Scotiabank says it will be expanding its Scotia Payroll Account which was designed to assist customers earning less than $100,000 per month. 

The bank said its Payroll Account was launched in 2019 and, to date, has assisted tens of thousands of customers (with the assistance of their employers) to open deposit accounts.

“Many of the customers in these accounts were previously unbanked and it has been a significant driver for financial inclusion,” Scotiabank added.

“These account types have no minimum balance requirement and attract no fees for proprietary ATM or POS transactions, as they were intended to assist new-to-bank customers to access banking services at a low to no cost. Our customers’ needs continue to be our priority and in light of recent feedback regarding proposed fee increases, we have decided to make some adjustments.”

Scotiabank said it would expand the Payroll Account to any customer with a monthly income of less than $100,000, whether or not their pay is deposited to the account.

“This will significantly increase the number of personal banking customers who benefit from fee waivers for proprietary ATM and POS transactions,” Scotiabank said.

The bank said it would also increase promotion and visibility of its Scotia Care accounts to ensure that all eligible customers are receiving the available benefits.

“The Scotia Care account is a similar account designed for customers who earn less than $100,000 per month and are also enrolled in government assistance programmes such as PATH and WeCARE,” Scotiabank said.

“Scotia Care Accounts also do not attract fees for proprietary ATM or Point of Sale transactions. Since our last service fee increase in 2019, we have made several changes in line with customer feedback including the removal of monthly deposit account fees and the introduction of real-time (pay as you go) billing for transaction fees.”

Additionally, the bank said it made the following changes: 

• Senior (citizen) Accountholders use Scotia ATMs and POS for free. 
• All deposits (cash or cheque) made via any channel are free.
• All transactions conducted via mobile or online banking including bill payment and funds transfers to any local bank are free. 
• Customers may also visit our branches and use our free Wi-Fi to conduct online banking. 

Consequently, Scotiabank said it would delay the implementation of the proposed fee increases for ATMs and POS for six months, while it continues public education efforts to ensure that customers are in the best account type and are accessing the most appropriate channel based on their needs – which will minimise the fees paid.

“We are committed to the financial well-being of our customers and to delivering banking services of the highest standards. We are also committed to Jamaica and to playing our part in its economic recovery. We encourage any customer with a concern about any other fees to reach out to us at 888 4SCOTIA and we will be happy to assist with offering solutions.”