Disclosure on Account Opening by Telephone Request (Authorized Foreign Banks) Regulations
SOR/2001-471
Registration 2001-11-01
Disclosure on Account Opening by Telephone Request (Authorized Foreign Banks) Regulations
P.C. 2001-2015 2001-11-01
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 562Footnote a, subsection 564(6)Footnote b and section 978Footnote c of the Bank ActFootnote d, hereby makes the annexed Disclosure on Account Opening by Telephone Request (Authorized Foreign Banks) Regulations.
Return to footnote aS.C. 1999, c. 28, s. 35(1)
Return to footnote bS.C. 2001, c. 9, s. 151(2)
Return to footnote cS.C. 2001, c. 9, s. 183
Return to footnote dS.C. 1991, c. 46
Interpretation
Definition of Act
1 In these Regulations, Act means the Bank Act.
Oral Disclosure
Marginal note:Information to be provided orally
2 (1) For the purpose of subsection 564(3) of the Act, the following information is prescribed as the information to be provided to the customer orally:
(a) the fact that the customer is receiving by telephone only part of the information relating to the deposit account charges and terms and that full disclosure in writing will be provided within seven business days after the account is opened;
(b) the fact that the customer may, within 14 business days after the deposit account has been opened, close the account without charge and, in such a case, is entitled to a refund of any charges related to the operation of the account, other than interest charges, incurred while the account was open;
(c) for a fixed-rate interest-bearing deposit account, the interest rate applicable to the account and how the amount of interest to be paid is to be calculated;
(d) for a variable-rate interest-bearing deposit account, the current interest rate, the manner by which the rate and amount of interest to be paid is to be calculated, and how, in the future, the customer may obtain information on the interest rate applicable to the account;
(e) for a deposit account in a currency other than Canadian currency, the fact that any deposit to the account will not be insured by the Canada Deposit Insurance Corporation;
(f) for a deposit account that does not have a fixed monthly charge for a service package, the applicable charges for monthly statements of account, passbook updates, cash withdrawals, cheque withdrawals, debit payment purchases, preauthorized debits, bill payments, transfers between accounts and, if cheques are offered to the customer at the time the account is opened, cheque orders; and
(g) for a deposit account that has a fixed monthly charge for a service package,
(i) the principal features of the package, including the monthly charge, the number and type of permitted transactions per billing cycle, and
(ii) the applicable charges for additional transactions described in paragraph (f).
Marginal note:Generic terms permitted
(2) An authorized foreign bank may, for the purpose of providing the information required under paragraphs (1)(f) and (g), group similar types of transactions for which the authorized foreign bank charges the same amount under a generic term.
Written Disclosure
Marginal note:Deemed time of providing disclosure
3 For the purpose of subsection 564(4) of the Act, the agreement and information referred to in subsection 564(1) of the Act are deemed to have been provided by an authorized foreign bank to a customer
(a) if the customer consents to receiving it by electronic means and it is sent by electronic means, on the day recorded by a server of the authorized foreign bank as the time of sending it to the customer;
(b) if the customer consents to receiving it by fax and it is sent by fax, on the day recorded by a fax machine of the authorized foreign bank as the time of sending it to the customer;
(c) if it is sent to the customer by mail, on the fifth day after the postmark date on the agreement and information; and
(d) if it is provided to the customer in any other way, on the day on which the agreement and information is received by the customer.
Coming into Force
Marginal note:Coming into force
4 These Regulations come into force on the day on which they are registered.
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