Scotiabank announces six-month fee increase delay

Under pressure, Scotiabank says it will delay increasing the fees for using automated teller machines (ATMs) and point of sale machines for six months.

In a statement Monday evening, the bank said during the period, it will continue its public education to ensure that customers are in the best account type and are accessing the most appropriate channels to minimise the fees they pay.

At the same time, Scotiabank says it will be expanding its Scotia payroll account for customers earning under $100,000 per month.

According to Scotia, this account type has no minimum balance requirement and attracts no fees for Scotia ATMs or point of sale transactions.

Last week, NCB announced that it would be introducing an account type that does not attract fees.

READ: NCB pitches new account for fee exemptions amid uproar

Meanwhile, Scotiabank says it will increase the promotion and visibility of its Scotia Care accounts to ensure that all eligible customers are receiving the available benefits.

The Scotia Care account is a similar to the Scotia payroll account designed for customers who earn less than $100,000 per month and are also enrolled in government assistance programmes such as PATH and WeCARE.

The bank says the Scotia Care accounts do not attract fees for Scotia ATM or point of sale transactions.

“Since our last service fee increase in 2019, we have made several changes in line with customer feedback including the removal of monthly deposit account fees and the introduction of real-time billing for transaction fees,” said a spokesperson in a statement to the media.

At the same time, Scotiabank says senior citizen account holders will use Scotia ATMs and point of sale machines for free.

It also says all deposits (cash and cheques) and transactions conducted via mobile or online banking including bill payment and funds transfers to any local bank are free.

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