Marginal note:Retail deposit accounts
448.1 (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: