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)
Is that even possible? I would swear they already have on every fee imaginable
Wait this bank still exist in barbados
Blasted thieves dem is
Credit union is the way to go
These banks are the f……… worse.
About time bajans take all their money from these banks and take a trek to the credit unions, or what i call “the poor people bank”….
No interest paid on savings. No one borrowing any money except to buy Vehicles. Government paper paying 1 percent interest annually.Heavy Writedowns.Increased operating expenses. Even with these increases in fees expect layoffs. God help Barbados. The Strong will survive on the backs of the Weak who have no options. Many small Companies and even some larger ones will not survive the next 2 to 3 years.
That is why i take ALL my money out that bank…NONSENSE
There seriously needs to be an overhaul and regulation of all banking charges in Barbados. It’s out of control. Fee after fee, yet they always seem to be putting up nice big new buildings for themselves…
More still???????
Time for people to take a stand, go get your money and let them see who really as the power. This is highway robbery. People can hardly get by and this is how you say thank you for banking with us. Get your act together without your clients you have no work.
Credit union is looking brighter
Any fees to close the account ?
Yes they do sadly. My friend had to pay $6 plus.
ROB THEM.. caw they are foolish.
Down wid Scotia Bank
Done wid Scam Banking
What wickedness
The Banking system has to satisfy their investors!
Wow….. Is all I can say…
Barbados Public Workers Co-Operative Credit union LTD the best better than the Banks
The Barbados Central Bank must have some type of regulatory oversight on these clowns…They know they better not dare try this stunt in the ECCU countries!!!
Barbadians need to take control of their financial affairs. These folks are taking us for granted. Pull your money. Walk away from them. Give our local credit unions a chance. What do you have to loose?
These commercial bank vultures couldn’t wait for the ink to dry on the reduction in corporate taxes. They figure that with the corporations paying less taxes, they can jack their fees up to get a larger share of the pie. Don’t know how some of these people sleep at night.
Think i’ll finally go to the credit union
I tell wunna so money from investments got to be recovered!!!!!!!
Getting really tired of Scotia and their miltiple Fees….
Some of these banks need instant withdrawals…Show them they can’t do without customers…Get a tot and hide the two pennies in the yard.
Take your Money and Find A Credit Union!! Fees! Fees!!
People still aint learn yet?
Terrible. I got any loans or investments I had with Scotia Bank In Canada away from them long ago.
They were screwing up my accounts repeatedly, taking loan payments out 3 times in one week (was supposed to be a monthly payment), money disappearing from my account for no reason “computer errors”.
Many friends and relatives had the same thing happen as well.
I was waiting for this. Don’t even think about moving to another bank cause they will follow. The reason is that all of them lost millions in earnings when they had the local restructuring. If you remember sinkler made them increase the amount of government paper they were holding, so when the rate dropped from 7 percent on that paper to 1 percent they were all instructed to make the difference up with revised bank charges. I would suggest who got money on deposit and still have loans pay off the dam loans and tell Scotia and all them keep you dam loan money. Put the money on the credit union and keep only a checking account and a debit card with them. If a couple hundred people did that th will see how fast they drop these charges!
This is daylight robbery. How can rhey be allowed ro do this?
They also need to stop telling people that they’re richer than they think….most people are actually poorer than they think and live beyond their means!
No one can stop these Je$$e Jame$ crew. Stop talking and take the exit.
Hmmmmmm
Wow
I left Scotia Bank years ago. They are just not user friendly. This sounds ridiculous.
Credit union the best we have better than the Bank
You all have to blame Mia Amor Mottley for this increase, not the Banks.
She has steadfastly refused to pay the Banks their interest or their principal.
As a result their money has to come from somewhere. BANKS ARE IN BUSINESS TO MAKE MONEY.And guess who is easy pickings???
CUSTOMERS!!!!!!
Bank customers are now paying the Banks to keep their money for them.
Thanks to the MIA AMOR MOTTLEY BARBADOS LABOUR PARTY GOVT. which you all elected 30 – 0.
Mia Mottley has put measures IN PLACE to make sure that her Govt. can rob the Banks.
ERNIE AND BERT!!!!
Remember????
first citizen’s fees high also
Scotia Bank= Not to Be Trusted Ever!
I really want to see how many bajans will continue to prop up the existence of this financial institution in Barbados. It’s time they sent a message for this bank to shut shop and return to whence they came!!!!! Enough is enough folks!
Carson i agree with you that the interest rate cut has caused the banks to now come to you and me for the difference. But let’s also be fair and admit the fact the the last government forced them to double the amount of government paper they were holding obviously doubled their exposure. So yes this government cut the interest rate but the last government doubled their exposure, while ar the same time offering them an intereat rate that was at the time 2.5 times the global market rate for bonds of this type at that time. It is only
fair that both parties accept some responsibility for this action now as a result.
Plus trust me the other banks will follow as none of them plan to allow their profits to drop because of the debt restructuring. It is for us the consumers to now decide our next move!
All the ras time so
Are you aware that these people charge per $1000 dep /per mth And it is accumulated and charge at the end of month. So if you deposit 500 every wk = $2000/mth they will charge $20. If it’s $20000 accumulated end of mth then $200
I have a daughter studying in the USA I have to send money for her every single month Can I send it through The Credit Union?
Being taken to the Cleaners, but BAJANS will not make that exit.
We love it so. (We people do not move in mass numbers).
Remember , it’s your money you can do what ever you want with it.
Wunna commenters like wunna dont read. The fees are for COMMERCIAL and BUSINESS only. stop hurting ya head fuh now.
There arev certain transactions that can’t be made at the credit union but can be made at the banks
Michel Williams
3rdSun and you know the businesses will also past it on too. So as the saying goes however you look at it the buck will stop at the end consumer who unfortunately is you and me.
Hard times are here and the banks are not helping at all
Why is the government allowing this? they cannot do this in Canada, UK or US… smh….
Tieffffffss and highway robbers.. Just simply tiiiieeeeffffsss!
Fair trading commission would tell me i cant display a sign saying “no cash back,exchange only ” is unfair trade ..but when will the banks have regulations review cause it looks like they can do as they please
John
I hear you.
Rosemarie
The conditions that the Banks operate under in Canada are much better for business than in Barbados .
In Barbados the Banks are operating under Banana Republic rules. So it is much tougher for them to make a living. As a result the people suffer, not that the Mia Amor Mottley Govt. cares as do the Canadian Govt.!!!!
Just bear in mind that Barbados is a Banana Republic, that will throw a considerable amount of light on this subject.
This bank seemed to be staffed by Romanians,Bulgarians and Nigerians,not forgetting our friends from T&T.
New fees for who got money there but not me cause somebody in there did thieving my to cents and I close de account…so new or old it ain for me.
All of these fees are affecting the poor black and small business people of Little England. Same noose, same place, different time. Keep praying and they will keep preying. The credit union too is on lock down.
I took my money from there long time they were charging too many fees then if some of the big companies start taking out their money and go with credit unions u will see how fast the tune change smh pack of vipers!!!
Everybody doing as they like in barbados yes it is that that one place on earth where many can come and do as they like and get away with it.
The laws are only the govern the poor and keep them poor making life hard for them. They are only remembered every 5 years .
“Bank robbery ” has an additional definition …arrghhh