Personal Banking

Support for our Personal Banking Customers

Last updated 16/06/20

Customer Feedback

"I needed to defer my loan payments due to financial constraints back in March and Scotiabank did everything for me. I didn't need to visit the branch at all, which was such a relief since I was very worried about contracting the virus." – Sharon J.P.

Financial Relief Options

Our Customer Assistance Program was designed to help if you were impacted by COVID-19. If you were able to continue or resume your regular payments, we encouraged you to do so to reduce your debt. Our initial payment deferral options have now come to an end. 

As a reminder, while the deferral meant that you did not need to make monthly payments during the deferral period, interest was calculated as normal. Please note, the deferred interest is not being added to your loan balance i.e. there is no interest on interest.

The deferred interest amount and any insurance premium, if applicable (the "Deferred Amount") is due before your loan ends.

Mortgages and Real Estate Loans
If you requested and received a deferral on your Mortgage or Real Estate Loan payments, this would've ended 3 months after it was applied. For example, if a deferral was processed in April, 2020, it would've ended in June 2020. Automatic payment deductions resumed from your next due date in July 2020 - there was no need to contact us to reinstate payments.

Other Loans -
No sign up was needed
Your loan payments were automatically deferred for 3 months. If your loan was up to date, your deferral ended during June 2020. Automatic payment deductions resumed from your due date in July 2020 - there was no need to contact us to reinstate payments.

If you continue to be financially impacted by the pandemic and are unable to resume your payments, please contact us at 62SCOTIA (627-2684) to discuss your options. 

Our team is ready to provide you with further assistance such as combining your debt to give you more flexibility. Read the FAQ below.

Credit Card Relief

No sign up was needed.

Minimum payment requirements on Credit Cards were automatically waived for 3 months for all qualifying customers. This deferral period ended on June 30, 2020. Your minimum payment requirements resumed from July 1, 2020, with due dates depending on your billing cycle. There is no need to contact us, simply resume your payments.

For details on relief options that are still available, check out our FAQs below.

Scotia Caribbean App/ OnLine Banking

You can make credit card payments, and view your next payment date and payment amount for your loans, mortgages and credit cards on the Scotiabank Caribbean mobile banking app

Here’s how you can repay the Deferred Amount:

If your loan ends before Dec 31, 2022, you’ll need to repay via lump sum on or before the end date of your loan.

For loans ending after Dec 31, 2022, here are your options:

Option 1
Make a lump sum payment on or before Dec 30th, 2020.

Option 2
A temporary adjustment will be made to your monthly payment amount
, from Jan 2021 to Dec 2022.

This means that your regular monthly payment amount will be increased to include the Deferred Amount, which will be divided evenly over these 24 months. This will help you pay off the Deferred Amount in smaller sums, versus paying the lump sum amount. There is no increase to your total loan amount; only your monthly payment will change.

What's Next?

If your loan ends before December 31, 2022, feel free to contact 62SCOTIA (627‑2684) for details. 

If your loan ends after December 31, 2022, by the end of November, you will receive an email stating the amount that’s due.

Should you continue to be impacted by the pandemic and have any questions about your loan, please call 62SCOTIA (627-2684)

Your safety is our top priority. Please continue to Bank@Home and stay safe.

Frequently Asked Questions

I have questions about financial relief measures because of COVID-19.

For customers in good standing, loan payments were automatically deferred for 3 months. This automatic deferral period has now ended. If you are able to continue or resume your regular payments, we encourage you to do so to reduce your debt.

We recognize that having available cash flow is important during this time. As such, if you are still impacted by COVID-19 and are unable to resume your regular payments, there are further assistance options that may be available to you to help you reduce your monthly payments.

If you need to discuss these options, please contact us at 625-3566 or 62-SCOTIA, or via email at scotiasupport@scotiabank.com.

Minimum payment requirements were automatically waived for 3 months, from March 30 to June 30. Credit card interest rates were reduced, and late fees were waived for the deferral period.

Regular minimum payment requirements and applicable fees resumed from July 1, 2020. If you are able to continue or resume your regular payments, we encourage you to do so to reduce your debt.

If you are still impacted by COVID-19 and are unable to resume your regular payments, there are further assistance options that may be available to you to help you reduce your monthly payments. If you need to discuss these options, please contact us at 625-3566 or 62-SCOTIA, or via email at scotiasupport@scotiabank.com.

Customers were offered the option to postpone payments on their mortgage (principal, interest, insurance premium, if applicable) for up to 6 months, via an initial 3 month deferral period with the possibility to extend for an additional 3 months. If you are able to continue or resume your regular payments, we encourage you to do so to reduce your debt.

