Select Account for business
Simple. Predictable. Skip the monthly fee. Select Account for business Plan B monthly fee of $40 rebated1 with no minimum balance requirement2 when you sign up for Merchant Services with Chase.
Product benefits
- Simple, easy-to-understand pricing.
- Plan options to suit your transaction needs.
- No monthly plan fee if you maintain minimum balance every day of the month.3
More great reasons to choose this account
- The choice is yours – Four plans to choose from to suit your business needs
- Grows with you – Easily switch to a higher plan as you grow
- No surprise fees – High limit of cash deposits included at no extra charge
Account details
| Select Account for business | ||||
|---|---|---|---|---|
| Features | Plan A | Plan B | Plan C | Unlimited |
| Monthly Plan Fee3 | $20 | $40 | $75 | $120 |
| Monthly Plan Fee Rebate with Minimum Balance4 | $20,000 | $35,000 | $45,000 | $75,000 |
| Transactions5 | 25 | 70 | 125 | Unlimited |
| Deposit items6 | 50 | 60 | 85 | Unlimited |
| Cash Deposits7 | $6,000 | $8,000 | $10,000 | $30,000 |
| Additional Transaction Fee | $1.50 | $1.50 | $1.50 | $0 |
| Additional Items deposit fee | $0.25 | $0.25 | $0.25 | $0 |
| Additional Cash Deposit Fee (For every $1,000) | $2.50 | $2.50 | $2.50 | $2.50 |
Fees for sending Interac e-Transfer† through Scotia OnLine®
Effective October 13, 2023
Select Account for business (Plan A, Plan B, Plan C)
| Price / Transaction | ||
|---|---|---|
| Transaction / month | Current price | New price |
| 1-20 | $1.00 | Free |
| 21 and above | $1.00 | $1.00 |
Select Account for business (Unlimited Plan)
| Price / Transaction | ||
|---|---|---|
| Transaction / month | Current price | New price |
| 1 and above | $1.00 | Free |
Fees for sending Interac e-Transfer† through ScotiaConnect®
Free transfers stated above are for ScotiaOnLine and are not applicable to ScotiaConnect. For any Interac e-Transfer transactions completed via ScotiaConnect, standard pricing applies.
Related services
Special offer
Scotiabank Passport® Visa Infinite Business* Card
Earn up to 40,000 bonus Scene+ points in your first year (that’s up to $400 towards travel). Plus, no annual fee in the first year.1
ScotiaConnect Digital Banking
See your business account activity, pay employees and business taxes, send and receive EFTs, and more.
Credit Line for business
A valuable tool to help manage your cash flow.
™
Trademark of Scene IP LP, used under license.
†
Interac e-Transfer is a registered trademark of Interac Corp., used under License.
®
Registered trademarks of The Bank of Nova Scotia.
*
Eligible Scotiabank business accounts are those business accounts through which Interac e-Transfers† transactions can be sent and/or received.
1
As of July 1, 2023, the standard monthly plan fee for Select Account for business Plan B is $40 and is subject to change by Scotiabank at any time with notice. Please refer to Your Guide to Fees and Interest Schedules available at www.scotiabank.com for the current fees and charges applicable.
2
This Merchant Services Offer (the “Offer”) is available to customers who accept it by signing an offer letter and who, on or after September 12, 2023, have or open a Select Account for business Plan B (“Account”) and are signed up with Chase for Merchant Services ("Eligible Customers"). To qualify for a monthly fee rebate on your Account, Eligible Customers must use their Account to settle Chase deposit transactions. If there is no Chase deposit transaction activity in the Account during any month, the monthly Account fee will not be rebated for that month. When an Eligible Customer qualifies for a rebate in any given month, the monthly Account fee will initially be charged to the Account and rebated in the Account within 20 business days following the last day of the billing cycle in which the monthly Account fee was charged. The rebate amount will be equal to the monthly Account fee charged to your Account, up to a maximum rebate amount of $40. To receive a rebate of the monthly Account fee, the Account must be open and in good standing at the time of the rebate. An Account is considered in good standing if there is no breach of the terms and conditions specified in the Scotiabank Financial Services Agreement or any other terms and conditions or agreement(s) applicable to the Account. The Offer is conditional upon successful onboarding with Chase. This Offer will not affect other service charges applicable to the Account. Maximum one offer per Eligible Customer regardless of the number of Accounts opened. This Offer is non-transferable and may be changed, cancelled, or extended by Scotiabank at any time without notice, including if an Eligible Customer stop obtaining payment processing services from Chase.
3
Minimum monthly fee, monthly plan fees, payment, transaction and additional service fees are published in Your Guide to Fees and Interest Schedules or on individual service agreement forms and is subject to change from time to time.
4
Transactions that are included in the monthly plan fee for each applicable account plan option are allocated in the order in which they appear on the Transaction Fees Chart of Your Guide to Fees and Interest Schedules on page 12. Additional transactions are charged on a “pay-per-use” basis when applicable.
5
Maximum per account, per statement cycle.
6
Monthly minimum balance must be maintained in the account on each day of the month to receive the monthly plan fee.
7
Cash deposit does not include coins. Refer to page 13 of Your Guide to Fees and Interest Schedules for coin deposits.