Disclosure of Charges (Trust and Loan Companies) Regulations (SOR/92-328)

Short Title

1 These Regulations may be cited as the Disclosure of Charges (Trust and Loan Companies) Regulations.

Interpretation

2 The following definitions apply in these Regulations.

controlled access automated teller machine

controlled access automated teller machine means an automated teller machine located in a branch or a point of service of a company, or in an enclosed area adjacent to a branch or a point of service of a company, access to which is controlled by a system that permits entry to automated teller machine users. (guichet automatique à accès contrôlé)

point of service

point of service means a physical location to which the public has access and at which a company carries on business with the public and opens or initiates the opening of retail deposit accounts through natural persons. (point de service)

Personal Deposit Accounts

3 A company shall disclose to its customers and to the public all charges applicable to personal deposit accounts with the company by means of a written statement, copies of which shall be displayed and made available to customers and to the public at each of company’s branches where products and services are offered, at each of the company’s points of service and on the company’s websites through which products or services are offered in Canada.

4 Where a company increases a charge applicable to personal deposit accounts with the company or introduces a new charge applicable to personal deposit accounts with the company, the company 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 company 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 branch of the company where products or services are offered, at each of the company’s points of service, at each controlled access automated teller machines on which the name of the company or information identifying the machine with the company is displayed and on the company’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 company or information identifying the machine with the company is displayed.

Deposit Accounts other than Personal Deposit Accounts

• 5 (1) A company shall disclose to its customers and to the public all charges applicable to any of the following services provided by the company in respect of deposit accounts with the company, other than personal deposit accounts, by means of a written statement, copies of which shall be displayed and made available to customers and to the public at each branch of the company at which deposit accounts are kept, at each of the company’s points of service and on the company’s websites through which products or services are offered in Canada:

  • (a) acceptance of deposits;

  • (b) acceptance of coins, cheques or Bank of Canada notes for deposit;

  • (c) issuance of cheques;

  • (d) certification of cheques;

  • (e) handling of a cheque presented by a customer that is subsequently returned because there are not sufficient funds;

  • (f) holding of cheques for deposit;

  • (g) handling of cheques drawn in the currency of the United States;

  • (h) processing of a stop payment on a cheque;

  • (i) handling of a cheque issued by a customer that is subsequently returned because there are not sufficient funds;

  • (j) supply of coins and Bank of Canada notes;

  • (k) handling of overdrafts;

  • (l) transfers between accounts;

  • (m) supply of account statements;

  • (n) handling of account confirmations;

  • (o) conducting searches related to an account;

  • (p) provision of information in regard to an account balance;

  • (q) closing of an account; and

  • (r) handling of unclaimed balances in inactive accounts.

• (2) The written statement referred to in subsection (1) shall

  • (a) indicate that the statement sets out all charges for services provided by the company in respect of deposit accounts with the company other than personal deposit accounts; or

  • (b) indicate that the statement does not set out all of the charges referred to in paragraph (a) and set out the manner in which information regarding charges not included in the statement can be obtained.

6 Where a company increases a charge applicable to a service referred to in subsection 5(1), the company shall disclose the increase

• (a) with respect to customers 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

  • (ii) where the customer has instructed the company in writing to provide such a notice to another person, by means of a notice in writing provided to that other person at least 30 days before the effective date of the increase; and

• (b) with respect to customers to whom a statement of account is not provided, by means of a notice that is displayed for a period of at least 60 days immediately before the effective date of the increase at each branch of the company where products or services are offered, at each of the company’s points of service and on the company’s websites through which products or services are offered in Canada.

7 Section 6 does not apply in respect of a customer who has agreed in writing that the company will charge an amount other than an amount required to be disclosed pursuant to subsection 5(1).

List of Charges

• 8 (1) A company shall maintain, at each of its branches where products or services are offered, at each of its points of service and on its websites through which products or services are offered in Canada, a list of the charges applicable to deposit accounts with the company and the usual amount charged by the company for services normally provided by the company to its customers and to the public.

• (2) A company shall, on request, make the list available to its customers and to the public for inspection during business hours at each of its branches and points of service referred to in subsection (1).