Scotiabank Changes Hours of Operation, Adjusts Fees, Loan Terms Amid COVID-19 | New

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

It also removed some fees and adjusted some loan conditions.

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

1. From Thursday, priority access for seniors for the first 30 minutes after opening.
2. As of Monday March 23, reduced opening hours from 9 a.m. to 1:30 p.m.
3. Limited number of customers in banking halls
4. Branch services limited to those that cannot be performed through other channels such as automated teller machines (ABMs). Full-service ATMs can be used to make cash or check deposits or to withdraw cash up to $ 100,000. Customers can also make payments by credit card or Scotia loan using these machines or through the online portal.

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

Some general conditions will apply, however, the bank has not detailed them.

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

Small business clients
1. Payments for secured and unsecured loans can be deferred for up to six months
2. Debt consolidation and fixed payment plans are available for clients requiring long term financial assistance. This offer includes operating margins, term loans and credit and will be available until September 30, 2020
3. No processing fees will be applied to loans granted to support the working capital of 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 9.99 percent prime interest rate to help women in business.

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

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