your Relationship with National Bank Financial, p.21
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA cannot accept payment for order flow, and ESMA has said the practice sits badly with a best execution duty. NBF discloses that it receives such payments and says they are not the main factor in routing.

NBF is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Same clause as Exhibit 18Clause 4.1.3 both takes third party payments on your orders and makes NBF the only borrower of the shares you lend.

In the Fully Paid Securities Lending Program you lend your shares to National Bank Financial itself. It then short sells or lends them on for its own revenue, and it decides what a fair fee is.

Why this matters

NBF is the borrower, your agent and the judge of the rate, so there is no second bidder for your shares. The agreement never says what share of the lending revenue reaches you.

Exhibit 18WarningHarder than usual

NBF uses the loaned securities for its own operations and activities, including short-selling and re-lending the securities, which will generate revenue for NBF.
Clause 4.1.3 in Your Relationship with National Bank Financial, p.21
Downloaded from the broker's site on Open the reference

The conflicts disclosure for NBI Private Pools says the manager may prefer related issuers over comparable products from competitors. NBF may also recommend related funds to you outside discretionary management.

Why this matters

Fees on an in house fund stay inside the National Bank group, which is the incentive the disclosure admits. The same document promises no duplicate fees and market standard terms.

Exhibit 19WarningHarder than usual

Faced with comparable products, but offered by competitors, the Manager may prefer to invest the NBI Private Pools in Related Issuers over comparable products offered by third parties.
Clause Investment in Related Issuers in Conflicts of interest related to NBI PrivatePools, p.2
Read from the broker's site on Open the reference

An account you stop watching can end up at a government office

Eighteen months with nothing in the account lets National Bank Financial close it at its sole discretion, without notice. Three years without contact makes your property unclaimed in Quebec and New Brunswick. NBF can then sell the assets and leave you to claim the cash from the government.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Three years without contact makes your property unclaimed in Quebec and New Brunswick. National Bank Financial can then sell the assets, hold the cash, and send you to the government to claim the money.

Why this matters

Provincial law drives this, so the rule is not NBF's invention. What it means for you is that an untouched account can become cash you must chase from a government office.

Exhibit 16NoticeStandard wording

property is considered unclaimed when we have had no communication with the owner ofthe property for three years and the property has not been
Clause 5.1, clause 10 in Your Relationship with National Bank Financial, p.31
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
18 months with nothing in the accountNBF can close the account and end the relationship, at its sole discretion and without notice.5.1, clause 16
Three years with no contactYour property counts as unclaimed in Quebec and New Brunswick.5.1, clause 10
After thatNBF can sell the assets and hold the cash proceeds.5.1, clause 10
To get it backYou claim the money from the government, not from NBF.5.1, clause 10

You contract with National Bank Financial Inc., not the bank that owns it

You contract with National Bank Financial Inc., a CIRO member, and not with National Bank of Canada, which owns it. CIPF covers $1 million for general accounts and $1 million for retirement accounts combined if the dealer fails. Clients living in the United States are told their accounts fall outside US securities law.

Who you contract with2 clauses flagged

Your account is opened with National Bank Financial Inc., not with National Bank of Canada, even when the two share a branch. Your securities carry no government deposit insurance and no guarantee from the bank.

Why this matters

CIPF cover applies if NBF becomes insolvent, up to $1 million for general accounts and $1 million for retirement accounts combined. It does not cover a fall in the value of what you hold.

Exhibit 23NoticeStandard wording$1000000

You must be informed that your account is opened with NBFandnot with NationalBank or the other entity.
Clause 4.1.5 in Your Relationship with National Bank Financial, p.24
Downloaded from the broker's site on Open the reference

National Bank Financial tells clients living in the United States that their accounts are not regulated under US securities laws. Its advisers are not subject to US broker dealer rules.

Why this matters

If you live in the United States, the US routes for complaints and compensation are closed to you. Your protection is the Canadian one: CIRO, OBSI and CIPF.

Exhibit 24NoticeStandard wording

As a Canadian securities dealer, wemust advise all of our clients residing in the United States that theiraccounts held at NBF are notregulated under the United States’ securities laws. Neither wenorour Wealth Advisors are subjectto theUnited States’ broker-dealer regulations.
Clause 5.1, clause 18 in Your Relationship with National Bank Financial, p.33
Downloaded from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The French version has you promise not to send instructions online, while the English version only asks you not to.

Said in public, in French

Vous convenez par les présentes de ne pas envoyer d’ordres d’achat ou de vente, de virements de fonds ou d’autres directives par l’Internet étant donné que ces communications ne peuvent pas être vérifiées ni acceptées par Financière Banque Nationale.

