Looking to close your Scotiabank bank account online, by phone, or in person? This article covers how to close your Scotiabank account and the applicable closing fees.
Scotiabank is a top-5 bank in Canada based on its market capitalization. It offers a full suite of banking products, including chequing, savings, loans, lines of credit, mortgages, investments, credit cards, and business accounts.
You may be considering closing your current Scotiabank bank account for various reasons.
If it is due to bank fees, there are now several options for no-fee chequing accounts these days, including Tangerine Bank, which is a subsidiary of Scotiabank.
Read on to learn about how to close your Scotiabank account.
How To Close a Scotiabank Bank Account
Scotiabank does not allow customers to close their accounts online. To close your Scotiabank account, you will need to:
- Visit a Scotiabank branch and tell them you want to close your account
Withdraw your deposits before visiting a branch to expedite the process and save on fees.
If you are outside of Canada, you can also send a letter to Scotiabank requesting that your account is closed.
Scotiabank Account Closing Fees
It is free to close your account at Scotiabank if the account has been opened for longer than 90 days.
For an account closed within 90 days of opening it, you will be charged a $20 fee.
If you want Scotiabank to transfer your chequing or savings account balance to another financial institution, there’s a $20 fee.
If your account has been inactive for 2 years, it becomes inactive, and dormancy fees apply as follows:
|Dormancy period||Inactivity fee|
|10-year transfer to Bank of Canada||$40|
After 10 years of inactivity, funds in CAD-denominated deposit accounts will be sent to the Bank of Canada. This does not apply to USD or EUR accounts.
Things To Do Before Closing Your Scotiabank Bank Account
You should take these steps before closing your Scotiabank account:
1. Open a New Bank Account
Open a new bank account that meets your needs at another financial institution.
You can also look at some of the top banks in Canada to see what’s available for chequing and savings accounts.
For a no-fee self-directed account, check out the top online brokerages in Canada.
For low-fee, professionally managed investment accounts, this list of robo-advisors covers some of the best ones.
2. Update Recurring Payments and Banking Information
Review your bank transactions to find recurring payments that occur automatically and update your payment details for these services/bills.
If you have outstanding cheques from your old bank account that haven’t cleared, you should wait until they clear to avoid NSF fees.
Contact your employer to update your payroll direct deposit details.
If you receive government benefits like the Canada Child Benefit, OAS pension, Canada Pension Plan, GST/HST Credit, Ontario Trillium, etc., you should ensure your banking details are updated there as well.
3. Transfer Your Money
Move your money out of Scotiabank into your new bank accounts.
You can choose to keep Scotiabank credit cards, investments, lines of credit, and loan accounts open, as these are separate from your chequing or savings account.
4. Download Bank Statements
Download your bank statements so you have a record of your transactions in case you need to refer to them in the future.
5. Close Your Scotiabank Account
Allow a few weeks before closing your account to ensure that all pre-authorized payments have been updated.
You can destroy your old bank cards and chequebook thereafter.
How To Close a Scotia iTrade Account?
Before closing your Scotia iTrade account, transfer your investment assets to another financial institution or withdraw them as cash.
To transfer registered accounts such as RRIF, RRSP, TFSA, or RESP, you will need to complete specific transfer forms.
There are also transfer fees as follows:
- Registered account transfer fee: $150
- Non-registered account transfer fee: $150
Contact a Scotia iTrade representative toll-free at 1-888-872-3388 to discuss options for closing your account.
Close Scotiabank Account FAQs
No, you are unable to close a Scotiabank account online. To close your Scotiabank account, you need to visit a Scotiabank branch.
To close your Scotiabank account, you will need to visit a branch or send them an account closure letter. Accounts cannot be closed online.
Your credit score should not be impacted when you close your Scotiabank savings or chequing accounts. If you close a Scotiabank credit card, it could impact your credit score if it lowers your credit limit and/or shortens your credit history.