Scotiabank’s Commitment to the Delivery of Banking Services to Seniors

Seniors are valued customers. At Scotiabank, our dedicated Seniors Team, led by the Bank’s Seniors Champion, advocate to make sure we meet the diverse banking and accessibility needs of seniors. Our commitment to the seven principles of the Code of Conduct for Delivery of Banking Services to Seniors (the Code) guides our work. This is how Scotiabank supports the Code: 

1: Banks will establish and implement appropriate policies, procedures, and processes to support the Code

  • Internal policies and procedures support our employees when they are engaging with our senior customers. These policies and procedures include a series of training modules and internal resources to assist employees and representatives in recognizing circumstances where seniors may need additional assistance with their banking activities and identifying and escalating incidents of suspected financial abuse or fraud. 
  • Our escalation procedures connect frontline employees with management and support departments to help seniors with complex or unique circumstances. 
  • Our Seniors Customer Policy enables our partners to consider seniors’ needs in the design and delivery of banking solutions and services. 
  • The seven principles of the Code are included in our regulatory compliance management framework, which ensures regular reviews of our policies and procedures. 
  • Our Seniors Team ensures the Bank remains compliant with the Code while also formalizing and executing a strategic roadmap that considers the needs of our senior customers. 

2: Banks will communicate effectively with seniors

Branch

  • Our Customer Information Centre (located in branches and online) includes helpful information on topics relevant to seniors such as Powers of Attorney (POAs) and Joint Deposit Accounts. 
  • A Wire Fraud Awareness Guide is available in-branch and online to educate seniors about wire fraud scams, warning signs, and prevention. 
  • A series of customer-facing, financial education presentations on subjects relevant to seniors and their adult children are available for employees to use when engaging with the community. 

Inclusive Banking

We’re committed to meeting the accessibility needs of our senior customers in a variety of ways, including: 

  • Physically accessible ABMs with audio navigation for customers who are visually impaired. 
  • Wheelchair accessible branches that can be found at http://maps.scotiabank.com
  • Accessible or alternate document formats available when a customer requests them. 
  • Visit Scotiabank’s Accessibility features to learn more. 

Online

  • The Seniors Resource Centre on Scotiabank’s Bank Your Way website consolidates valuable resources to help seniors bank with confidence. The Resource Centre provides information on digital and online banking services, accessibility features, account security, and protection against fraud. 
  • Our website features a Security Centre where customers can find tips on how to avoid fraud, and instructions on what to do if they suspect they’re being defrauded. 
  • Finance for seniors in Scotiabank’s Advice+ hub contains valuable information on how seniors can make the most of their money. It also brings awareness to common financial scams impacting seniors, and what they and their families can do to protect themselves. 
  • Timely financial literacy communications are sent to senior customers via email and digital banking channels on topics that matter to them, including fraud awareness and prevention, Powers of Attorney, Joint Accounts, and managing their finances.

Contact Centre

  • Customers aged 75+ have priority access when they call our Contact Centre.

3: Banks will provide appropriate training to their employees and representatives who serve seniors

  • Customer-facing employees and third-party representatives who sell bank products or services must complete training that equips them with the knowledge and skills needed to effectively communicate with senior customers, including employee procedures on identifying and escalating concerns. Topics include:
    • Senior customer overview 
    • Senior friendly practices 
    • Understanding mental capacity and decision-making 
    • Powers of Attorney and Joint Accounts 
    • Fraud and financial abuse

4: Banks will make appropriate resources available to client-facing employees and representatives to help them understand matters relevant to seniors’  banking needs

  • The Seniors Team engages with employees in branches with a high proportion of senior customers to exchange ideas, learn from colleagues, and provide feedback on new/existing resource materials designed to increase employee knowledge and confidence when interacting with senior customers. Employee insights and perspectives further inform the Seniors Team on what employees need to meet the diverse needs of senior customers and their loved ones. 
  • A variety of resources are available to customer-facing employees to help them understand issues relevant to the varying banking needs of seniors.  Resources, which are regularly reviewed to ensure the content remains relevant include:
    • How to serve seniors with accessibility and online banking needs 
    • Power of Attorney reference guides 
    • Support material on vulnerability and recognizing potential financial mistreatment 
    • Mental capacity guidelines 
    • Wire Fraud Awareness Guide 

5: Banks will endeavour to mitigate potential financial harm to seniors

Digital Banking Security

  • Scotiabank has extensive tools (featuring advanced security protocols and built-in fraud deterrents) and investigative procedures in place to help prevent, detect, and reduce financial harm to all customers, including seniors. We offer a Digital Banking Security Guarantee, through which we will fully reimburse customers in the event they suffer direct financial losses due to unauthorized activity, as long as the customer has met their security responsibilities.

Advice+

Cybersecurity & Fraud Prevention

Banking Notifications

  • Scotia Info Alerts provide seniors the ability to be notified instantly, via an app notification, email or both when important activities happen on their accounts.
  • Scotia Fraud Alerts: Scotiabank customers who have a ScotiaCard® Visa debit card and Scotiabank Visa credit card are automatically signed up for Scotia Fraud Alerts. Scotia Fraud Alerts immediately provide notification if there are any unusual transactions on customers’ accounts.

6: Banks will take into account market demographics and the needs of seniors when proceeding with branch closures

Scotiabank is committed to considering the needs of our senior customers, who may be particularly impacted by closure or consolidation of branch locations. To assist seniors with the transition, Scotiabank Branch Management:

  • Proactively reaches out to senior customers to let them know about upcoming branch closures in their area and works with them to understand their banking needs, which allows them to provide any additional support seniors may need.
  • Hosts monthly Digital Adoption Days before a branch closes or consolidates. These sessions are held to demonstrate alternate ways of banking, such as telephone banking for those who don’t have access to online banking or the internet.
  • Arranges for a team to visit all identified senior residence locations in the community to provide help with banking for senior customers, to answer questions and show alternate ways of banking.  If a visit to a senior’s residence is not possible, branch management reaches out to the administration to invite residents to scheduled digital adoption days.

7: Banks will publicly disclose the steps they have taken to support the principles set out in the Code