The era of depending on the big banks is over!
With the dominance of neobanks today, you have every reason to close your account with a big bank even if you have a complex financial situation.
Fortunately, closing a bank account can’t impact your credit score unlike closing a credit card.
So when a bank account is not improving your finances, the best you can do is to close it.
And that explains why many savvy Canadians like you are bidding farewell to the likes of Scotiabank.
This article provides a step-by-step guide on how to close your Scotiabank account whether you’re in or outside Canada.
How to Close a Scotiabank Account
There’s only one option to close a Scotiabank account in Canada — through a Scotiabank branch.
What this means is that you need to visit any of the over 900 Scotiabank branches to request an account closure.
This shouldn’t be a big deal if you’re already used to visiting a Scotiabank branch.
But if you’re unsure of how to go about it, follow the steps below to close your Scotiabank account:
- Step 1: Visit a nearby Scotiabank branch during working hours or locate a branch and book an appointment online to avoid delay.
- Step 2: Contact Scotiabank staff through the customer service unit and submit your account closure request.
- Step 3: Follow the instructions required by the Scotiabank staff such as providing reasons for account closure, and filling and signing documents.
There you have it. All things being equal, the whole process will take you less than 1 to complete.
How to Close a Scotiabank Account Online
After seeing how the clients of other banks close their accounts online, some Scotiabank clients like you are asking:
How do I close a Scotiabank account online or without going to the bank?
Unfortunately, you can’t close a Scotiabank account online at this point.
You can only close your Scotiabank account in-person at any of the Scotiabank branches.
The only thing you can do online when it comes to closing a Scotiabank account is to locate and book a branch appointment through the Scotiabank website.
How to Close Scotiabank Account From Overseas
If you’re overseas, that’s outside the countries Scotiabank operates (Canada, the US, and Mexico), you can close your account without visiting a Scotiabank branch in-person.
Follow the steps below to close your Scotiabank account from overseas:
- Write a letter requesting your account closure and providing the account details. You can decide to provide reasons for the account closure and request the transfer of any balance from the account.
- Mail the letter to your Scotiabank account branch. That’s the particular Scotiabank branch you opened your account in. If you’re not sure, you can identify your branch through the Scotiabank Online Branch Locator tool.
If your account is in good standing, it will be closed accordingly without requiring any effort from you. You will be notified once your account is closed.
Scotiabank Close Account Fees
Scotiabank charges variable fees for account closure.
If your account is older than 90 days from the day of opening, you will not be charged a closure fee.
But if your account was opened within 90 days, Scotiabank will charge you an account closure fee of $20.
However, there’s a $50 fee for closing any of the following accounts within 1 year of opening:
- RIF
- RLIF
- LIF
- LRIF
- PRIF
If your Scotiabank account has been dormant before you decide to close it, you may incur inactivity fees depending on the duration of dormancy.
The following table shows inactivity periods and their corresponding fees.
| Inactive Period | Fee |
| After 2 years | $20 |
| After 3 years | $20 |
| After 4 years | $20 |
| After 5 years | $30 |
| After 6 years | $30 |
| After 7 years | $30 |
| After 8 years | $30 |
| 9-year notice of transfer to Bank of Canada (excluding Euro & USD accounts) | $40 |
Before Closing Your Scotiabank Account
As with any bank account, you need to do your homework before closing your Scotiabank account.
What should be your homework? The following tasks:
1. Sign-Up For Another Bank Account
In case you don’t have another account to rely on, it’s essential to sign-up for a new one to ensure the smooth running of your banking activities.
When deciding which account to open, you should factor in your experience with Scotiabank to ensure you don’t keep closing accounts too frequently.
As you continue reading, you will learn about some of the top Scotiabank account alternatives that may suit your needs.
2. Move Your Balance
If you have a balance on the Scotiabank account you want to close, you should transfer it to your new or other bank account.
In some cases, you can’t move all the balances especially if the account has a minimum balance requirement.
In that case, you need to ask Scotiabank to move all outstanding balances in your account to your other account.
After confirming the alert of the transfer, you need to save the alert for record purposes.
3. Change Payments Details
To avoid failed transactions, you should consider changing your recurring payments details to reflect your new account.
This involves auto deposits and pre-authorized bill payments that operate through your Scotiabank account.
You may need to contact your employer and each company that operates a recurring transaction to your account to change your payment details.
About Scotiabank Accounts
Chances are that you’re just dissatisfied with your current Scotiabank account but you don’t have negative feelings about the entire bank.
In that case, you may want to know how all Scotiabank accounts compare to determine whether you should switch to another financial institution or not.
Below is a brief overview of Scotiabank accounts for your consideration.
1. Scotiabank Preferred Package
The Scotiabank Preferred Package consists of savings and chequing accounts.
The savings component, known as MomentumPLUS Savings Account, offers a high promotional savings rate of 5% for up to 5 months.
On the other hand, the chequing account offers a $350 welcome bonus to new users.
Below are other key features of the Scotiabank Preferred Package:
- $16.95 monthly fee or $0 fee with a $4,000 minimum daily balance
- Preferred GIC rates
- $0 monthly fees on Scotia U.S. Dollar Daily Interest Account
- Unlimited Interac e-Transfers
- Unlimited debit transactions
- $0 annual fees on qualified credit cards
- Scene+ program
- 20 free trades at Scotia iTRADE
2. Scotiabank Ultimate Package
The Scotiabank Ultimate Package is also a hybrid of savings and chequing accounts that offers access to exclusive benefits.