Word for word in English: You hereby agree not to send buy or sell orders, fund transfers or other directives over the Internet, given that these communications cannot be verified or accepted by National Bank Financial.

French version of the same online services agreement, on National Bank Financial's French site

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fbngp.ca

In the contract · clause Use of the internet

Consequently, we also ask that you not send buy or sell orders, fund transfers, or other directives via the Internet, as the sender of these communications cannot be identified with certainty by National Bank Financial due to their means of transmission.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of nbfwm.ca

02

The English version also excludes fraudulent use of your credentials, which the French version does not mention.

Said in public, in French

Financière Banque Nationale ne sera pas responsable des dommages découlant du mauvais usage de votre mot de passe, de votre identification d’utilisateur et de votre numéro de compte.

Word for word in English: National Bank Financial will not be responsible for damages arising from improper use of your password, your user identification and your account number.

French version of the same online services agreement, Authentication section

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fbngp.ca

In the contract · clause Authentication

National Bank Financial shall not be responsible for damages arising from improper use or fraudulent use of your password, user identification and account number.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of nbfwm.ca

03

The English version makes the check a duty, the French version only a recommendation.

Said in public, in French

Vous devriez vérifier l’exactitude des renseignements sur le compte avec votre conseiller en gestion de patrimoine avant de lui donner des directives de négociation.

Word for word in English: You should check that the account information is accurate with your wealth management advisor before giving them trading directives.

French version of the same online services agreement, Verification of information section

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fbngp.ca

In the contract · clause Verification of information

You must verify the accuracy of account information with your Wealth Advisor before giving your Advisor any trading directives.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of nbfwm.ca

04

The platform is sold as the home of your documents, while the agreement recognises only the mailed copies.

Said in public, in English

Access your investment portfolio and documents online or with our app

Digital services page, subtitle under the main heading

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of nbfwm.ca

In the contract · clause Verification of information

Only your transaction confirmation and your portfolio statement sent by mail constitute official proof.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of nbfwm.ca

05

NBF invites you to message and share documents online, then asks you not to send instructions that way.

Said in public, in English

Easily communicate with your wealth management team and share documents from your online client space or the NBC Wealth mobile app.

Digital services page, Message Centre section

In the contract · clause Use of the internet

Consequently, we also ask that you not send buy or sell orders, fund transfers, or other directives via the Internet, as the sender of these communications cannot be identified with certainty by National Bank Financial due to their means of transmission.

The documents this reading is based on

44 files, all published by NBF. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording NBF publishes.

How this reading was done

Every clause above was read out of a document NBF publishes itself

This reading was published on .

Documents
11 of 44downloaded from the broker's site, and 11 read in full
Pages opened
26pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 8 identical to the copy we hold by fingerprint
Marketing pages
6public pages set against what the contract says
Languages
EN vs FRthe language it advertises in, against the language it contracts in
Position measured
1clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

National Bank Financial Inc.

You contract with National Bank Financial Inc., the dealer, not with National Bank of Canada, which owns it. Clause 4.1.5 says your account is opened with NBF and not with National Bank, even where the two share a branch. The same clause says your securities carry no government deposit insurance and no guarantee from the bank. A third company holds your registered plans: Natcan Trust Company is the trustee, and it sets its own fees.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

National Bank Financial publishes the whole relationship booklet free, and explains in plain words how commissions, spreads and trailing commissions work. It prints the referral commissions it pays in numbers, including 30% of first year gross revenue and 16.5 basis points a year for five years. Complaints are free and timed: 5 days to acknowledge, 60 days to answer. CIRO, OBSI and the Autorité des marchés financiers are then named with addresses. It promises 30 days' written notice before it changes the agreement, rather than treating your continued use as acceptance. The French and English rate pages carry the same numbers.

This review covers the first half of the 78-page relationship booklet. The fee schedule at page 42, the complaint appendix and most of the declarations of trust sit in the part not covered. So we cannot tell you what the annual administration fee costs. Twenty-six of the PDFs would not open at all: the locked-in plan addenda for each province, the life income funds, the education and disability savings plans. None of them is covered, including the Nova Scotia locked-in addendum. The review also covers the online services user agreement, the regulatory information page and the Chinese language page on National Bank Financial's own site. Every quotation credited to those three comes from there. The review compares the French and English versions of the online services agreement and of the rate page, but not the French version of the booklet.

How to check any of this yourself

Every quote above links to the NBF file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document NBF publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge NBF on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 11, 2026.

If you represent NBF and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on NBF. Whether its licence is real and current is a separate check on the broker profile.

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