Personal Banking

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 the 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 cancelled.

On expiry of the deferral period, regular payments become due and your auto debits or standing orders were reinstated. 

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.

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.

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 can request a mortgage payment deferral at any time from now until September 30, 2020, via Scotia Online banking or our website.

You can also call us at 625-3566 or email us at 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.

You will receive an email within 7 business days after submitting your application. If you do not receive an email, please call 625-3566 or email scotiasupport@scotiabank.com

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 1^st, 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.

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.

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