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Cashing a cheque without an account with the corresponding bank will now cost you $10 – at Scotiabank.
Earlier this week, the bank introduced the charge for anyone without an account at the financial institution but wanting to cash a Scotiabank cheque there.
This fee, which customers were alerted to by tellers as they conducted business in branches, is the latest fee since there was an $11 increase on user fees for account holders. In September, account holders found out, some via their statements, that the monthly service fee would increase from $5 to $16 effective the end of September.
Only last month, RBC Royal Bank, although they did not introduce a fee, also made the decision to cease cashing their cheques for customers who do not have an account with that institution.
When queried about the latest charge, a Scotiabank official told The Nation the fee was introduced “because banks charge customers”. (SDB Media)