Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada


Bank Act

Version of section 448.1 from 2003-01-01 to 2022-06-29:

Marginal note:Retail deposit accounts

  •  (1) Subject to regulations made under subsection (3), a member bank shall, at any prescribed point of service in Canada or any branch in Canada at which it opens retail deposit accounts through a natural person, open a retail deposit account for an individual who meets the prescribed conditions at his or her request made there in person.

  • Marginal note:No minimum deposit or balance requirements

    (2) A member bank shall not require that, in the case of an account opened under subsection (1), the individual make an initial minimum deposit or maintain a minimum balance.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations

    • (a) for the purposes of subsection (1), defining point of service and prescribing points of service;

    • (b) respecting circumstances in which subsection (1) does not apply; and

    • (c) prescribing conditions to be met by an individual for the purposes of subsection (1).

  • 2001, c. 9, s. 117
Date modified: