Disclosure of Charges (Retail Associations) Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2003-297/FullText.html

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Disclosure of Charges (Retail Associations) Regulations

SOR/2003-297COOPERATIVE CREDIT ASSOCIATIONS ACT
Registration 2003-08-13
Disclosure of Charges (Retail Associations) Regulations
P.C. 2003-1219  2003-08-13Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 385.09Footnote a, 385.28Footnote a and 463Footnote b of the Cooperative Credit Associations ActFootnote c, hereby makes the annexed Disclosure of Charges (Retail Associations) Regulations.

Return to footnote aS.C. 2001, c. 9, s. 313
Return to footnote bS.C. 2001, c. 9, s. 339
Return to footnote cS.C. 1991, c. 48
Interpretation

1 The following definitions apply in these Regulations.

controlled access automated teller machine
guichet automatique à accès contrôlé

controlled access automated teller machine means an automated teller machine located in a branch or a point of service of a retail association or in an enclosed area adjacent to a branch or a point of service of a retail association, access to which is controlled by a system that permits entry to automated teller machine users. (guichet automatique à accès contrôlé)

point of service
point de service

point of service means a physical location to which the public has access and at which a retail association carries on business with the public and opens or initiates the opening of retail deposit accounts through natural persons. (point de service)

SOR/2009-51, s. 1.
Previous Version

Personal Deposit Accounts

Marginal note:Manner of disclosure

2 A retail association shall disclose to its customers and to the public all charges applicable to personal deposit accounts with the retail association by means of a written statement copies of which shall be displayed and made available to customers and to the public at each of the retail association’s branches where products and services are offered, at each of the retail association’s points of service and on the retail association’s websites through which products or services are offered in Canada.
SOR/2009-51, s. 2.
Previous Version

Marginal note:Disclosure of increases

3 If a retail association increases a charge applicable to personal deposit accounts with the retail association or introduces a new charge applicable to personal deposit accounts with the retail association, the retail association shall disclose the increase or new charge, as the case may be, to each customer in whose name such an account is kept

(a) with respect to a customer to whom a statement of account is provided, by providing a written notice, at least 30 days before the effective date of the increase or new charge, to that customer or, if the customer has instructed the retail association in writing to provide the notice to another person, to that other person; and

(b) with respect to a customer to whom a statement of account is not provided,

(i) by means of a notice that is displayed, for a period of at least 60 days immediately before the effective date of the increase or new charge, at each branch of the retail association where products or services are offered, at each of the retail association’s points of service, at each controlled access automated teller machine on which the name of the retail association or information identifying the machine with the retail association is displayed and on the retail association’s websites through which products or services are offered in Canada, and
(ii) by means of a notice, electronic or otherwise, advising customers of the increase or new charge and the manner in which further details can be obtained, which notice shall be provided, for a period of at least 60 days immediately before the effective date of the increase or new charge, at all automated teller machines, other than controlled access automated teller machines, on which the name of the retail association or information identifying the machine with the retail association is displayed.

SOR/2009-51, s. 3;
SOR/2014-273, s. 23(F).

Previous Version

Other Deposit Accounts

Marginal note:Manner of disclosure

4 (1) A retail association shall disclose to its customers and to the public all charges applicable to any of the following services provided by the retail association in respect of deposit accounts with the retail association, other than personal deposit accounts, by means of a written statement, copies of which shall be displayed and made available to customers and to the public at each branch of the retail association at which deposit accounts are kept, at each of the retail association’s points of service and on the retail association’s websites through which products or services are offered in Canada:

(a) the acceptance of deposits;
(b) the acceptance of coins, cheques or Bank of Canada notes for deposit;
(c) the issuance of cheques;
(d) the certification of cheques;
(e) the handling of a cheque presented by a customer that is subsequently returned because there are not sufficient funds;
(f) the holding of cheques for deposit;
(g) the handling of cheques drawn in the currency of the United States;
(h) the processing of a stop payment on a cheque;
(i) the handling of a cheque issued by a customer that is subsequently returned because there are not sufficient funds;
(j) the supply of coins and Bank of Canada notes;
(k) the handling of overdrafts;
(l) transfers between accounts;
(m) the supply of account statements;
(n) the handling of account confirmations;
(o) the conducting of searches related to an account;
(p) the provision of information in regard to an account balance;
(q) the closing of an account; and
(r) the handling of unclaimed balances in inactive accounts.

Marginal note:Contents of statement

(2) The written statement referred to in subsection (1) shall indicate that it

(a) sets out all charges applicable to services provided by the retail association in respect of deposit accounts with the retail association other than personal deposit accounts; or
(b) does not set out all of the charges referred to in paragraph (a) and set out the manner in which information regarding charges not included in the statement can be obtained.

SOR/2009-51, s. 4.
Previous Version

Marginal note:Disclosure of increases

5 If a retail association increases a charge applicable to a service referred to in subsection 4(1), the retail association shall disclose the increase

(a) with respect to a customer to whom a statement of account is provided, by providing a written notice, at least 30 days before the effective date of the increase, to each customer in whose name the account is kept or, if the customer has instructed the retail association in writing to provide the notice to another person, to that other person; and
(b) with respect to customers to whom a statement of account is not provided, by means of a notice that is displayed for a period of at least 60 days immediately before the effective date of the increase at each branch of the retail association where products or services are offered, at each of the retail association’s points of service and on the retail association’s websites through which products or services are offered in Canada.

SOR/2009-51, s. 5;
SOR/2014-273, s. 24(F).

Previous Version

Marginal note:Non-application

6 Section 5 does not apply in respect of a customer who has agreed in writing that the retail association will charge an amount other than an amount required to be disclosed pursuant to subsection 4(1).
SOR/2009-51, s. 6(F).
Previous Version

List of Charges

Marginal note:List of charges

7 (1) A retail association shall maintain, at each of its branches where products or services are offered, at each of its points of service and on its websites through which products or services are offered in Canada, a list of the charges applicable to deposit accounts with the retail association and the usual amount charged by the retail association for services normally provided by the retail association to its customers and to the public.

Marginal note:Access to list

(2) A retail association shall, on request, make the list available to its customers and to the public for inspection during business hours at each branch and point of service referred to in subsection (1).

SOR/2009-51, s. 7.
Previous Version

Coming into Force

Marginal note:Coming into force

8 These Regulations come into force on the day on which they are registered.