Sat | Jan 19, 2019

Scotiabank withdrawal fee excessive

Published:Wednesday | December 12, 2018 | 12:00 AM


This is an open letter to the president and CEO of Bank of Nova Scotia Jamaica.

On Tuesday, December 11, 2018, I went in branch at one of the bank's locations to do business. My transactions were:

1. Two lodgements to two separate US accounts.

2. One lodgement to my main salary account.

3. A withdrawal from my salary account.

This, therefore, would be four transactions in all, and they were done in the order listed. At the end of it, I enquired about bank charges for the withdrawal, as I remember being told before that charges were applied to do in-branch withdrawals.

I did not ask beforehand this time, as I assumed that seeing that I was doing multiple transactions, I would not be charged. Was I wrong! I was told by the teller that a $300 fee would be deducted from my account at the end of the month.

Why am I being charged to take out my money out of the bank? I am not being charged to put it in (knock on wood). Why after doing four transactions am I still being charged for a withdrawal? How did Scotiabank come up with the $300 fee (the ATM is less than $100)? In this case, is Scotiabank telling me that I should have done the three transactions at the teller and then go outside (where it is not safe and I am left exposed to all and sundry) to withdraw the funds?

I believe as consumers, we are treated unfairly with a smile, and so we take it until next time. Well, I think next time is now!

We need to ask ourselves, do these organisations want our business? Do we want to continue doing business with these organisations? If there is no change, we need to explore our options.