Scotiabank is committed to ensuring that all Canadians have access to basic banking services, including a basic transactional account, at a minimal cost. We provide clear training and guidelines to employees on this issue, and straightforward account information to customers, so they can easily understand how to open a personal deposit account and manage their banking needs.

• Scotiabank’s Basic Banking account is a low-cost banking option. The $3.95 monthly fee covers 12 debit transactions, including up to four teller-assisted transactions. No minimum deposit or proof of employment is required.
• A list of acceptable identification needed to open an account, cash government cheques (up to $1,500), and other information, is available in our branches, over the phone and on our website. More information is also available in the brochure Day-to-Day Banking, Opening a Personal Deposit Account or Cashing a Federal Government Cheque at Scotiabank/Cheque Holding Policy, available in our branches.
• To enhance customer service, Scotiabank and other members of the Canadian banking industry committed to reducing the maximum cheque hold period from 10 to seven business days for Canadian dollar cheques encoded with magnetic ink character recognition that are not damaged or mutilated, and that are drawn on a financial institution’s branch located in Canada and deposited to personal deposit accounts. Details are available in the brochure listed directly above.
• Scotiabank has been collaborating with members of the Canadian banking industry and the Canadian Payments Association to implement new electronic imaging technologies that will significantly reduce cheque processing times among financial institutions.

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