Business Banking advice and solutions for practising physicians
Banking that grows with you throughout your career
Business Banking advice for practising physicians
At Scotiabank, our specialized business banking team has partnered with MD Financial Management (MD Financial) to offer the right advice and banking solutions for you – no matter the size of your business. As a practising physician, the Physician Banking ProgramΔ offers you savings and rewards on business banking solutions to help you manage your finances.
Frequently asked questions
Banking solutions for your practice
At Scotiabank, our specialized business banking team has partnered with MD Financial Management (MD Financial) to offer the right advice and banking solutions for you – no matter the size of your business. As a practising physician, the Scotiabank Healthcare+ Physician Banking ProgramΔ offers you savings and rewards on business banking solutions to help you manage your finances.
Scotia Professional® Plan
- Scotia Professional® Plan line of credit with preferred interest rate of Prime1
- Scotia Professional® Plan Lite with up to $5,000 in overdraft protection1
- Low monthly plan fees
Select Account for Business
- Monthly plan fee waiver for Plan B (value of $35 a month ) with no minimum balance required
- Plan B is a premium operating account which includes 70 transactions2 and 60 deposit3 items per month
- Other Select Account for business plans are available
Scotiabank Passport Visa Infinite Business Card4
- First year $199 annual fee waiver for primary card holder
- For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year5 (value of up to $400)
- No annual fee for secondary card
- Earn up to 1.5X Scotia Rewards® points on eligible business purchases6
- Complimentary airport lounge membership including 6 free visits per year (value of $300)7
- No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)8 and comprehensive insurances9
- Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances
Scotiabank Momentum for Business Visa Card
- Save the annual fee ($49 continuous annual fee rebated)
- 3% cash back on eligible gas station, restaurant and office supply store purchases, and on eligible recurring bill payments and 1% cash back on all other everyday purchases for your business10
- Longer interest-free grace period of 25 days11
- 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that)12
Important Notice: Effective April 1, 2021, the annual fee and certain other fees are changing.
Chase Merchant Services13
- Comprehensive payment processing solution with competitive rates for debit and credit card processing
- Free deposits with Scotiabank Business Account Plan14
- Next business day funding15
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All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details
American Express is a registered trademark of American Express. The Scotiabank Gold American Express® credit card program is issued and administered by The Bank of Nova Scotia under license from American Express
*** Interac and the Interac logo are registered trade-marks of Interac Corp. Used under license.
Chase and the Octagon logo are registered trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.
MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit md.ca.
To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions:
• Enrolled in a Canadian university medical degree program
• Has been accepted or is completing a medical residency in Canada
• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada
• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory
• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory
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 Guide to Fees and Interest Schedule on page 18. Additional transactions are charged on a “pay-per-use” basis when applicable.
Maximum per account, per statement cycle.
To apply for the Scotiabank Passport Visa Infinite Business Card you must declare that you meet at least one of the following requirements:
You have a minimum business annual sales revenue of CAD $500,000, you have at least $60,000 in personal annual income, you spend at least $30,000 annually on your credit card, you have a least $100,000 in annual household income, or you have at least $250,000 in assets under management.
For a limited time, open a new Scotiabank Passport Visa Infinite Business credit card account (“Account”) and earn a 30,000 Scotia Reward point bonus with your first $5,000 in everyday eligible purchases if made within the first 3 months. Plus, earn a bonus 10,000 Scotia Rewards points when you spend at least $60,000 in everyday eligible purchases on your Account in your first year. Conditions apply - see below for further details. Offers apply to new Accounts only opened by July 1, 2021. Offers may be changed, cancelled or extended and cannot be combined with any other offers.
