Disclosure of Charges (Banks) Regulations

Version of section 4 from 2009-02-12 to 2019-08-28:


 Where a bank increases a charge applicable to personal deposit accounts with the bank or introduces a new charge applicable to personal deposit accounts with the bank, the bank 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,

    • (i) by means of a notice in writing provided to the customer at least 30 days before the effective date of the increase or new charge, or

    • (ii) where the customer has instructed the bank in writing to provide such a notice to another person, by means of a notice provided to that other person at least 30 days before the effective date of the increase or new charge; 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 each of the bank’s branches where products or services are offered, at each of the bank’s points of service, at each controlled access automated teller machine on which the name of the bank or information identifying the machine with the bank is displayed, and on the bank’s websites through which products or services are offered in Canada, 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 bank or information identifying the machine with the bank is displayed.

  • SOR/2009-50, s. 3
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