Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 560 from 2003-01-01 to 2022-06-29:

Marginal note:Disclosure on opening account

  •  (1) An authorized foreign bank shall not open or maintain an interest-bearing deposit account in Canada in the name of any natural person unless it discloses, in accordance with the regulations, to the person who requests the opening of the account, the rate of interest applicable to the account and how the amount of interest to be paid is to be calculated.

  • Marginal note:Exception

    (2) Subsection (1) does not apply in respect of an interest-bearing deposit account that is opened with a deposit in excess of $150,000 or any greater amount that is prescribed.

  • 1991, c. 46, s. 560
  • 1999, c. 28, s. 35
  • 2001, c. 9, s. 150

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