Scotiabank changes opening hours, adjusts fees and loan terms amid COVID-19

Amid the coronavirus in Jamaica, Scotiabank has announced changes to its branch operations.

It has also removed some fees and adjusted some loan terms.

In a statement, the bank said the following new measures are aimed at protecting staff and customers:

1. Effective Thursday, priority access for senior citizens for the first 30 minutes after opening.
2. Effective Monday, March 23 opening hours reduced to 9 a.m to 1:30 p.m
3. Restricted number of customers in banking halls
4. In-branch services limited to those that cannot be conducted via other channels like Automated Banking Machines (ABMs). Full service ABMs may be used to make cash or cheque deposits or to withdraw cash up to $100,000. Customers can also make credit card or Scotia loan payments using these machines or via the online portal.

Meanwhile, Scotiabank says customers will benefit from some changes to fee and loan structures.

Certain terms and conditions will apply, however, the bank did not detail them.

Retail Customers
1. Payments for secured and unsecured loans may be deferred for up to six months
2. Debt consolidation and fixed payment plans available for customers requiring long-term financial assistance. These includes mortgages, all Scotia Plan loans, Scotia lines of credit and credit cards until September 30, 2020
3. Loan Fees will be waived on customer assistance facilities.

Small Business Customers
1. Payments for secured and unsecured loans may be deferred for up to six months
2. Debt consolidation and fixed payment plans are available for customers requiring long-term financial assistance. This offer includes operating lines, term loans and credit and will be available until September 30, 2020
3. No processing fees will be applied to loans extended for working capital support for businesses affected by COVID 19
4.  The Bank will increase the recently launched Women’s Entrepreneurship Fund to $1 billion. This fund also has a preferential interest rate of 9.99 per cent to assist women in business.

Corporate and Commercial Customers
1. Temporary principal payment relief on term loans of up to six months, initially, until August 31, 2020 with a corresponding extension on the loan
2. Increased working capital lines of credit to cover payments and other business expenses
3. No loan fees for additional working capital for businesses impacted by COVID 19
4. Robust online banking platform for Corporate and Commercial customers to process payments to staff and suppliers

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