Upcoming change to our Cheque Encashment Policy
Effective December 1, 2020
The ongoing COVID-19 pandemic has changed the way business is conducted, and keeping our customers and employees safe remains our top priority. In line with this, practicing physical distancing is critical, and to this end limiting the number of persons in our banking halls at any given time is a necessary requirement.
Based on the foregoing, effective December 1, 2020 we will no longer facilitate the encashment of cheques by non-Scotiabank account holders with the exception of Government issued cheques related to Pension, Disability, Public Assistance and other Senior Citizens’ Grants. All of your cheques will require the payee to deposit the cheque into a bank account for clearing through the inter-bank clearing system.
We would like to ensure that have a seamless transition as we implement this new policy and we would be happy to discuss the option of opening Scotiabank accounts with your vendors or payees. Our customer service officers in branches can assist with this. We also wish to highlight that our award winning online Cash Management Services (CMS) can also be used for processing payments. Our CMS platform provides you with convenient and secure payment options which are not subject to the inter-bank clearings period or charges, providing significant cost savings to you.
If you are not currently enrolled for our CMS service, you can contact your Relationship Manager or Business Banking Officer and they will provide assistance for setup and training to take advantage of this payment method.
We appreciate your business and look forward to supporting you through this process.