Customers of Scotiabank Jamaica are now required to pay a fee of $385 to change a $5,000 note into smaller denominations.
Last month, customers of the institution filed complaints with the OBSERVER ONLINE after visiting the bank’s downtown Kingston branch with hopes of exchanging the $5000 note for smaller denominations, but were told by the teller that they had to pay a fee for the service.
OBSERVER ONLINE has confirmed the details with a representative from Scotiabank but efforts to get a response on when the fee hike became effective proved futile.
Currently, Scotiabank charges a minimum fee of $385 for the exchange of coins for paper notes along with the encashment of cheques.Last December, the bank quickly backtracked on a 1000 per cent fee hike for non-customers wishing to encash cheques with the institution, following public outcry.
The outcry, which spread across social media and radio, followed exposure by Nationwide News Network that the fee had been increased from $385 per cheque across-the-board to $1,385 for cheques from other banks.
Scotiabank has now reduced the cost for encashing cheques to a standard fee of $385. In a statement, Scotia said this was based on feedback received through its branch network over the previous few weeks.
Greed is a hell of a thing! Scotia so greedy dem not even see seh dem a box food outta dem own mouth! Dem nuh see JN upgrade to being a bank now and di other bank dem a step up dem game and a offer things cheaper dan dem….a only because dem hav big companies who still a use dem why dem will continue to a jack up di rates dem!
I don’t use Scotia Bank. They hardly do anything for Jamaicans. Other banks need to step their game up though.
I can’t stand Scotia. They are thieves
a set a greedy thieves them, as mi paycheck land deh , mi just empty the account.