Document ID: chunk:federal_register_of_legislation:F2018L01116:body:0:p11
Version: federal_register_of_legislation:F2018L01116
Segment Type: other
Provision Reference: 
Character Range: 30866–34317

or have other restrictions on use of funds for payment or withdrawal.

                                  It includes:

                                       * fixed-term deposits;
                                       * notice of withdrawal accounts, for which there is no fixed term but for which written notice is required at least the day before funds can be withdrawn or transferred out of the account;
                                       * savings deposits with restrictions or limitations on payments or withdrawals; and
                                       * money-market deposit accounts.

                                  It excludes:

                                         * savings deposits linked to an account from which payments may be made to third parties (e.g. Automated Teller Machines, debit card or another electronic device) where funds may be transferred to the linked account almost instantaneously and subsequently withdrawn or transferred to a third party on demand.

                                  In practice, classify a deposit as non-transaction deposits where any of the following criteria are met:

                                         * more than 24 hours' notice is required to withdraw or transfer funds from the account;

                                         * the funds cannot be directly withdrawn, used for payment to a third party, or instantaneously transferred to a linked account from which either of these types of transactions can be conducted;

                                         * there is a restriction on the number of withdrawals or transfers than can be made (e.g. maximum of two withdrawals a month) or the rate of interest charged on the deposit differs based on whether a certain number of withdrawals have been made (e.g. bonus savings accounts); or·

                                         * there is a restriction on or penalty charged for early withdrawal or transfer of funds (such as loss of interest earned on the remaining funds or a penalty fee other than a transaction fee).

                                  If none of the above criteria are met, classify the deposit as a transaction deposit.

Protected accounts                Has the meaning given in subsection 5(1) of the Banking Act.

Retirement savings account (RSA)  Has the same meaning as in Banking Regulation 2016.

Single customer view (SCV)        Has the meaning given in APS 910.

Transaction deposits              Means all deposits that are directly accessible and exchangeable for notes and coins on demand at par and without penalty or restriction.

                                  The funds are directly accessible if they can be withdrawn or used to make payments to a third party by draft, giro order, direct debit/credit, cheque or another direct payment facility on demand.

                                  Examples of penalties or restrictions include limits on the value or volume of withdrawals in a given period and penalty fees or loss of bonus interest for withdrawals or other access to make payments.

                                  It includes:

                                       * accounts from which payments may be made to third parties (e.g. Automated Teller Machines, cheque, debit card or another electronic device); and
                                       * savings deposits linked to an account from which payments may be made to third parties (e.g.