Disclosure of Interest (Authorized Foreign Banks) Regulations

Version of section 4 from 2009-02-12 to 2014-11-20:

 Where there is a change in the rate of interest, or in the manner of calculating the amount of interest, that is applicable to a deposit account, the authorized foreign bank shall disclose the changes by means of

  • (a) a written statement delivered to the person in whose name the account is maintained;

  • (b) a written statement copies of which are available and displayed in each branch of the authorized foreign bank where deposit accounts are kept; or

  • (c) a general notice that is displayed in each of the authorized foreign bank’s branches where deposit accounts are kept, at each of the authorized foreign bank’s points of service and on the authorized foreign bank’s websites through which it offers deposit accounts in Canada.

  • SOR/2009-44, s. 3
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