The Bank Act (Canada)

The Bank Act (Canada) is the primary law regulating banks in Canada. It establishes rules for how banks operate, including how they are created, how they manage customer accounts, and their financial responsibilities. The Act ensures banks remain financially stable, protect depositors’ money, and operate transparently. It also grants the Bank of Canada authority over currency and monetary policy. Overall, it provides a legal framework to maintain a safe, reliable banking system that supports the economy and protects consumers.