Scotia Bank Customers to pay more to cash their cheques.

The major goal of any bank is to make a profit.

They might camouflage it in a lot of convincing promises that they are looking out for consumers but the truth is banks need to make money.

So how do banks make their money? They charge their customers for every service they provide.

Now I have already written in this blog about the numerous bank charges and suggested that you check with your bank so that you know how these sometimes ‘hidden’ fees affect your account. These fees are inherent in the smooth running of the bank.

However, recently I was in line at a branch of the Scotiabank and saw a notice prominently displayed at the tellers. It read in part, ‘Effective August 1, 2013, a fee of $140.00 will be charged for cashing each cheque.’

I wondered at first if this applied only to those customers without an account at the bank because surely they would not subject account holders to this kind of hardship.

Imagine my disappointment when I was informed that the notice applied to account holders as well as non account holders. I asked a bank representative why this charge was added and her response was that the bank decided to do this in order to maintain their operating costs.

What options do customers have?

Well, the choices customers have are to either deposit the cheque in the ATM machine which is free (for now) or the payment can be credited to your account for future payment.

I have a problem with both options.

I personally don’t like using ATM machines for cheque deposits because it will take at least three working days in order for the customer to have access to his funds.

As to the second option, in these times taking any amount of money from a customer’s account is definitely going to affect him especially if it accumulates.

There are ways around the fee, as persons who are paid by cheque might now want to be paid in cash or have the money deposited in their account.

Bear in mind that if you do deposit the cheque in your account the bank policy dictates that it will take up to three working days before the funds will be released.

Bank charges are not going away anytime soon so consumers have to try and make the best of the situation.

Ironically, there was slogan in another part of the bank that read, ‘It’s your family’s peace of mind that counts.’

How do you cope with the increased bank charges? Let me hear from you!

Tags: banking, fees, save