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Business Banking Solutionsi

Managing your medical practice takes time and money. We can help you save both with our business banking advice and special rates available through our relationship with National Bank of Canada. Our business accounts have been designed specifically with you in mind—and give you a low-cost alternative to similar business banking solutions offered by competitors.

Physician Business Account

MD and National Bank designed this accountii to meet the needs of unincorporated and incorporated sole practitioner physicians. This account provides:

  • internet and telephone banking included
  • no charge for bill payments by internet or telephone
  • no charge for electronic fund transfers between National Bank accounts
  • no charge for pre-authorized debitsiii
  • two hundred customized cheques per year, free of charge
  • interest-bearing account at primeiv less 3.5%v
  • ten prepaid deposit envelopes provided free of chargevi
  • business banking card (ATM card) free of charge
  • option to link a Physician Business Line of Credit to the account
  • up to two signatures are permitted on the Physician Business Account (excluding a sole proprietorship)
  • monthly statements will be providedvii

Platinum Mastercard® Business Credit Card

The Platinum Mastercard Business credit card provides the following benefits:

  • accumulate 1.5 points for every dollar of eligible purchases
  • Purchase Protection
  • Travel Accident Insurance Packageviii
  • clients can pool points onto other National Bank Rewards Mastercard® credit cards, such as your personal Platinum or World Elite® Mastercard® credit cards

Physician Business Line of Credit

The Physician Business Line of Creditix is the most flexible way to access funds for your professional needs. This revolving credit arrangement helps you simplify your banking.

It’s ideal for busy professionals who don't always have time to move funds to and from an operating account. Each time your Physician Business Account has insufficient funds, 5% of your authorized line of credit limit is automatically moved to cover the deficit in your operating account. And if your operating account has a growing balance, your line of credit is automatically repaid in similar 5% increments.

Benefits include:

  • competitive rates—no need to negotiate new financing every time you need funds, as long as your limit is not exceeded
  • electronically linked to the Physician Business Account

Commercial lending solutions

Access a wider range of commercial lending solutions for your more complex needs. Whether you need financing to purchase medical equipment or require a commercial mortgage to establish your practice, we can recommend competitive commercial lending solutions.

Payroll Solutions

  • integrated payroll and human resources solutions offered by Nethris®x
  • no enrolment fees
  • no processing fees for the first month

Payment Services

Our business partner Global Payments® offers merchant point-of-sale solutions that can help physicians save on account deposit fees and access their funds quickly.

  • bilingual support available 24 hours a day (365 days a year)
  • debit and credit reconciliations
  • point-of-sale installations
  • no banking fees on transactions for National Bank clients
  • all deposits and transactions are directly deposited in the physician’s existing commercial bank account within 1 business day

Talk to an MD Advisor.

Contact your MD Advisor for professional advice and a banking referral. Email or call the MD Banking Solutions Service Centre at National Bank (1 866 333-2580) for more product information.

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® Nethris® is a registered trademark of CGI Payroll Services Centre Inc.

i Banking products are provided by National Bank of Canada's Partnership Branch though a relationship with MD Management Limited. Credit and lending products are subject to credit approval by National Bank of Canada.

ii Only available to eligible self-employed physicians (incorporated or unincorporated). Business Account does not permit more than two signatories.

iii For debits from the Physician Business Account.

iv Interest paid monthly on average balance: prime less 3.5%. (If the prime rate is equal or less than 3.5%, the account will not earn interest.) The bank’s prime rate is the annual variable interest rate posted from time to time by the bank as a benchmark for settling the interest rate on Canadian dollars demand loans granted by the National Bank in Canada. The interest rate is calculated on the daily closing balance and credited monthly. This rate is subject to change without notice. To check the prime rate, which is updated regularly, click here.

v If the prime rate is equal or less than 3.5%, the account will not earn interest. The interest rate is calculated on the daily closing balance and credited monthly.

vi The deposit envelopes allow the client to mail in deposits. Additional envelopes can also be ordered free of charge.

vii No statement will be issued when there is no activity in the account. Paper statements available, subject to applicable fees. Please refer to your Guide to Physician Business Banking Solutions, available from your MD Advisor or by contacting MD Banking Solutions Service Centre at National Bank at 1 866 333-2580.

viii This coverage applies to purchases and rentals made using the card, except (if applicable) out-of-province medical/hospital insurance for which it is not necessary to charge the travel arrangements to the card. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.

ix A statement of account is issued monthly. Account handling charge: $0.00/month. The annual interest rate for a line of credit is the prime rate* + 0.375% (representing a rate of 3.075% as at July 17, 2015). The line of credit bears interest as of the date it is used. The minimum monthly amount is limited to the monthly interest and the life insurance premium (if applicable) as long as limits are respected. Examples of credit charges calculated for a 30-day period at the rate in effect on July 17, 2015:

If average balance is:
Physician Business Line of Credit $500.00 $3,000.00
Prime rate (3.075%)       $1.34 $8,06

x CGI Payroll Services Centre Inc. is the sole provider of payroll processing solutions and services marketed under the Nethris® brand and for which National Bank of Canada acts only as distributor.