Offer Description and Conditions: To be eligible for the 30,000 bonus Scotia Rewards points (the “30,000 Point Bonus”), you must open a new Account by July 1, 2021 and have at least $5,000 in eligible purchases posted to your new Account in the first 3 months from the Account open date. To be eligible for the 10,000 bonus Scotia Rewards points (the “10,000 Point Bonus”), you must have at least $60,000 in eligible purchases posted to your new Account in your first year (12 months) from the Account open date. Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. The 30,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after the qualifying $5,000 in eligible purchases being posted to your Account within the first 3 months from the Account open date, provided the Account is open and in good standing at time of payout. The 10,000 Point Bonus will be credited to the primary cardholder’s Scotia Rewards account within approximately 2-3 business days after you have met the $60,000 annual spend threshold on the Account, provided your Account is open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.
Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for the Offers. Subject to the above exclusions, Scotiabank retail credit cardholders are eligible for the Offers.
Rates and Fees: The current annual fee for the Scotiabank Passport Visa Infinite Business credit card (the “Account”) is $199 for the primary card, $0 for a secondary card and $50 for each supplementary card.
The current preferred annual interest rates for this Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change.
Priority Pass™ membership is for the Primary Cardmember on the Scotiabank Passport Visa Infinite Business account. It includes access to airport lounges participating in the Priority Pass program. Certain terms, conditions and exclusions apply. Unless cancelled, Priority Pass membership automatically renews on its anniversary date. Priority Pass membership will be cancelled if your Scotiabank Passport Visa Infinite Business Card is cancelled. Lounge visits are counted on a per person per visit basis (e.g. Lounge access by a Cardmember and one accompanying guest will count as two (2) visits). The first 6 lounge visits for the primary Cardmember per 12-month cycle from date of enrolment are complimentary. Beginning with the 7th visit for the primary Cardmember, lounge visits are subject to a per person per visit charge of $27 USD (this per visit fee is subject to change by Priority Pass). For complete Priority Pass terms and conditions, please visit www.prioritypass.com/Conditions-of-use.cfm. Priority Pass membership and services are provided by a third party and offered through Visa Canada. The Bank of Nova Scotia and their affiliates are not responsible for Priority Pass membership and services.
We will not charge you Foreign Transaction Fees on foreign currency transactions including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the disclosure section of the Welcome Kit for this Card. This fee relates to the mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the disclosure section of this Card’s Welcome Kit or download it by visiting http://www.scotiabank.com/welcomekits for full details. Rates and fees subject to change.
Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.
You will benefit from an interest-free grace period of at least 25 days on new purchases that appear on your statement for the first time if you pay off your balance in full by the payment due date. There is no interest-free grace period for cash advances (including balance transfers, Scotia Credit Card Cheques and cash-like transactions).
Offer Description and Conditions: The introductory 2.99% interest rate on balance transfers applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below (the “Offer”). This rate applies when the new Scotia Momentum for business Visa credit card account (“Account”) is opened by February 28, 2021 and will continue for 6 months from Account opening date (the “Promotional Period”). This Offer is subject to any available limit for Cash Advances (the “Cash Advance Available Limit”) on your Account. This Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account. After the Promotional Period, the 2.99% interest rate on any promotional Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%). If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on Cash Advances). Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for Offer. Subject to the above exclusions, Scotiabank retail credit cardholders are eligible for the Offer.
Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: A Balance Transfer fee of 0% of the amount of each Balance Transfer transferred during the Promotional Period applies to this Offer. The current annual fee is $49 for the primary card and $29 for each additional supplementary card. The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances.
All rates, fees, features and benefits are subject to change.
Merchants who wish to obtain payment processing services from Chase must submit an application. All applications are subject to credit approval and entering into a Merchant Agreement with Chase.
Deposit Fees are waived for Chase customers using the Scotiabank Business Account Plan. The Basic Business Account is excluded. Customers are subject to a transaction fee for each of their Visa♢, MasterCard** and Interac***deposit transactions if they process payments with a service provider other than Chase Paymentech.
Next-day funding is available to Chase Paymentech customers for Visa, Mastercard and Interac card transactions only. Next-day funding is subject to merchant credit approval and all funds are subject to fraud monitoring. Qualifying funds are deposited on the next business day, excluding weekends and bank holidays.