Bank Act (S.C. 1991, c. 46)

Marginal note:Increase or new charge

• 627.72 (1) An institution shall disclose to a person to whom a statement of account is provided — or to any other person as directed by that person — any increase to a charge applicable to a personal deposit account in Canada — or applicable to a prescribed service in relation to deposit accounts in Canada, other than personal deposit accounts — or any new charge applicable to a personal deposit account in Canada at least 30 days before the effective date of the increase or new charge.

• Marginal note:Statement of account not provided

  (2) If there is a person in whose name the account is kept to whom a statement of account is not provided, an institution shall disclose to its customers and to the public any increase referred to in subsection (1) for a period of at least 60 days ending on the effective date of the increase or new charge, and if the increase or new charge is applicable to a personal deposit account, by displaying the increase or new charge prominently at each automated teller machine on which the name of the institution or information identifying the machine with the institution is displayed.

• Marginal note:Manner of obtaining further information

  (3) An institution shall, to meet its obligations under subsection (2), also disclose the manner in which further details with respect to the increase or new charge can be obtained.