These terms and conditions (“Terms and Conditions”) govern the Payroll Access Account and are supplemental to the terms and conditions of the Scotiabank Personal Financial Services Agreement (“PFSA”), as updated from time to time.
In the event of any conflict between the PFSA and these Terms and Conditions, the provisions of the PFSA shall apply. Capitalized terms used but not defined in these Terms and Conditions shall have the same meanings as defined in the PFSA.
1. Account Overview and Features
The Payroll Access Account is a transactional account offered by Scotiabank Guyana Inc. (“Bank”). This account is designed for clients whose salaries or wages are electronically paid directly to their Scotiabank Account. From time to time, eligible Payroll Access Account clients may receive access to exclusive offers, benefits, or preferential rates made available to payroll clients. Such benefits may be subject to change from time to time.
For the avoidance of doubt, Scotiabank is not party to and assumes no responsibility for the client’s employment relationship or payroll arrangements with any employer.
2. Payroll Definitions
For the purpose of these Terms
A Payroll Client is a client who receives a salary, wages, or other employment related compensation (“salary”) credited electronically to the Account and who satisfies the payroll eligibility criteria described below.
A Payroll Deposit is a payment made by an employer to a client and credited electronically to the Account through recognized payroll channels, as determined by Scotiabank from time to time. You can access current benefits of your payroll account in the following link TBD
3. Eligibility Requirements to Open and Maintain the Account
To open and maintain the Account, ALL the following criteria must be met:
a) You must meet the account opening criteria applicable in the jurisdiction in which the Bank operates, and the Account is opened, including all applicable regulatory, identification, and due diligence requirements.
b) Thereafter, Payroll Deposits must be credited electronically through recognized payroll systems, including where applicable Cash Management Services or the Automatic Clearing House (ACH), or such other electronic payment systems approved by Scotiabank from time to time, on a regular basis (for example, daily, weekly, fortnightly, or monthly).
c) You will be considered a Payroll Client only if the Account receives Validated Payroll Deposits that satisfy the Bank's payroll validation requirements from time to time, including applicable source, frequency and minimum deposit amount criteria.
i. Where your employer is a Scotiabank Payroll client, the Account must receive at least one (1) Validated Payroll Deposit per calendar month.
ii. Where your employer is not a Scotiabank Payroll client, the Account must receive at least two (2) Validated Payroll Deposits meeting the applicable minimum deposit amount within any three (3) month period.
iii. For newly enrolled clients in a payroll arrangement, one (1) Validated Payroll Deposit within two (2) months shall be sufficient to establish Payroll Client status.
d) Where part of your salary is assigned to the Account, each Payroll Deposit credited to the Account must meet a minimum amount determined by Scotiabank from time to time. The applicable minimum amount may be updated from time to time, and notice will be provided where any such update materially affects eligibility for the Payroll Access Account.
e) The Account must remain in good standing, meaning it is operated in accordance with these Terms for the PFSA, including it adheres to the criteria and eligibility, and must not have a negative balance, except where otherwise permitted under the PFSA.
f) If the Account does not receive payroll deposits within ninety (90) days of the Account opening date, or if you fail to meet the eligibility requirements outlined above, the Bank will convert the account to another account type after providing notice in accordance with the PSFA.
g) If we determine that you no longer meet eligibility requirements set out in these Terms, we shall notify you. Following such notice, you may restore compliance with the applicable eligibility requirements within thirty (30) days before the Bank proceeds with any actions under these Terms, including conversion of the Account to another account.
h) Once your account is converted you will no longer receive the benefits of the Payroll Access Account, including any preferential fees, pricing, or features applicable to such account type.
i) Employees of Scotiabank are not eligible to open or maintain a Payroll Access Account under these Terms.
4. No Obligation to Monitor Payroll Activity
The Bank does not undertake, and shall not be deemed to have undertaken, any obligation to monitor, verify, or ensure the eligibility, amount, timing, or source of any Payroll Deposits credited to the Account. Any monitoring or validation of Payroll Deposits performed by the Bank is conducted solely for the Bank’s internal purposes and does not create any duty or obligation to the client.
5. Product Withdrawal
Scotiabank may discontinue offering the Payroll Access Account as a product at any time. In such circumstances, the Bank may convert the Account to another account type offered by the Bank or require the Account be closed, in each case in accordance with the PFSA and applicable law.
6. Amendments
The Bank may add, amend, modify or replace these Terms and Conditions at any time. Notice of any additional amendments, the modified or replaced terms and conditions may be given to you in any of the ways described in the section of the PFSA.
7. Governing Agreement
These Terms form part of the overall agreement between the client and the Bank governing the Account and must be read together with the PSFA and applicable fee schedules. The governing law and jurisdiction applicable to these Terms and Conditions shall be as set out in the PFSA, subject to any mandatory provisions of the applicable law.
Sign In
Sign In
