Sun | Aug 20, 2017

Scotiabank suspends dormant fees

Published:Thursday | March 23, 2017 | 3:47 PM

Scotiabank announced today that effective immediately dormant fees, currently charged on inactive accounts, will be suspended.

The move forms part of the Bank’s ongoing review of fees “as we seek to identify the best options to effectively manage costs, while ensuring we continue to efficiently meet the changing needs of our customers,” Scotiabank said in a release.

“There is a cost to managing dormant accounts”, said David Noel, Deputy CEO Scotia Group.

“However, we are working assiduously to identify new solutions for managing these costs as well as the overall processes surrounding the treatment of dormant accounts,” he said.

“We will continue to invest in technology and alternatives to enhance the banking services offered to our customers,” Noel added.

Scotiabank is encouraging customers to utilise any of the convenient channels provided, including the branch network, Scotiabank ABMs, Scotia online banking platform or the Scotia mobile app to access their accounts and conduct transactions.

Scotabank’s decision followed announcements in the past week by National Commercial Bank, First Global Bank and FirstCaribbean International Bank that they were either suspending or discontinuing charges applied to dormant accounts.

Accounts are classified as dormant if there is no customer induced activity on them for specified periods.

- mcpherse.thompson@gleanerjm.com