We recognize that having available cash flow is important during this time. As such, if you are still impacted by COVID-19 and are unable to resume your regular payments, there are further assistance options that may be available to you to help you reduce your monthly payments.

Should you need to discuss these options, please contact us at 625-3566 or 62-SCOTIA, or via email at scotiasupport@scotiabank.com.

All customers with term loans (excluding mortgages) had their payments automatically deferred for an initial 3 month period. This meant that your next payment date was moved to a period three months in the future, the maturity date of the loan was extended by three months, and any Scotiabank auto debit or Scotiabank standing order that was in place to pay the loan was suspended.

On expiry of the deferral period, regular payments will be due and your auto debits or standing orders will be reinstated. Interest that accrued during the deferral period will be due for payment on or before the maturity date of the loan.

 

For term loans that were automatically deferred, payments became due three months later. For example, if your loan was due for payment on April 5, the payments for April 5, May 5 and June 5 were deferred, and your regular instalment was due on July 5.

For mortgages, the next payment date will depend on the date you called to request the deferral.

For credit cards and ScotiaLine, minimum payment requirements resumed from the July billing cycle.

Details of your next payment date and payment amount may be found on our  Scotiabank Caribbean mobile app

No, they are different. A mortgage payment deferral means that payments are postponed, during which time interest is accrued to the outstanding balance of the mortgage. Mortgage forgiveness by comparison means that a lender cancels or forgives part of the debt. Scotiabank extended mortgage payment deferrals, not mortgage forgiveness.

You may submit your request via email at scotiasupport@scotiabank.com or via phone at 625-3566 or 62-SCOTIA.

Until your request is processed, manual payments can be made at any of our branches.

There were no fees or penalties as a result of having your payments deferred.

Interest will continue to accrue on the principal balance of any mortgage, loan, credit card or ScotiaLine during the deferral period, and will be payable once the deferral period is over. Options for repayment of this accrued interest will vary depending on the type of facility, and are explained under the other FAQs.

Loans maturing after December 31, 2022

The interest accrued and loan insurance premium, if applicable, during the deferral period are payable via:

  • Lump sum(s), with no interest accruing on the deferred amount; or
  • A 24-month interest-free loan starting January 2021, by way of automatic adjustment to your monthly payment amount from January 2021 to December 2022.

Loans maturing before December 31, 2022

The interest accrued and loan insurance premium, if applicable, during the deferral period will be payable as a lump-sum at the end of the loan or may be repaid via several lump-sums during the term of the loan, at your option, without penalty. No interest will accrue on the deferred amount.

You could have requested a mortgage payment deferral at any time up until September 30, 2020 by calling us on 625-3566 or by sending an email to scotiasupport@scotiabank.com

A payment deferral meant that you would not be required to make regular payments on your loan (principal, interest, loan insurance premium, if applicable). The deferral period is the time you did not make payments.

When deferrals were being offered, you would have received an email within 7 business days, after your application was submitted.

I have questions about my credit card payments and payment deferrals

Since the deferral period is over, regular requirements for monthly payments and normal interest calculations on the accumulated balance have now resumed. 

Regular requirements for monthly payments resumed from July 1st, 2020, with due dates depending on your statement cycle. Your new payment date can be located on your statement or by using the Scotia Caribbean mobile app.

Understandably, you may still have concerns about your financial well-being during this time. We recognise that having available cash flow is important, and as such, if you continue to be financially impacted by the pandemic and you are unable to resume your regular payments, please contact us at 625-3566 or email: scotiasupport@scotiabank.com   to discuss the options available to you.

I have questions about how and where I should bank right now.

 

Whether it's online, mobile, by phone or at an ATM, we've got the option that best suits you. Visit our Digital Banking Page.

As the situation evolves rapidly, we will be adjusting our hours and in some cases there may be a need for us to close some of our branches. If a branch is required to be temporarily closed, we will post a sign on the door informing our customers.

Stay informed at the Branch Updates page.

You can complete many of your everyday banking needs from home, 24 hours a day, via online or mobile banking

At this time all merchants are accepting credit and debit and our ATMs will continue to operate as normal. We are continuing to monitor the situation as needed to ensure that you are able to withdraw cash if you need it.

Stay informed on ATMs

Stay informed on ScotiaCard

Terms & Conditions

By submitting a request to defer your regular ScotiaPlan, Auto Loans, mortgage or real estate
secured loan payments you agree to the following Terms & Conditions.