Bank Act

Marginal note:Notice of unpaid amount

• 439 (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.