Scotiabank commits to provide for an indefinite period a low-fee retail deposit account that meets the following guidelines:

• 8-15 debit transactions (including Internet and telephone banking) per month, at least two of which can be done in-branch;
• Maximum monthly fee of $4 - the fee will be commensurate with the number of in-branch and overall debit transactions (i.e., an account with a low number of in-branch and overall transactions must have an accordingly low monthly fee);
• Charges for extra debit transactions above the monthly limit will be reasonable and not out of line with charges for "extra" debits on other fixed-fee accounts at the Bank;
• No charge for deposits;
• Debit card included;
• Free monthly statement; and
• Cheques.

All individuals meeting the conditions of the Access to Basic Banking Services Regulations, when and if adopted and in force, will be eligible for our low-fee account. However, access to cheques may be subject to the Bank's usual eligibility criteria.

Scotiabank will give the Secretary of State (International Financial Institutions) six months' notice of any change to its low-fee bank account. In addition, Scotiabank may cease to provide such account after March 31, 2005, by giving the Secretary of State (International Financial Institutions) at least six months' notice in writing.

The terms of this commitment are public and replace previous commitments regarding our low-fee bank account.

Scotiabank's low-fee retail deposit account is the Basic Banking Account.