UPDATE: Scotiabank revises fee to encash cheques following public backlash
Scotiabank has rolled back the cost to encash cheques drawn on other banks.
Last week, a letter writer to The Gleaner complained that the charge had moved from $140 to $1,358.
But this afternoon, Scotiabank said it has revised the charge and as of Wednesday, all cheque encashments will cost a standard fee of $385.
"Increases were mostly related to the increased operational costs for in-branch transactions while most fees for non-branch transactions remained unchanged," a Scotiabank spokesperson said in a release this afternoon.
But Scotiabank says based on feedback received through its branch network it has revised the charges.
At the same time, the bank is encouraging customers to take advantage of alternate channels most of which its says are available at lower cost than in-branch fees.
Today, the Commerce Minister Karl Samuda described as preposterous the decision of Scotiabank to increase by more than 1000 per cent the fee to encash cheques drawn on other banks.