Bank Act (S.C. 1991, c. 46)

Act current to 2015-11-16 and last amended on 2015-06-23. Previous Versions

Marginal note:Low-fee retail deposit accounts — regulations

 The Governor in Council may make regulations

  • (a) requiring a member bank, at any prescribed point of service in Canada or any branch referred to in subsection 448.1(1), to open a low-fee retail deposit account for an individual who meets the prescribed conditions at his or her request made there in person;

  • (b) for the purposes of paragraph (a), defining “point of service” and prescribing points of service;

  • (c) prescribing the characteristics, including the name, of a low-fee retail deposit account;

  • (d) respecting circumstances in which a regulation made under paragraph (a) does not apply; and

  • (e) prescribing conditions to be met by an individual for the purposes of paragraph (a).

  • 2001, c. 9, s. 117.

Registered Products

Marginal note:Disclosure required concerning registered products
  •  (1) Subject to subsection (2), a 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 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 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 a 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.

  • 2007, c. 6, s. 31.

Borrowing Costs

Definition of “cost of borrowing”

 For the purposes of this section and sections 449.1 to 456, “cost of borrowing” means, in respect of a loan made by a bank,

  • (a) the interest or discount applicable to the loan;

  • (b) any amount charged in connection with the loan that is payable by the borrower to the bank; and

  • (c) any charge prescribed to be included in the cost of borrowing.

For those purposes, however, “cost of borrowing” does not include any charge prescribed to be excluded from the cost of borrowing.

  • 1991, c. 46, s. 449;
  • 1997, c. 15, s. 49;
  • 2001, c. 9, s. 118.