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New U.S. (consumer protection) laws mean changes to the Socitabank line of Credit Cards effective February 22, 2010.
These changes are designed to provide you with greater protection and greater disclosure of information about your account.
Overview of key changes
Enhanced disclosure
- Greater advance notice of changes to rates and fees
- More detailed account statement
No rate increases for existing balances
- If rates increase, in most cases the new rate will only apply to new transactions after the effective date of the increase
Timing of when payments are received
- New rules clarify when payments you make are considered received in terms of determining late payments
How your payments are allocated
- Payments in excess of the minimum will automatically be used to pay down the highest-rate balance, then the balance with the next highest rate
Limitation on fees
- The fees we charge you in the first year of your account cannot exceed 25% of your authorized credit limit
Review of rates and fees
- Well be re-evaluating our rates and fees schedule to ensure there is reasonableness and proportionality in terms of the penalty fees we charge and any fee increases we propose.
View the new account agreement:
View the rates and fees schedule
For more information on these changes, please visit your nearest Scotiabank branch.
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