Scotia Bank charges customer $2,300 late fee payment on J$120.00 BILL

Today I was exposed to the predatory nature of one of largest bank, which is the Bank Of Nova Scotia . I was showed a bill of one if its clients, which had a balance of J$120.00. This balance was payable on the 1st June but was not paid until 5th of June in full.

On the July bill the following was noted

July 5, 2013 – Thank you for your payment $120.00

July 2, 2013 – Late payment fee $2,300.00  !!!

I decided to investigate why a late payment on a $120 bill would attract a late payment fee of over 1500% and was told by a representative of the bank that even if the balance was $0.01 the fee would have been the very same figure.

I am left to wonder why would a bank would deal with its customers in such a predatory fashion and I am bringing this to the attention of the public attention, so you could all be aware of the practices of this bank.

Scotia appears to look for ways to screw over its customers at every opportunity.