Scotiabank has said that local businesses could see a reduction of up to 60 per cent in annual banking fees and significant reductions in processing times for some transactions if they utilise online banking channels.

The bank’s global transaction banking team urged more business owners and operators to consider digital channels for routine banking transactions including wire transfers, salaries and payments to regular suppliers.

According to Perrin Gayle, senior vice-president in charge of corporate and commercial banking at Scotiabank, the COVID-19 pandemic has resulted in a spike in the number of businesses applying for online banking services.

“Our digital banking channel offers a comprehensive range of banking services and is the ideal way of keeping abreast of day-to-day finances, while, of course, offering the added benefit of lower fees for certain transactions,” he said.

Highlighting the benefits of reduce cost, Gayle pointed out that businesses could benefit from up to 17 per cent reduction in wire transfer fees, if done electronically. Similarly, he noted that cheque payments could cost up to $385 in fees per cheque, while online deposit payments cost $8 per transaction — a reduction of approximately 98 per cent. “That’s significant savings monthly,” he stated.

Noting that the bank was working at improvements to accommodate faster and increased volumes of transactions even as have had to limit the number of persons allowed in branches in compliance with physical distancing requirements, Gayle outlined a raft of options available to customers.

“Scotia Business online offers customers the opportunity to make deposits, view transactions and credit card statements, make payroll and local utility payments, complete third-party payments to suppliers, and conduct local real time gross settlement (RTGS) transactions or wire transfers overseas among other services,” a release from the entity noted.

“Online banking is part of Scotiabank’s cash management services suite, which also includes a consolidated cash plan (CCP) used by large companies with several locations making multiple deposits. As an impetus to get businesses to join the online banking platform, the bank is now offering three (3) months’ free access for new entrants and a waiver of the one time onboarding fee,” it continued.

Gayle further advised customers to take advantage of the wide range of options available to them, to allow for more convenience and ease of access especially amidst the challenging times.

“During this period, we are strongly advising our business customers to utilise online payments as a way of reducing the potential risk of exposure to the virus for both their employees and other payees,” he said.