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)
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"Bank robbery " has an additional definition ...arrghhh
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 .
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!!!
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.
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.
This bank seemed to be staffed by Romanians,Bulgarians and Nigerians,not forgetting our friends from T&T.
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.
John
I hear you.
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
Tieffffffss and highway robbers.. Just simply tiiiieeeeffffsss!