The bank has also announced a number of changes to its retail deposit account suite in Barbados.
From February 1, the fee on primary savings accounts with balances below $300 will double to $5.00.
Foreign currency account holders will be required to pay a fee of $2.50 if their balance falls below $300 for the month. There was previously no charge.
There have also been some changes to fees for “each additional transaction” on some accounts, with some being free and others attracting a fee of $2.50 or $1.00.
Customers are able to see the new account features on the bank’s website and the information is also displayed at branches across the island.
In response to a query from Barbados TODAY, Managing Director for the Eastern Caribbean David Noel explained the changes were “tailored to suit how customers prefer to do their banking”, whether it be in a branch, via ATM, online or mobile.
“These changes will simplify the features and fee structure of our accounts so they will be better suited to what our customers are using the accounts for – whether saving or regular transactions,” he said.
“When it comes to use of technology, Barbados ranks third in the Americas with an Internet penetration rate of 75 per cent. Despite that, Scotiabank has only managed to get less than 25 per cent of our customer base using our online services, so we need to do a better job of making customers aware of our electronic banking channels,”Noel admitted.
To that end, he said, the bank was about to launch a new initiative where it would have representatives in the bank demonstrating on tablets, how to use online and mobile banking.
The bank is also introducing incentives for using other self-service banking services.
However, Noel pointed out that even with the self-service banking thrust Scotiabank was still dedicated to serving its customers who wanted the added flexibility of in-branch banking through its Total Access Accounts.
For a monthly fee, these accounts will accommodate up to 10 in-branch transactions per month as well as unlimited self-service transactions, the bank said.
Deposits made in branch will now count as transactions and may be subject to a nominal fee when the number of free transactions is exceeded. A special provision has been made for seniors who can use the Total Access Senior Account, which has no monthly fee.
“We are aware that many of our seniors may still prefer to do their banking in the branch and so they will not have to pay a monthly fee for their Total Access Account,” said Noel.