Notices in Branches

• 1 (1) A bank to which paragraph 413(1)(b) of the Bank Act applies shall post in each of its branches at least one notice in the form set out in the schedule, which notice shall

  • (a) be 27.94 cm in height and 43.18 cm in width; and

  • (b) display letters having a font size of 120 points in the heading and a font size of 50 points in the remainder of the text.

• (2) The notice shall be prominently displayed in such a manner that it is clearly visible in the area of the branch that is open to the public.

Notices Given Before Opening Deposit Accounts

Giving Notice

1.1 The notice required under subsection 413.1(1) of the Bank Act shall be given either as part of the account agreement or as a separate document.

Additional Information

• 1.2 (1) In this section, member institution has the same meaning as in section 2 of the Canada Deposit Insurance Corporation Act.

• (2) If a person makes a request in person to open a deposit account with a bank to which paragraph 413(1)(b) of the Bank Act applies on premises that are shared with those of a member institution, the notice referred to in section 1.1 shall contain an additional statement indicating that the bank’s business is separate and distinct from that of the member institution.

Explanation and Declaration

1.3 If a bank is required to give a notice containing the additional statement described in subsection 1.2(2), the bank shall, before opening the deposit account, orally explain all the information contained in the notice to the person requesting the account and obtain from that person a signed declaration stating that

• (a) the person has been given and has read the notice;

• (b) the bank has orally explained the information contained in the notice; and

• (c) the person understands that deposits with the bank are not insured by the Canada Deposit Insurance Corporation.

Notices in Advertisements

• 2 (1) A bank to which paragraph 413(1)(b) of the Bank Act applies shall include a notice in the form set out in the schedule in each of its advertisements in which it offers deposit facilities or solicits deposits.

• (2) The notice shall appear prominently in the advertisement in which it is included.

Coming into Force

3 These Regulations come into force on the day on which section 43 of An Act to amend certain laws relating to financial institutions, being chapter 15 of the Statutes of Canada, 1997, comes into force.