Personal Finance

i paid $11 to close my bank saving account

  • Last Updated:
  • Nov 15th, 2020 6:28 pm
[OP]
Jr. Member
May 4, 2020
114 posts
19 upvotes

i paid $11 to close my bank saving account

Hi
I had 2 banks account with Scotia bank and today I went to the bank and I asked to close them. They told me to close the Canadian saving acct, I need to pay $11 and to close the american saving acct I need to pay $1.5,
I was shocked to be honest but I paid it. Why the charge? Can I complain somewhere to get refund? I do not feel it is right to get charged to close an account. Thank you very much.
28 replies
Deal Fanatic
User avatar
Jan 31, 2006
6694 posts
1563 upvotes
Toronto
How long have those accounts been open?
Deal Addict
User avatar
Nov 14, 2003
4265 posts
2561 upvotes
Gotham
Why would you pay to close them? Did you owe for fees? You could have just left them there and they would go dormant.

I would have told them to stick it where the sun don't shine.
Deal Addict
User avatar
Oct 13, 2007
3237 posts
1864 upvotes
Edmonton
lwlwlwlw wrote: Hi
I had 2 banks account with Scotia bank and today I went to the bank and I asked to close them. They told me to close the Canadian saving acct, I need to pay $11 and to close the american saving acct I need to pay $1.5,
I was shocked to be honest but I paid it. Why the charge? Can I complain somewhere to get refund? I do not feel it is right to get charged to close an account. Thank you very much.
According to Scotia’s website, there is a $20 fee only if closing an account within 90 days. Your amounts make no sense. There is no fee to close an account.
Newbie
Sep 11, 2015
35 posts
25 upvotes
Brampton, ON
Shame. I closed my scotia Chiquita and savings back in June and the lady waived a random $15 closing fee for me. Was with them since about 2011 though
Deal Fanatic
Dec 5, 2006
8593 posts
3981 upvotes
Markham
"HOW TO CLOSE A SCOTIABANK BANK ACCOUNT
You will need to visit a Scotiabank branch if you want to close your bank accounts. There is no option to call or do it online.
Note

Closing your account within 90 days of opening costs $20
A $20 fee applies if Scotiabank transfers your account to another financial institution
The NSF fee is $48
An account is dormant after 12 months of inactivity"

https://www.savvynewcanadians.com/how-t ... nt-canada/
Member
Jan 24, 2004
461 posts
60 upvotes
Why didn't you postpone closing the account if you didn't want to pay the fees? I would have taken some time to think about it, get more information before paying them the close account fee.

They got their money and not likely to give it back.
[OP]
Jr. Member
May 4, 2020
114 posts
19 upvotes
cgtlky wrote: How long have those accounts been open?
More than 5 years
[OP]
Jr. Member
May 4, 2020
114 posts
19 upvotes
zeroace wrote: Why didn't you postpone closing the account if you didn't want to pay the fees? I would have taken some time to think about it, get more information before paying them the close account fee.

They got their money and not likely to give it back.
That is exactly what I am thinking.. but they took me by surprised when I was at the branch. Did not know what to say or do?
Deal Addict
Dec 23, 2015
1267 posts
1705 upvotes
lwlwlwlw wrote: That is exactly what I am thinking.. but they took me by surprised when I was at the branch. Did not know what to say or do?
Megalobank 1- little guy 0
Jr. Member
Aug 8, 2011
128 posts
130 upvotes
Vancouver
Those were probably prorated monthly fees. If you had closed the accounts at the beginning of the month there would be no charge
Deal Fanatic
Dec 5, 2006
8593 posts
3981 upvotes
Markham
UrbanPoet wrote: Thats. Pure click bait title. OP lied about what really happened.. he paid $11 in fees. Not $11 to close the account. Huge difference.
What's different
Deal Expert
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Jan 27, 2004
43768 posts
6988 upvotes
T.O. Lotto Captain
smartie wrote: What's different
He makes it sound like you have to pay a fee to close the account.
In reality those fees were most likely for services that he used
So its more like “i had to pay for services that i incurred before i could close my account.”

Closing a bank account is free. (Unless you close it right after you open it).

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