Scotiabank changes deposit accounts

Scotiabank St Vincent and the Grenadines will soon transition many of their customers to their new, expanded suite of deposit accounts in a drive to better tailor their account offerings to match customers’ needs.{{more}}

The transition is part of an exercise that began in 2010 when the bank introduced an updated suite of deposit accounts, specifically designed to suit their customers’ spending and savings habits. The suite was developed as a result of careful analysis conducted over a number of years and focused primarily on establishing accounts which worked better for the customers’ needs.

To make the migration exercise easier, Scotiabank has been reaching out to customers who have not yet adopted the newer accounts, with personalised letters that include carefully considered recommendations as to which accounts would best suit their needs. “The new accounts are designed to help our customers truly save. For one, we’re differentiating between savings and chequing accounts by creating separate products that will help customers better transact their business,” said country manager Basil Alexander.

“Hundreds of our customers are already using these new products since they were first introduced and have told us that they have seen the benefits. For those who are trying to save, it has helped them do so in a more focused way and for those who use their accounts to transact everyday business, like paying bills and so on, it has given them more flexibility.” Mr Alexander noted that while the bank has made recommendations, it was important that customers were aware that they are welcome to switch to an account that better suited them.

To that end, he pointed out that all of the correspondence which had gone out to customers included a full listing and breakdown of the range of deposit accounts for comparison purposes. “These fees have been in effect in the newer product suite since 2010,” noted Mr Alexander. “We have actually added more value to some of the accounts with extra transactions. All we are doing at this stage is to transition customers still on the old accounts to the new.

“If our customers have any questions for us about which account is best for them and how the changes will affect them, they should definitely feel free to contact us, either in-branch or by emailing: account.change@scotiabank.com which has been specially set up to deal with such queries.”