Bank Act (S.C. 1991, c. 46)

Marginal note:Non-application

• 627.18 (1) Subsections 627.17(1) to (3) do not apply

  • (a) if the member bank has reasonable grounds to believe that the retail deposit account will be used for illegal or fraudulent purposes;

  • (b) if the natural person has a history of illegal or fraudulent activity in relation to providers of financial services and the most recent instance of such an activity occurred less than seven years before the day on which the request to open a retail deposit account is made;

  • (c) if the member bank has reasonable grounds to believe that the natural person, for the purpose of opening the retail deposit account, knowingly made a material misrepresentation in the information provided to the member bank;

  • (d) if the member bank has reasonable grounds to believe that it is necessary to refuse to open the retail deposit account in order to protect the customers or employees of the member bank from physical harm, harassment or other abuse;

  • (e) if the request is made at a branch or point of service of a member bank at which the only retail deposit accounts offered are those that are linked to an account at another financial institution; or

  • (f) in any prescribed circumstances.

• Marginal note:Bankruptcy

  (2) For greater certainty and for the purpose of paragraph (1)(a), the fact that the natural person is or has been a bankrupt does not, by itself without any evidence of fraud or any other illegal activity in relation to the bankruptcy, constitute reasonable grounds for a member bank to believe that an account for the person will be used for illegal or fraudulent purposes.