Like the Scotiabank Prepared Package, the Scotiabank Ultimate Package offers you access to a 5.00% promotional savings rate on a MomentumPLUS Savings Account and a $350 welcome bonus on a chequing account.
Below are some of the key features of the Scotiabank Ultimate Package:
- $30.95 monthly fee or $0 fee with a $5,000 minimum daily balance or a $30,000 combined minimum balance in MomentumPLUS Savings Account and Scotiabank Ultimate Package
- $0 monthly fee on Basic Plus Bank Account
- Unlimited Interac e-Transfer transfers
- Unlimited debit transactions
- Unlimited free Scotia International Money Transfers
- Free overdraft protection
- Scene+ program
3. Scotiabank Basic Bank Account
If you’re looking for a basic chequing account for everyday banking, the Scotiabank Basic Bank Account might be perfect for you.
Below are some of the key features of the account.
- $3.95 monthly fee
- 12 free transactions per month
- Free monthly Interac e-Transfers
- Overdraft protection
4. Scotiabank Basic Plus Bank Account
The Basic Plus Bank Account is an upgrade of the Basic Bank Account that’s tailored to Canadians looking to make up to 25 free debit transactions monthly.
Below are some of the other key features of the Basic Plus Bank Account:
- $11.5 monthly fee or $0 fee with a $3,000 minimum daily balance
- Free Interac e-Transfers
- Overdraft protection
- Scotia International Money Transfer
5. Youth Savings Program
The Scotiabank Youth Savings Program is a no-fee chequing account tailored to youths under the age of 19.
- Unlimited debit and Interac e-Transfer transactions
- Rewards on debit transactions
- Up to 0.10% interest on deposits
- Free statements
6. Student Banking Advantage Plan
The Scotiabank Student Banking Advantage Plan is a chequing account that’s designed for students that are currently enrolled full-time in Canadian or US post-secondary institutions.
With this account, students can carry out everyday banking activities without monthly fees.
Moreso, the account offers new users up to $500 Scene+ points valued at $50.
With the Student Banking Bundle, students can also earn up to 12,500 Scene+ points, valued at $125.
That being said, below are other key features of the Scotiabank Student Banking Advantage Plan:
- Unlimited debit and Interac e-Transfer transactions
- Rewards on everyday purchases
- Overdraft protection
- 50% commission discount and free trade at Scotia iTRADE
- Free statements
Learn about the Scotiabank e-Transfer limit and how it compares.
Alternatives For Scotiabank Accounts
From the beginning of this article, I stated that you have every reason to switch from the big banks to the neobanks even if you have a complex situation.
Here’s the thing, neobanks or online banks will save you more from banking fees and reward you with higher interest rates than traditional brick-and-mortar banks.
This is because most online banks don’t have monthly fees, transaction fees, or minimum balances, unlike the majority of traditional banks.
Overall, convenience is at its peak when it comes to banking online. Even though some of the traditional banks have online branches, they don’t match the experience offered by online-only banks.
So online-only banks are the ultimate alternatives if you’re looking to close your Scotiabank account and move to another bank.
But the problem is, the increasing number of online banks makes it challenging to easily choose the best one.
You don’t have to worry!
Below is an overview of some of the online-only banks across different categories.
| Profile | EQ Bank | Tangerine | Motive Financial | Neo Financial |
| Best For | GICs, registered savings, and prepaid card | Mortgages, chequing account, and promotional savings | Savings | Cashback credit cards |
| Products | Banking accounts, prepaid card, GICs, RRSPs, TFSAs, mortgages & money transfers | Personal and business banking accounts, investment accounts, mortgages, HELOC, lines of credit & credit cards | Banking and GICs | Banking accounts, credit cards, mortgages & wealth management |
| Bank account type | HISA, TSA, RSP, & USD accounts | No-fee chequing account, HISA, registered savings accounts & USD savings account | HISA & chequing accounts | HISA |
| Interest on savings account | 2.50% (3.00% for TFSA and RSP) | 5.25% promotional interest & 1% regular interest | 4.10% | 2.25% |
| Monthly fee | $0 | $0 | $0 | $0 |
| Minimum balance | None | None | None | None |
| Interac e-Transfer fee | $0 | $0 | $0 | $0 |
If you’re not sure which to choose, check out our guide on how to choose the best online bank in Canada.
FAQs on Closing a Scotiabank Account
Can I close my Scotiabank account at any branch
Sure. You can close your Scotiabank account at any of Scotiabank’s 900+ branches in Canada.
If you’re overseas, you need to write an account closure letter and mail it to your Scotiabank account branch.
Can Scotiabank close my account?
Yes. Scotiabank has the legal right to close your account without your request if they suspect anything suspicious about your account.
Why did my Scotiabank account close?
It could be probably due to fraudulent activity conducted with your account with or without your notice.
If Scotiabank closes your account due to fraudulent activity, their customer service representative may contact you to discuss the way out.
In some cases, you may need to visit the nearest Scotiabank branch to have your account reactivated.
Can I close a Scotiabank account online?
Unfortunately, you can’t close your Scotiabank account online at the moment. To close your Scotiabank account, you have to visit the nearest Scotiabank branch if you’re in Canada or send mail to your Scotiabank branch if you’re overseas.
Concluding Thoughts
Hopefully, now you know what it takes to close your Scotiabank account in and outside Canada.
From the above article, you have learned what to do before, during, and after closing your Scotiabank account.
The good news is, you can do all this within a day or so.
If you need more clarification or have any concerns, kindly let me know in the comment section below.
Before leaving, check out our Banking section to learn about the best banking solutions in Canada.
Also, check out our Freebies section linked below to learn about the latest freebies in the country.
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