Personal Finance

ScotiaBank Fees Changes for Personal Bank Accounts - Effective February 1st, 2011

  • Last Updated:
  • May 4th, 2011 10:07 pm
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Deal Guru
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Feb 24, 2008
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ScotiaBank Fees Changes for Personal Bank Accounts - Effective February 1st, 2011

http://scotiabank.com/images/en/filespersonal/25257.pdf

Power checking
- reduced to 12 transactions (15 non-branch transactions currently)
- includes branch transactions
- $1000 minimum to waive $3.95 fee ($1500 currently)

Basic Banking Plan

- $8.95 monthly fee ($7.00 currently)
- reduced to 25 transactions (30 non-branch transactions currently)
- includes branch transactions
- $2000 minimum to waive $8.95 fee ($2,500 currently)
- Scotia InfoAlerts now included

Scotia One Account
- $11.95 monthly fee ($9.95 currently)
- $3000 minimum to waive $11.95 fee ($3,500 currently)
- Scotia InfoAlerts now included

Scotia Value Account
- $14.95 monthly fee ($12.95 currently)
- 2 free monthly Interac withdrawals at non-Scotiabank ABMs in Canada
- Scotia InfoAlerts now included

Daily Interest Savings
- $1.25 per transaction ($0.85 currently)
- No Recordkeeping Fee Waiver ($500 currently)

Scotia Gain Plan
- 0 free transactions (currently 2 free transactions)
- No Recordkeeping Fee Waiver ($500 currently)

---

Non-sufficient funds (NSF)
- $42.50 ($40 currently)

Personal Overdraft Protection Interest Rate Changes
- 19% (prime + 5% currently)

E-mail Money Transfers – Effective March 12, 2011.
- $1.00 ($1.50 currently)

djino
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Feb 15, 2008
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Doesn't look overly expensive to keep a small balance with Scotia. $2000 to save $8.95/month is a 5.4% return.

I don't know of any other business that will let you interact with them 25 times in person and only charge you $9/month.

The overdraft charges, and the NSF charges, and even the reduction on the money transfer fees are very generous.

I don't know why people would whine and complain about this.
Deal Expert
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Dec 11, 2005
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Way to drive away your customers Scotia...

Scotia seems to care more about growing their Carribean business than retaining their Canadian business.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Mark77 wrote:
Dec 8th, 2010 5:39 pm
Doesn't look overly expensive to keep a small balance with Scotia. $2000 to save $8.95/month is a 5.4% return.
This is nonsensical because you are not getting $9 / month of value here.

If you are going to keep 2K / month locked up then why not bump it to 5K and get TD Select Service, which actually comes with real perks?

Why would you want to lock up $2000 / month for an account worse than PC Financial?
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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Dec 28, 2008
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Mark77 wrote:
Dec 8th, 2010 5:39 pm
Doesn't look overly expensive to keep a small balance with Scotia. $2000 to save $8.95/month is a 5.4% return.

I don't know of any other business that will let you interact with them 25 times in person and only charge you $9/month.

TD Value Plus Account - 25 Transactions - $8.95
CIBC EverydayPlus Chequing - 25 Transactions - $8.95
BMO Plus Plan - 30 Transactions - $8.50
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BryceS wrote:
Dec 8th, 2010 6:05 pm
TD Value Plus Account - 25 Transactions - $8.95
CIBC EverydayPlus Chequing - 25 Transactions - $8.95
BMO Plus Plan - 30 Transactions - $8.50

For how much longer though? Certainly, the other banks will eventually follow suit with their own price increases.
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Mar 6, 2004
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Mark77 wrote:
Dec 8th, 2010 5:39 pm
I don't know why people would whine and complain about this.
When you paid zero in service fees before and now have to keep X dollars in the account to have those fees waived - I have to gripe about that.
vero95: :facepalm:
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Milfman wrote:
Dec 8th, 2010 7:08 pm
Whats the point of this account now? They might have well retire it.

have to agree, stupid gain plan. Guess i'll have to cancel mine.
「もし、奇跡を起こせたら……」
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Jan 24, 2010
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Richmond
Nerve pay stupid banking fees.

You lend money, usually for free (most chequing account), to banks and banks charge you for making profit from you.
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...with this change, i dont see how all those saving accounts are different now except for their names =p
「もし、奇跡を起こせたら……」
[OP]
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angel_wing0 wrote:
Dec 9th, 2010 2:18 am
have to agree, stupid gain plan. Guess i'll have to cancel mine.

+1.

It was my only reason for keeping a relationship with Scotiabank. As every other month I would make about 1 transaction. Now I'll be charged $1.25 for every transaction. Will be cancelling my Gain account before February.

djino
"Been with Scotia since '99"
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westcoastresident wrote:
Dec 9th, 2010 2:28 am
Nerve pay stupid banking fees.

You lend money, usually for free (most chequing account), to banks and banks charge you for making profit from you.
So true. People don't realize that our pay cheques and deposits are loans to the banks. The hard thing that I can't stomach is we give it to them basically for free.
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