Disclosure of Interest (Authorized Foreign Banks) Regulations
3 (1) Subject to subsection (1.1), an authorized foreign bank shall disclose to a person who requests the authorized foreign bank to open a deposit account the rate of interest applicable to the deposit account and how the amount of interest to be paid is to be calculated
(a) where a statement of account is provided in respect of the deposit account, by means of a written statement delivered to that person, at or before the time the deposit account is opened; or
(b) where no statement of account is provided in respect of the deposit account, by means of
(1.1) In the case of the opening of a deposit account on a telephone request as contemplated by subsection 564(3) of the Act, an authorized foreign bank must, not later than seven business days after the account is opened, provide to the customer a written statement that sets out the rate of interest applicable to the account and how the amount of interest to be paid is to be calculated.
(2) A written statement and a general notice referred to in subsection (1) or a written statement referred to in section (1.1) shall include
(3) For the purpose of subsection (1.1), the statement is deemed to be provided to a customer
(a) if the customer consents to receiving it by electronic means, on the day recorded by a server of the authorized foreign bank as the time of sending it by electronic means to the customer;
(b) if the customer consents to receiving it 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 statement; and
(d) if it is provided to the customer in any other way, on the day on which the statement is received by the customer.
- SOR/2001-468, s. 1
- Date modified: