Disclosure on Account Opening by Telephone Request (Banks) Regulations
P.C. 2001-2016 2001-11-01
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 443, subsection 445(6)Footnote aand section 978Footnote b of the Bank ActFootnote c, hereby makes the annexed Disclosure on Account Opening by Telephone Request (Banks) Regulations.
Definition of Act
Marginal note:Information to be provided 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,
Marginal note:Generic terms permitted
(2) A bank may, for the purpose of providing the information required under paragraphs (1)(f) and (g), group similar types of transactions for which the bank charges the same amount under a generic term.
Marginal note:Deemed time of disclosure
3 For the purpose of subsection 445(4) of the Act, if a bank sends the agreement and information referred to in subsection 445(1) of the Act to a customer by mail, they are deemed to have been provided by the bank to the customer on the fifth day after the postmark date on the agreement and information.
- SOR/2009-55, s. 1
Coming into Force
Marginal note:Coming into force
4 These Regulations come into force on the day on which they are registered.
- Date modified: