Bank Act (S.C. 1991, c. 46)

Act current to 2013-04-29 and last amended on 2013-03-13. Previous Versions

Marginal note:Disclosure of charges

446. A bank shall disclose to its customers and to the public, at the prescribed time and place and in the prescribed form and manner, the charges applicable to deposit accounts with the bank and the usual amount, if any, charged by the bank for services normally provided by the bank to its customers and to the public.

  • 1991, c. 46, s. 446;
  • 2012, c. 5, s. 40.
Previous Version
Marginal note:No increase or new charges without disclosure

  • 447. (1) A bank shall not increase any charge applicable to a personal deposit account with the bank or introduce any new charge applicable to a personal deposit account with the bank unless the bank discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

  • Marginal note:Mandatory disclosure

    (2) With respect to prescribed services in relation to deposit accounts, other than personal deposit accounts, a bank shall not increase any charge for any such service in relation to a deposit account with the bank or introduce any new charge for any such service in relation to a deposit account with the bank unless the bank discloses the charge at the prescribed time and place and in the prescribed form and manner to the customer in whose name the account is kept.

  • 1991, c. 46, s. 447;
  • 2012, c. 5, s. 40.
Previous Version
Marginal note:Application

448. Sections 445 to 447 apply only in respect of charges applicable to deposit accounts with the bank in Canada and services provided by the bank in Canada.

  • 1991, c. 46, s. 448;
  • 2001, c. 9, s. 117.
Marginal note:Retail deposit accounts

  • 448.1 (1) Subject to regulations made under subsection (3), a member bank shall, at any prescribed point of service in Canada or any branch in Canada at which it opens retail deposit accounts through a natural person, open a retail deposit account for an individual who meets the prescribed conditions at his or her request made there in person.

  • Marginal note:No minimum deposit or balance requirements

    (2) A member bank shall not require that, in the case of an account opened under subsection (1), the individual make an initial minimum deposit or maintain a minimum balance.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations

    • (a) for the purposes of subsection (1), defining “point of service” and prescribing points of service;

    • (b) respecting circumstances in which subsection (1) does not apply; and

    • (c) prescribing conditions to be met by an individual for the purposes of subsection (1).

  • 2001, c. 9, s. 117.