New fees for some Scotiabank customers

Some Scotiabank business customers in Barbados are about to face new charges for some services, as the bank announces adjustments to its schedule of rates and fees.

Among the accounts to be affected as at March 1, are small business, commercial and off-shore banking customers.

“We advise that effective March 1, 2019, the following adjustments will be made to our schedule of rates and fees,” the bank said in a notice to customers.

Retail and small business account holders seeking a legal letter from their branch will be required to pay a $150 fee.

Retail banking customers carrying out over the counter transactions above any free items they are allowed, will be charged $5, while small business banking will attract an annual review fee of 0.25 per cent of outstanding balance. Late reporting fee will be $100.

At the same time, Scotiabank will be charging retail and small business customers $50 plus 0.5 per cent of approved loan amount (minimum of $100) as extension/refinancing fees and internal processing.

As for commercial customers, the financial institution will be charging a fee of $250 for change of directors or signatories, while accounts “requiring enhanced due diligence” will attract a fee of $500 for those same services.

There will be a new account fee of $500 for separate legal commercial entity, while those requiring enhanced due diligence will have to fork out $1,000.

Also, commercial entities seeking to establish a secondary account of the same legal entity will pay a fee of $150, while those “accounts requiring enhanced due diligence” will be charged $300.

The bank also announced that off-shore banking for “commercial operating/commercial surplus accounts” will attract fees ranging from $1,000 to $3,000 for new accounts of separate legal entity, secondary account fees ranging from $100 to $500, and change of directors or signatories on accounts fees of $500 or $1,000, depending on the account.

There will also be monthly management fees on various commercial accounts ranging from $150 to $600, while manual wires for outgoing wire transfers will cost $30 and online wires will be $25. (MM)