Bank Act

Marginal note:Report of unclaimed deposits

• 629 (1) A bank shall, within sixty days after the end of each calendar year, provide the Superintendent with a return, in such form as the Superintendent may determine, as of the end of that calendar year, in respect of all deposits made with the bank in Canada in Canadian currency for which no transaction has taken place and no statement of account has been requested or acknowledged by the depositors during a period of nine years or more.

• Marginal note:Period

  (2) The period referred to in subsection (1) shall be calculated

  • (a) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and

  • (b) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the depositor, whichever is later,

  until the date of the return under that subsection.

• Marginal note:Content of return

  (3) A return made under subsection (1) shall show, in so far as is known to the bank,

  • (a) the name of each depositor in whose name each deposit is held;

  • (b) the recorded address of each such depositor;

  • (c) the outstanding amount of each deposit; and

  • (d) the branch of the bank at which the last transaction took place in respect of the deposit, and the date thereof.

• Marginal note:Amounts under one hundred dollars

  (4) Where the total outstanding amount of deposits in the name of a depositor is less than one hundred dollars, the bank may omit the particulars in respect thereof required by subsection (3) from the return required by subsection (1).