Bank Act

Marginal note:Disclosure required on opening a deposit account

• 445 (1) Subject to subsections (2) to (4), a bank shall not open a deposit account in the name of a customer unless, at or before the time the account is opened, the bank provides in writing to the individual who requests the opening of the account

  • (a) a copy of the account agreement with the bank;

  • (b) information about all charges applicable to the account;

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

  • (d) information about the bank’s procedures relating to complaints about the application of any charge applicable to the account; and

  • (e) such other information as may be prescribed.

• Marginal note:Exception

  (2) If a deposit account is not a personal deposit account and the amount of a charge applicable to the account cannot be established at or before the time the account is opened, the bank shall, as soon as is practicable after the amount is established, provide the customer in whose name the account is kept with a notice in writing of the amount of the charge.

• Marginal note:Exception

  (3) If a bank has a deposit account in the name of a customer and the customer by telephone requests the opening of another deposit account in the name of the customer and the bank has not complied with subsection (1) in respect of the opening of that other account, the bank shall not open the account unless it provides the customer orally with any information prescribed at or before the time the account is opened.

• Marginal note:Disclosure in writing

  (4) If a bank opens an account under subsection (3), it shall, not later than seven business days after the account is opened, provide to the customer in writing the agreement and information referred to in subsection (1).

• Marginal note:Right to close account

  (5) A customer may, within 14 business days after a deposit account is opened under subsection (3), close the account without charge and in such case is entitled to a refund of any charges related to the operation of the account, other than interest charges, incurred while the account was open.

• Marginal note:Regulations

  (6) For the purposes of subsection (4), the Governor in Council may make regulations prescribing circumstances in which, and the time when, the agreement and information will be deemed to have been provided to the customer.