Bank Act (S.C. 1991, c. 46)

Marginal note:Change in rate of interest or manner of calculation

627.71 If there is a change in the rate of interest that is applicable to a deposit account in Canada or in the manner in which the amount of interest for such an account is calculated, an institution shall, without delay, disclose the change

• (a) to the person in whose name the account is kept or to any other person as directed by that person; or

• (b) to the public by displaying it prominently

  • (i) at each of its branches in Canada where it offers deposit accounts and at each of its points of service, and

  • (ii) on each of its websites through which it offers deposit accounts in Canada.