Bank Act (S.C. 1991, c. 46)

Act current to 2014-09-01 and last amended on 2014-06-19. Previous Versions

Marginal note:Notice of unpaid amount
  •  (1) A bank shall mail to each person, in so far as is known to the bank,

    • (a) to whom a deposit referred to in paragraph 438(1)(a) is payable, or

    • (b) to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted,

    at the person’s recorded address, a notice stating that the deposit or instrument remains unpaid.

  • Marginal note:When notice to be sent

    (2) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period

    • (a) in the case of a deposit made for a fixed period, after the fixed period has terminated;

    • (b) in the case of any other deposit, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and

    • (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid.

  • Marginal note:Notification of transfer to the Bank of Canada

    (3) The notice to be sent during the month of January next following the end of the first nine-year period determined under paragraphs (2)(a) to (c), as the case may be, must also

    • (a) [Not in force]

    • (b) include the mailing address and websites where information can be obtained on how to claim the unpaid deposit or instrument.

  • 1991, c. 46, s. 439;
  • 2007, c. 6, s. 30.

Accounts

Marginal note:Definitions

 The following definitions apply in this section and in sections 445 to 448.2, 458.1, 459.2 and 459.4.

“low-fee retail deposit account”

« compte de dépôt de détail à frais modiques »

“low-fee retail deposit account” means a retail deposit account that has the prescribed characteristics.

“member bank”

« banque membre »

“member bank” means a bank that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act.

“personal deposit account”

« compte de dépôt personnel »

“personal deposit account” means a deposit account in the name of one or more natural persons that is kept by that person or those persons for a purpose other than that of carrying on business.

“retail deposit account”

« compte de dépôt de détail »

“retail deposit account” means a personal deposit account that is opened with a deposit of less than $150,000 or any greater amount that may be prescribed.

  • 2001, c. 9, s. 113.