Do You Need to Sign In or Register?
Are you already a member of RDBA? Have you ever been a member of RDBA? If you, yourself have ever been a member, please sign in with the credentials you have on file and do not create a new account.
Has your contact info changed? Have you lost access to your old email account? If your email address will be changing or you no longer have access to the email we have on file for you, please sign in with the credentials you have on file and update your contact info so you will receive important notices from RDBA.
Who Needs To Become A Member?
Anyone soliciting ‘client name’ GICs from any of our financial institution members is required to hold an RDBA membership and complete the RDBA AML Training. According to the RDBA rules and regulations, “Solicit” or “Soliciting” means activities that include, but are not limited to:
- Providing an explanation of the features and characteristics of a Deposit Product to a Depositor;
- Receiving an Application or instructions with regard to a Deposit Product from a Depositor;
- Remitting an Application or a Related Payment to a FI Member; or
- Validating a Depositor’s identification and other activities required to comply with the anti-money laundering and anti-terrorist financing laws, that are intended or can be reasonably seen as intending to result in the purchase or acquisition of a Deposit Product;
How Do I Become A Member?
To become a member of RDBA, you must have an agency contract with at least one of our financial institution members for soliciting client-name deposits. You can either do this directly as an RDBA Broker member, or indirectly as an RDBA affiliate member of an existing RDBA Full Broker member.
If you are a financial professional who already deals with any of our FI members, you can inquire with them about getting an agency contract for client-name deposits. An FI member may also recommend an RDBA Broker they already deal with who might take you on as an affiliate member.
Membership Categories And Fees
Membership fees are for January to December and entitle you to take the RDBA AML Training and access RDBA forms and resources.
- If you are selling through another broker, the fee is $125.00 + HST/GST for an Affiliate Membership
- If you hold direct agency contracts with one and only one of our Member Institutions, the fee is $125.00 + HST/GST for a Limited Broker Membership
- If you hold direct agency contracts with more than one of our Member Institutions, the fee is $750.00 + HST/GST for a Full Broker Membership
- If you hold direct agency contracts with only one of our Member Institutions and you sell through another Broker, the fee is $750.00 + HST/GST for a Full Broker Membership
Requirements For Becoming A Broker Member
If you or your company holds direct agency contracts with any of our Financial Institution Members then you will need to fulfill certain requirements:
- The applicant must submit to the RDBA three letters of character references from at least three sources, two of whom must be either be a trust company, credit union or bank; or from three RDBA financial institution members with whom you have contracts. Please send these to: RDBA, 55 Cedar Pointe Drive, Suite 614, Barrie, Ontario L4N 5R7 Fax #: (705) 730-0477 Email: firstname.lastname@example.org
- Once you have been approved as a Broker Member, you must complete the annual RDBA Broker Compliance Questionnaire which is reported to any of our Financial Institution Members with whom you have direct agency contracts.
- You and/or your company will receive a visit at your offices from an RDBA Auditor. You will be given advance notice of this visit.