Come August 1, Scotiabank will cease charging customers monthly fees.
This, as the bank transitions to billing its customers at the time the transaction occurs and not at the end of the month.
In a statement yesterday, June 17, Scotiabank’s President and CEO David Noel, told customers the move to real-time billing will help them better understand and manage the overall charges to their deposit account.
He said, for example, that after withdrawing money from the ATM, a bill is generated comprising the service fee plus GCT, and is immediately charged to the account, which he says provides greater transparency on each service and allows customers greater control and flexibility in managing the charges to their accounts.
Meanwhile, all online and mobile banking transactions remain unchanged.