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

Seniors are valued customers. At Scotiabank, a Senior’s Champion advocates to make sure we meet seniors’ diverse banking and accessibility needs. 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:

Principle 1:

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

  • Our internal policies and procedures support our employees when they help our senior customers. These policies and procedures include, a list of training modules, internal resources such as how to help senior customers who may be experiencing diminished mental capacity, and other information related to serving seniors.
  • Our escalation procedures connect frontline employees with management and support departments to help seniors with complex or unique circumstances (like fraud and suspected financial abuse, for instance).
  • Our Seniors Playbook and Seniors Operating Model outlines our approach to put the Seniors Customer policy into action and the role of the Senior’s Champion. It also enables our partners to consider seniors’ needs in the design and delivery of banking solutions.
  • The seven principles of the Code are included in our regulatory compliance management framework, which ensures regular reviews of our policies and procedures.

Principle 2:

Banks will communicate effectively with seniors

  • 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 Customer Information Centre (located in branches and online) includes helpful information on topics like Powers of Attorney (POA) and Joint Deposit Accounts.
  • Finance for seniors in Scotiabank’s Advice+ hub contains advice 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.
  • A comprehensive resource with information related to online banking developed for seniors is provided by frontline employees.
  • We’re committed to meeting the accessibility needs of our senior customers in a variety of ways, including:
    • Physically accessible ABMs that include audio navigation for customers who are visually impaired
    • Wheelchair accessible branches that can be found at
    • Accessible or alternate document formats available when a customer requests them
  • Customers 75 and over have priority access when they call our contact centre.
  • Our website features a Security Centre, where customers can find tips on how to avoid fraud, and instructions letting them know what to do if they suspect they’re being defrauded.
  • Let’s Talk Money: Seniors presented by the Canadian Foundation for Economic Education (CFEE) and sponsored by Scotiabank, is a financial education program promoting and highlighting the benefits of conversations about money between seniors and their adult children. The program provides guidance and tools to facilitate meaningful conversations about financial matters, including managing assets, powers of attorney, and inheritance.

Principle 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 provides them with the knowledge and skills to communicate with senior customers who require extra banking support.
  • Topics include:
    • Senior customer overview
    • Senior friendly practices
    • Understanding mental capacity and decision-making
    • Power of attorney and joint accounts
    • Fraud and financial abuse

Principle 4:

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

  • Resources are updated and available on a dedicated internal web portal for front-line employees to help them understand issues relevant to senior banking needs.
  • Developed internal resources include:
    • Serving seniors with accessibility and online banking needs
    • Financial literature on senior-related topics
    • Power of attorney reference guides
    • Support material around vulnerability and potential financial mistreatment
    • Mental capacity guideline

Principle 5:

Banks will endeavour to mitigate potential financial harm to seniors

  • Scotiabank has extensive tools (featuring advanced security protocols and built-in fraud deterrents) and investigative procedures in place to reduce financial harm to all customers, including seniors. We offer an 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.
  • Our website’s Security Centre provides tips for avoiding fraud and instructions for those who suspect they may have experienced fraud.

Principle 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. Right now, Scotiabank:
    • Holds a proactive outreach program to let our senior customers know about upcoming branch closures in their areas. We work with them to understand their banking needs, which allows us to provide additional support they may need.
    • Holds monthly Digital Adoption Days before a branch closes or consolidates. We hold these sessions to demonstrate alternate ways of banking, like telephone banking for those who don’t have access to online banking or the internet.
    • Branch Management arranges for a team to visit all identified senior residence locations in the community to provide help with banking for senior customers, to answer question and to show alternate ways of banking.

Principle 7:

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

  • Our annual Public Accountability Statement outlines the bank’s commitment to the Code of Conduct for Delivery of Banking Services to Seniors.