Bank of America Canada
Encyclopedia
Bank of America Canada was a wholly owned U.S. bank subsidiary, headquartered in Toronto
, Ontario, Canada. It was a Schedule II bank under the Canada Bank Act
to accept deposits which may be eligible for deposit insurance provided by the Canada Deposit Insurance Corporation
.
In 2001, Bank of America Canada re-established itself as a branch of Bank of America, N.A. of Charlotte, NC
. Canada's revised Bank Act had created a new schedule, Schedule III, for banks that are foreign bank branches of foreign institutions that have been authorized under the Bank Act to conduct commercial operations deemed banking in Canada. These branches have certain restrictions under Canadian law.
and Canadian Payments Association.
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario, Canada. It was a Schedule II bank under the Canada Bank Act
Canada Bank Act
The Bank Act is an Act of the Government of Canada respecting banks and banking.The Act groups banks in three schedules. Schedule I banks are banks allowed to accept deposits that are not a subsidiary of a foreign bank, Schedule II banks are banks allowed to accept deposits that are a subsidiary...
to accept deposits which may be eligible for deposit insurance provided by the Canada Deposit Insurance Corporation
Canada Deposit Insurance Corporation
-External links:*** Official CDIC site*...
.
In 2001, Bank of America Canada re-established itself as a branch of Bank of America, N.A. of Charlotte, NC
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. Canada's revised Bank Act had created a new schedule, Schedule III, for banks that are foreign bank branches of foreign institutions that have been authorized under the Bank Act to conduct commercial operations deemed banking in Canada. These branches have certain restrictions under Canadian law.
Membership
Bank of America Canada is a member of the Canadian Bankers AssociationCanadian Bankers Association
The Canadian Bankers Association is a financial lobbying group that works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA was organized in Montreal in 1891, making it one of Canada’s oldest interest...
and Canadian Payments Association.