Financial Administration Act

Marginal note:Definition of other financial institution

• 159 (1) In this section, other financial institution means

  • (a) a member of the Canadian Payments Association, a local cooperative credit society, a fiscal agent or a financial institution with which the Receiver General establishes accounts for the deposit of public money pursuant to subsection 17(2); and

  • (b) any other financial institution that accepts or receives an instruction for payment issued pursuant to section 35.

• Marginal note:No charge for certain cheques, etc.

  (2) No bank or other financial institution shall make a charge

  • (a) for cashing a cheque or other instrument drawn on the Receiver General or on the Receiver General’s account in the Bank of Canada or any other bank or other financial institution;

  • (b) for honouring or otherwise giving value for any other instruction for payment issued pursuant to section 35; or

  • (c) in respect of any cheque or other instruction for payment drawn in favour of the Receiver General, the Government of Canada, any department or any public officer in the officer’s official capacity, and tendered for deposit to the credit of the Receiver General.

• Marginal note:Deposits of the Government of Canada, etc.

  (3) Nothing in subsection (2) shall be construed as prohibiting any arrangement between the Government of Canada and a bank or other financial institution concerning compensation for services performed by the bank or institution for the Government of Canada or interest to be paid on any or all deposits of the Government of Canada with the bank or institution.

• Marginal note:Disclosure of information

  (4) Any bank or other financial institution of a class prescribed by regulations that accepts for deposit an instrument or instruction for payment described in subsection (2) must disclose any information prescribed by regulations made under subsection 160(2) in any statement of account or other transaction record that is provided to the holder of the account receiving the deposit.