We will be able to find out so many reasons to close down the bank account. It can be because the customer just doesn’t like the service of the bank. Or maybe they are not using the bank account anymore. It depends upon the person and the other circumstances too. Let’s a circumstance is the person is moving to a new place where the bank may not be operating. In such cases, it may become hard to maintain the bank account. Today will tell you steps to close Scotiabank Account.
If you have a bank account with the Scotiabank and wish to close it down. Then this guide will definitely help you in this case. Because in this guide I will be mentioning everything that you should know while closing your account. But before we proceed to the further part of this guide. Let me tell you one thing if you have not used your Scotiabank account for the last 6 months. Then your Scotiabank account will be considered dormant by the bank.
About Scotiabank
| Bank Type | Public |
| ISIN | CA0641491075 |
| Founded | 30 March 1832 |
| Headquarters | Toronto, Canada |
| President and CEO (June 2020) | Brian J. Porter |
| CFO (June 2020) | Raj Viswanathan |
| Revenue (2018) | C$ 28.8 billion |
| Net Income (2018) | C$ 8.7 billion |
| AUM (2018) | C$ 225 billion |
| Total Assets (2018) | C$998.5 billion |
| Total Equity (2018) | C$ 67.7 billion |
| Number of Employees (2017) | 60,000 |
| Website | www.scotiabank.com |
How to Deal with Scotiabank Dormant Account?
As I have already mentioned that if you don’t use your bank account for a period of 6 months. Then your bank account will be considered dormant. Basically, the meaning of the dormant account is inactive. If you want to activate your Scotiabank account and start using it again. You have that choice with you, for that you will have to pay some charge to the bank. I have mentioned the dormant account charges below.
| Period of Time | Fees Charged by Scotiabank |
| 2 to 4 Years | $20 |
| 5 to 8 Years | $30 |
| 9 Years | $40 |
Things to Do Before Closing Your Bank Account
Before you start the process to close Scotiabank account you should consider the things which have been mentioned below.
- The first thing is you should open a new bank account before closing the existing account. (Alternative Bank Account)
- Make sure you don’t have any negative balance in your account. If you have then you will have to clear that first.
- Update your new bank account wherever you have set up auto-pay or debit.
- Provide your employer with the details of your new bank account.
- Bring down your bank account balance to zero.
- And update the details of your new account in all the places from where you are getting regular deposits.
Steps to Close Scotiabank Account
We have discussed enough things about closing a bank account and the things you should keep in mind while doing so. Now let us learn the steps that you need to follow. Scotiabank allows you to close your bank account from the branch only. There is no option to close your account by sending a mail, calling customer care, or online.
- Locate the nearest branch of Scotiabank.
- Visit the branch.
- Reach the bank official handling account section.
- Tell him or her that you wish to close your bank account.
- The employee will ask you for the reason why you are closing your bank account.
- Provide your reason for closing your Scotiabank account.
- Complete the formalities told to you by the bank employee.
- And your bank account will be closed.
How is this Information Verified?
I have verified this information by contacting the Scotiabank on Twitter. The screenshot of my conversation with the bank in which they are answering my question is attached below. The customer support of Scotiabank is amazing and you can talk to them any time.
How to Contact Scotiabank?
If you want to communicate with the bank then you can reach them using the below-mentioned contact details.
- Phone Number: 1 80 472 6842
- Website: www.scotiabank.com/ca/en/personal/contact-us.html
- Facebook: www.facebook.com/scotiabank/
- Twitter: twitter.com/ScotiabankHelps
Conclusion
This is how you close Scotiabank account by visiting their branch. If you have any kind of doubts in your mind then you can comment down below. I would say go and give the branch a visit you will sort out every single procedure by doing so.
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