Bank Act

Marginal note:Notice before opening account

• 413.1 (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).