Scotiabank increasing transactions fees next month

This fee increase will also be implemented in St. Kitts and Nevis on transactions that customers carry out daily. was reliably informed that the fees will come into effect from the 1st February 2015, and it may affect saving account holders, retail deposits amongst others, a source told this media house.

Further, asked to remain anonymous, the individual at the Scotiabank told this publication that the policies are already in place to be instituted, and they will begin to do public advertising in the local media via the newspapers.

However, the source disclosed that information already has been placed on their website with the changes. attempted several time to obtain a comment from Country Manager Dave Ramsumair. Those efforts were unsuccessful.

According to the Bank’s website, Total Access Account holders will pay a monthly fee of $10 with unlimited self-service and 10 branch/cheque transactions, however, each branch or cheque transaction after will be subject to a $2 fee.

Electronic Access Accounts would be subject to a monthly fee of $5 with unlimited service and a transaction fee of $5 for each additional transaction.

Any ScotiaCombo Accounts that fall below $500 would be subjected to a $3.50 monthly fee and $2 for ever additional Branch or cheque transaction.

Further, Primary Savings Accounts would have a $3.50 monthly fee for accounts below $500, but for every branch transaction customers are asked to pay $3 and an ATM fee of $1.50, while the Junior Accounts would be subject to the same additional transaction fees but no monthly charge.

Foreign Currency Accounts falling below $500 would be subjected to a $1.50 monthly charge, with a $1.50 transaction fee for branch and cheque transactions, and a $1 ATM charge.

The bank noted that additional fees may apply for non-Scotiabank ATMs and Visa Debit transactions performed outside of the country, the bank stated on its website.


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