Disclosure of Charges (Retail Associations) Regulations

Marginal note:Disclosure of increases

3 If a retail association increases a charge applicable to personal deposit accounts with the retail association or introduces a new charge applicable to personal deposit accounts with the retail association, the retail association shall disclose the increase or new charge, as the case may be, to each customer in whose name such an account is kept

• (a) with respect to a customer to whom a statement of account is provided, by providing a written notice, at least 30 days before the effective date of the increase or new charge, to that customer or, if the customer has instructed the retail association in writing to provide the notice to another person, to that other person; and

• (b) with respect to a customer to whom a statement of account is not provided,

  • (i) by means of a notice that is displayed, for a period of at least 60 days immediately before the effective date of the increase or new charge, at all branches of the retail association and at all controlled access automated teller machines on which the name of the retail association or information identifying the machine with the retail association is displayed, and

  • (ii) by means of a notice, electronic or otherwise, advising customers of the increase or new charge and the manner in which further details can be obtained, which notice shall be provided, for a period of at least 60 days immediately before the effective date of the increase or new charge, at all automated teller machines, other than controlled access automated teller machines, on which the name of the retail association or information identifying the machine with the retail association is displayed.