Bank Act

Marginal note:Unclaimed balances

• 438 (1) Where

  • (a) a deposit has been made in Canada that is payable in Canada in Canadian currency and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten years

    • (i) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and

    • (ii) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later, or

  • (b) a cheque, draft or bill of exchange (including any such instrument drawn by one branch of a bank on another branch of the bank but not including such an instrument issued in payment of a dividend on the capital of a bank) payable in Canada in Canadian currency has been issued, certified or accepted by a bank in Canada and no payment has been made in respect thereof for a period of ten years after the date of issue, certification, acceptance or maturity, whichever is later,

  the bank shall pay to the Bank of Canada not later than December 31 in each year an amount equal to the principal amount of the deposit or instrument, plus interest, if any, calculated in accordance with the terms of the deposit or instrument, and payment accordingly discharges the bank from all liability in respect of the deposit or instrument.

• Marginal note:Provision of information

  (2) A bank shall, on making a payment under subsection (1), provide the Bank of Canada, for each deposit or instrument in respect of which the payment is made, with the following information current as of the day the payment is made, in so far as it is known to the bank:

  • (a) in the case of a deposit,

    • (i) the name of the depositor in whose name the deposit is held,

    • (ii) the recorded address of the depositor,

    • (iii) the outstanding amount of the deposit, and

    • (iv) the branch of the bank at which the last transaction took place in respect of the deposit, and the date of that last transaction; and

  • (b) in the case of an instrument,

    • (i) the name of the person to whom or at whose request the instrument was issued, certified or accepted,

    • (ii) the recorded address of that person,

    • (iii) the name of the payee of the instrument,

    • (iv) the amount and date of the instrument,

    • (v) the name of the place where the instrument was payable, and

    • (vi) the branch of the bank at which the instrument was issued, certified or accepted.

• Marginal note:Copies of signature cards and signing authorities

  (2.1) A bank shall, on written request by the Bank of Canada, provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.

• Marginal note:Payment to claimant

  (3) Subject to section 22 of the Bank of Canada Act, where payment has been made to the Bank of Canada under subsection (1) in respect of any deposit or instrument, and if payment is demanded or the instrument is presented at the Bank of Canada by the person who, but for that section, would be entitled to receive payment of the deposit or instrument, the Bank of Canada is liable to pay, at its agency in the province in which the deposit or instrument was payable, an amount equal to the amount so paid to it together with interest, if interest was payable under the terms of the deposit or instrument,

  • (a) for a period not exceeding ten years from the day on which the payment was received by the Bank of Canada until the date of payment to the claimant; and

  • (b) at such rate and computed in such manner as the Minister determines.

• Marginal note:Enforcing liability

  (4) The liability of the Bank of Canada under subsection (3) may be enforced by action against the Bank of Canada in the court in the province in which the deposit or instrument was payable.

• Marginal note:Application of subsection (1)

  (5) Subsection (1) applies only in respect of

  • (a) deposits made, and cheques, drafts and bills of exchange issued, certified or accepted, in the ten year period immediately preceding the day on which this section comes into force; and

  • (b) deposits made, and cheques, drafts and bills of exchange issued, certified or accepted, on or after the day on which this section comes into force.