Bank Act

Marginal note:Notice before opening account or providing prescribed product

• 413.1 (1) Before a bank referred to in paragraph 413(1)(b) or (c) opens a deposit account in Canada or provides in Canada a prescribed product that relates to a deposit, the bank shall, at the prescribed time and place and in the prescribed form and manner, give the person requesting the opening of the account or the provision of the product

  • (a) a notice in writing that deposits to the deposit account, or that the deposit that relates to the prescribed product, as the case may be, will not be insured by the Canada Deposit Insurance Corporation or, if the request is made by telephone, a verbal notice to that effect; and

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

• Marginal note:Other notice

  (2) A bank referred to in paragraph 413(1)(b) or (c) shall, in accordance with the regulations,

  • (a) post notices at all of its branches, and at prescribed points of service, in Canada where deposits are accepted, and on all of its websites at which deposits are accepted in Canada, to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation; and

  • (b) include in its advertisements notices to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation.

• Marginal note:Regulations

  (3) The Governor in Council may make regulations

  • (a) prescribing the time and place at which and the form and manner in which notices referred to in subsection (1) are to be given and the other information to be contained in the notices; and

  • (b) respecting notices for the purpose of subsection (2).