Scotiabank Jamaica has advised customers it will remove monthly fees, as it looks to transition to real-time billing effective Saturday, August 1.
In a statement to customers on Wednesday (June 17), President and CEO David Noel said the decision comes from greater efforts to help consumers understand and manage the overall charges to their deposit accounts.
“We are removing your recurring Monthly Account Fee and, instead, will be charging fees as transactions occur. For example, when you complete an ATM withdrawal, the ATM transaction fee plus General Consumption Tax (GCT), will be generated and billed immediately to your account,” he explained.
“This change gives you full transparency on each service charge and gives you the flexibility to better manage and take control of charges to your account. You will only incur charges for the transactions you conduct. You are not required to take any action as a result of this change. All other terms and conditions of your account remain the same,” the statement continued.
Put simply, your Scotiabank fees will now be charged in real-time so it will be easier for you to understand exactly what you are paying for.
At the same time, all online and mobile banking transactions remain free.