In the face of mounting public backlash to its newly announced banking fees, Scotiabank has announced a six-month delay in a planned increase in its banking fees for ABSs and point of sales (POS).
This as the bank says it will be expanding its Payroll Account to any customer with a monthly income of less than $100,000 whether or not their pay is deposited to the account.
The country’s two largest commercial banks, Scotiabank and National Commercial Bank (NCB), faced significant public backlash recently when they announced their intention to further increase banking fees.
In a statement, the bank revealed it will delay the increase for six months while it educates customers on the best account type to suit their needs.
The bank says it will also educate customers about the most appropriate channel based on their needs, which it says will further minimize costs.
The bank says the account type has no minimum balance requirement and attracts no fees for use of its ABM or POS transactions.
Scotiabank says the move is intended to assist customers to access banking services at a low to no cost.
NCB has also faced significant backlash for its increases in f