After touting the convenience of free online transfers between banks, one financial institution is about to start charging customers for each transaction.
Customers of Scotiabank today received news that from next month they will have to pay for the service.
A statement from the bank has informed customers that its “real-time payments (RTP) and automated clearing house (ACH) transfers which offer a convenient way to pay your child’s school fees, send money to your family, friends, nail-tech, plumber, hairdresser, and more, as of February 1st, 2024, will attract a fee of $1.25.
This new fee will apply when visiting the branch or using Scotia online banking and the Scotia Caribbean app to transfer funds from your Scotiabank account to other local banks or credit unions.
According to Scotiabank, it “remains committed to investing in the development of their digital banking platforms to ensure that they are safe and user friendly; making day-to-day banking needs more accessible.
The customer notice states that scotia-to-scotia account transfers remain free.
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