Mon | Dec 11, 2017

Scotiabank clarifies ABM charges

Published:Tuesday | September 5, 2017 | 12:00 AM

THE EDITOR, Sir:

We write in response to a letter published in your newspaper on August 31, 2017, in order to address some incorrect information contained in that letter.

Scotiabank has designed various types of deposit accounts based on the needs of our customers. Based on their preferences, customers are free to choose from accounts that are designed for savings or accounts for transactional/everyday use. We also have designed accounts to accommodate customers who prefer conducting in-branch transactions versus those who primarily conduct electronic transactions.

In-branch deposits are free for all account types, except for electronic access accounts. Electronic access accounts holders pay a low monthly fee for unlimited transactions at ABMs, point-of-sale machines and online. Customers, with this type of account would pay a fee of $385 for an in-branch deposit.

The alternative for those customers is to make deposits at the ABM at no cost. ABM deposits are cleared on the following business day and, therefore, cash deposits made on a weekday would be cleared and credited within 24 hours. Based on the letter published last week, one of our customers was inadvertently advised that our policy is to hold funds on cash deposits for two to three days. That information is not correct and we sincerely apologise for the miscommunication and any inconvenience caused.

To offer even greater convenience to our customers, we have recently implemented a cash-back feature for customers depositing cash or cheques at the ABM. Customers can now immediately access some of their cash at the ABM or access funds online when they make a deposit. We encourage any interested customer to request this feature if they make frequent deposits.

Scotiabank remains committed to providing exemplary service to our customers and we will continue to improve our service levels and our products to ensure satisfaction through all our channels.

YANIQUE FORBES PATRICK

Vice-President, Marketing