Payroll Access Account

These terms and conditions (“Terms and Conditions”) govern the Payroll Access Account and are supplemental to the terms and conditions of the Scotiabank Personal Financial Services Agreement (“PFSA”).

In the event of any conflict in the provisions of the PFSA and these Terms and Conditions, the provisions of the PFSA shall apply. Capitalized terms used but not defined in these Terms and Conditions shall have the same meanings as defined in the PFSA.

Features of the Payroll Access Account

The Payroll Access Account is a chequing account offered by Scotiabank Trinidad and Tobago Limited (“Bank”). This type of account is designed for customers who wish to have their salaries paid directly to their Scotiabank Account and carries the following special features:

• No monthly service charges.
• No transaction fees at Scotiabank ATMs.
• No Scotiabank Point of Sale fees.

Payroll Access Accountholders may also enjoy:

• Waiver of the credit card annual membership fees waived in first year for newly approved credit cards.
• Waiver of the annual fee in first year for all approved Scotia Line Gold accounts.
• 25% discount on application fees for Mortgages and Scotia Plan Loans and mortgage appraisal fees. 
  

Payroll Access Accountholders who are also eligible to participate in Bank’s Club S program, will have access to several discounts and benefits at several merchants across Trinidad and Tobago.¹ 

Payroll Access Account Eligibility Requirements

To open and maintain a Payroll Access Account, you must meet the applicable eligibility requirements at the time of the account opening and for the duration of the account’s operation. These eligibility requirements are as follows:

(i) You must be a resident of Trinidad and Tobago and 18 years and over.
(ii) Your salary must be assigned to the account and must be credited electronically to the account within 90 days of the account opening date.
(iii) Your salary must be credited to the Payroll Access Account electronically either via Scotiabank’s Cash Management Services or the Automated Clearing House on a daily/weekly/fortnightly/bi-weekly and/or monthly basis. For partial salary assignments, the minimum assignment shall be TTD$15,000.00 (or USD$ equivalent) on a monthly basis.
(iv) Once The Payroll Access Account is opened it must be in good standing and must not have a negative balance exceeding the authorized overdraft limit.

If your salary is not assigned to the Payroll Access Account within 90 days of the account opening date, or if you fail to meet any of the other Eligibility requirements set out above, the Bank will convert the account to an Electronic Access Account-TTD$² / Primary Savings USDS³ upon providing you with 90 days notice. Once your account is converted you will no longer receive the benefits of the Payroll Access Account.

Employees of Scotiabank do not qualify for Payroll Access Accounts.

The Bank may add, amend, modify or replace these Terms and Conditions at any time. Notice of any additional, amended, modified or replaced terms and conditions may be given to you in any of the ways described in the section of the Personal Financial Services Agreement entitled “Communicating with Each Other”.

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¹ Eligibility requirements for membership of Club S apply. Please refer to the Terms and Conditions of Club S which can be found on the Bank’s website: [Terms and Conditions Scotiabank Club S Program]

² The Electronic Access Accounts carry a $15.00 monthly account maintenance fee and $10.00 fee for each transaction at the branch. For more information of the Electronic Access Account please visit our website.

³ The Primary Savings USD$ carry a $2.00 monthly account maintenance fee and $1.50 fee for each exceeded transaction at the branch. For more information of the Primary Savings USD$ Account please visit our website