Scotiabank Says "Don't Pay More Fees Than You Have To"
Scotiabank continuously reviews its operations and business practices across all our companies. These reviews span all functional areas, and can include new products/product enhancements, processes, interest rates, as well as fees and charges. A review of fees generally takes place on an annual basis. In those instances where we can make services more affordable we always strive to do so.
Our imperative now is to educate our customers on the numerous channels that are free of cost. We are essentially saying 'Don't Pay More Fees Than You Have To'.
We have launched a number of initiatives that will allow customers to save on their overall banking costs. These include:
- Free Internet / mobile banking
- A mobile app on iPhone, Blackberry & Android phones for easier access to e-banking
- Initiatives to demonstrate, assist and educate our customers on how to use our Scotia Online, mobile and ATM functionality. These include demo videos and tips on our website, in branches, as well as on various other social media platforms. There are also designated team members in a number of our branches to assist customers with using the alternate channels
- Introducing the functionality to allow online/mobile users the ability to transfer funds between local commercial banks free of cost
- Increasing local Point of Sale transaction limits
- Increasing ATM withdrawal limits to $30,000. (Individuals have the option to set higher limits)
In most instances, fees related to our alternate channels were removed or lowered. Higher adjustments were mostly associated with "in-branch" transactions that can be performed at alternate channels. There were no increases to fees on senior or junior accounts.
About Scotia Group Jamaica Limited (SGJL)
Scotiabank has been in Jamaica since 1889 and is the premier financial institution in the country with just over 2,000 employees and 35 Branches Island wide. SGJL is a subsidiary of Scotiabank (Canada) and offers a diverse range of products and services including personal, commercial, and small business banking, wealth management, insurance, and mortgages. SGJL is an award winning institution having been named on numerous occasions as the Bank of the Year and Best Bank in Jamaica by international financial publications – the Banker, Latin Finance, Euromoney, and Global Finance magazines. SGJL has JMD$ 414 billion in assets (as at January 31, 2015). For more information please visit www.scotiabank.com/jm.