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Version of document from 2008-03-08 to 2022-06-28:

Notices of Uninsured Deposits Regulations (Banks)

SOR/99-388

BANK ACT

Registration 1999-10-06

Notices of Uninsured Deposits Regulations (Banks)

P.C. 1999-1770 1999-10-06

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 413.1(3)Footnote a of the Bank ActFootnote b, hereby makes the annexed Notices of Uninsured Deposits Regulations.

Notice to Be Given Before Opening a Deposit Account

  • 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.

  • (2) If the notice is given to a person on premises that the bank shares with a member institution within the meaning of section 2 of the Canada Deposit Insurance Corporation Act,

    • (a) the notice shall contain an additional statement indicating that the bank’s business is separate and distinct from that of the member institution; and

    • (b) the bank shall verbally explain all the information contained in the notice to the person requesting the account and obtain from them a signed declaration stating that

      • (i) the person has been given and has read the notice,

      • (ii) the bank has verbally explained the information contained in the notice, and

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

  • SOR/2008-61, s. 2

1.1 [Repealed, SOR/2008-61, s. 2]

1.2 [Repealed, SOR/2008-61, s. 2]

1.3 [Repealed, SOR/2008-61, s. 2]

Notices in Branches and on Websites

  • 2 (1) The notice required to be posted under paragraph 413.1(2)(a) of the Bank Act shall be in the following form:

    NOTICE

    Deposits with (name of bank) are not insured by the Canada Deposit Insurance Corporation.

  • (2) A notice in a branch 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. The 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.

  • (3) A notice on a website shall be prominently displayed in such a manner that it is clearly visible to the person accessing the website.

  • SOR/2008-61, s. 2

Notices in Advertisements

3 The notice required under paragraph 413.1(2)(b) of the Bank Act shall be in the form set out in subsection 2(1) and shall appear prominently in advertisements in which the bank offers deposit facilities or solicits deposits.

  • SOR/2008-61, s. 2

SCHEDULE

[Repealed, SOR/2008-61, s. 3]

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