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Bank Act

Version of section 413.1 from 2003-01-01 to 2008-03-07:


Marginal note:Notice before opening account

  •  (1) Before a bank to which paragraph 413(1)(b) applies opens a deposit account in Canada, the bank shall give the person requesting the opening of the account, in the prescribed manner,

    • (a) a notice in writing that the deposit will not be insured by the Canada Deposit Insurance Corporation; and

    • (b) any other information that may be prescribed.

  • Marginal note:Other notice

    (2) A bank to which paragraph 413(1)(b) applies shall, in accordance with such regulations as may be made,

    • (a) post notices in its branches in Canada to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation; and

    • (b) include in its advertisements notices to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations

    • (a) prescribing the manner in which notices referred to in subsection (1) are to be given and the additional information to be contained in the notices; and

    • (b) respecting notices for the purpose of subsection (2).

  • 1997, c. 15, s. 43
  • 2001, c. 9, s. 103
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