Parent organization Bank of America | ||
Bank of America Canada (French: Banque d'Amérique du 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.
Membership
Bank of America Canada is a member of the Canadian Bankers Association and Canadian Payments Association.