KINGSTON, Jamaica — Scotiabank announced today that effective immediately, dormant fees, currently charged on inactive accounts, will be suspended.

In a release this afternoon, Scotiabank said that this move forms part of the bank’s ongoing review of fees as they seek to identify the best options to effectively manage costs, while ensuring that they continue to efficiently meet the changing needs of customers.

Deputy CEO, David Noel, said that there is a cost to managing dormant accounts, however, “we are working assiduously to identify new solutions for managing these costs as well as the overall processes surrounding the treatment of dormant accounts. We will continue to invest in technology and alternatives to enhance the banking services offered to our customers”.

Scotiabank encouraged customers to utilise any of the channels provided, including the branch network, Scotiabank ABMs, Scotia Online banking platform or the Scotia Mobile app to access their accounts and conduct transactions.