Bank Act (S.C. 1991, c. 46)

Marginal note:Disclosure of charges

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

Marginal note:No increase or new charges without disclosure

• 566. (1) An authorized foreign bank shall not increase any charge applicable to a personal deposit account with the authorized foreign bank or introduce any new charge applicable to a personal deposit account with the authorized foreign bank unless it 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) An authorized foreign bank shall not increase any charge for any service that is prescribed in relation to a deposit account, other than a personal deposit account, with the authorized foreign bank, or introduce any new charge for any of those services unless the authorized foreign 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:Disclosure required concerning registered products

• 566.1 (1) Subject to subsection (2), an authorized foreign bank shall not open an account that is or forms part of a registered product in the name of a customer, or enter into an agreement with a customer for a prescribed product or service that is or forms part of a registered product, unless the authorized foreign bank provides, in the prescribed manner, to the individual requesting the account or the prescribed product or service

  • (a) information about all charges applicable to the registered product;

  • (b) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the registered product;

  • (c) information about the authorized foreign bank’s procedures relating to complaints about the application of any charge applicable to the registered product; and

  • (d) any other information that may be prescribed.

• Marginal note:Regulations

  (2) The Governor in Council may make regulations specifying the circumstances under which an authorized foreign bank need not provide the information.

• Definition of “registered product”

  (3) In this section, “registered product” means a product that is defined to be a registered product by the regulations.