Personal Finance

i paid $11 to close my bank saving account

  • Last Updated:
  • Nov 15th, 2020 6:28 pm
[OP]
Member
May 4, 2020
266 posts
53 upvotes
Toronto, On

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.
27 replies
Deal Fanatic
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Jan 31, 2006
7442 posts
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Toronto
How long have those accounts been open?
Deal Addict
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Nov 14, 2003
4934 posts
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LaLaLand
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
3937 posts
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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
41 posts
33 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 Guru
Dec 5, 2006
11000 posts
5946 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
491 posts
80 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]
Member
May 4, 2020
266 posts
53 upvotes
Toronto, On
cgtlky wrote: How long have those accounts been open?
More than 5 years
[OP]
Member
May 4, 2020
266 posts
53 upvotes
Toronto, On
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?
Jr. Member
Aug 8, 2011
155 posts
185 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 Guru
Dec 5, 2006
11000 posts
5946 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
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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).
Deal Fanatic
Jul 4, 2004
8842 posts
1758 upvotes
Closing account fees are not untypical especially for credit unions and usually do apply should you choose to close an account before 90 days. As some of the others had noted, it would be better to transfer the funds out and let these accounts go dormant If you wish to avoid these fees. I had to do this with Outlook Financial recently.
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Deal Addict
Sep 14, 2012
1964 posts
1433 upvotes
Montreal, QC
Frankie3s wrote: ... it would be better to transfer the funds out and let these accounts go dormant If you wish to avoid these fees.
Some institutions will charge a dormant fee. Tangerine for example will charge a dormant fee for their accounts.
Deal Guru
Dec 5, 2006
11000 posts
5946 upvotes
Markham
Frankie3s wrote: Closing account fees are not untypical especially for credit unions and usually do apply should you choose to close an account before 90 days. As some of the others had noted, it would be better to transfer the funds out and let these accounts go dormant If you wish to avoid these fees. I had to do this with Outlook Financial recently.
Didn't scotiabank charge fee on those chequing and saving account regardless?
Deal Addict
Mar 14, 2014
1075 posts
1385 upvotes
UrbanPoet wrote: 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).
The standard is a fee if closed within 90 days.
[OP]
Member
May 4, 2020
266 posts
53 upvotes
Toronto, On
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.
I did not lie. I went to close my accts. They told me to pay around 11 for the Canadian and 1.5 for the usa. I do not have to pay monthly fee. I had 3k in that acct and if I keep 3k, they wont charge me.
Deal Addict
May 16, 2017
1927 posts
2493 upvotes
lwlwlwlw wrote: I did not lie. I went to close my accts. They told me to pay around 11 for the Canadian and 1.5 for the usa. I do not have to pay monthly fee. I had 3k in that acct and if I keep 3k, they wont charge me.
Using Scotia logic. To close the account you needed to move the $3K out, therefore the monthly fee is no longer waived at that instant. Pro-rated fee charged for the month?

I had something similar when I closed some Scotia accounts but got them waived. Unless you close on the exact day of your monthly statement period, Scotia will try to collect full or partial monthly fees on account closing.

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