Effective February 22, 2010 new U.S. consumer protection laws to provide consumers with increased protection and transparency regarding the disclosure of information for credit cards and lines of credit will apply.
Overview of key changes
- Enhanced disclosure. You will be notified of changes to interest rates or fees related to your account with additional anticipation. Your account statement will contain greater detail in a number of areas, such as the description of rates and fees, the implications of making minimum payments only, and your right to opt out of certain changes to your account.
- No rate increases for existing balances. If we increase the Annual Percentage Rate (APR) of your account, this increased rate will only apply to new transactions after the effective date of the increase. Existing balances will continue to be subject to the original APR.
- Timing of when payments are received. There are new rules relating to when payments you make are considered "received" in terms of determining late payments. If a payment due date falls on a non-business day, (weekend or holiday), a payment received on the next business day will not be considered late.
- Limitation on fees. The fees that we will charge to your account during the first year after account opening will not exceed more than 25% of the credit limit in effect. These fees include: annual fee, insurance and administrative fees, such as cash advance fees.
In addition to the above changes, the new laws require that we review our penalty rate and fee structure, as well as rate increases to ensure they are reasonable and proportional. These changes will be in effect August 22, 2010.
To view Scotiabank Credit Lines Agreements and Disclosures:
ScotiaLine Gold (Cash Secured or Equivalent)
ScotiaLine Gold (Unsecured)
ScotiaLine (Cash Secured)
ScotiaLine Gold Line of Credit Rates and Fees Disclosure
ScotiaLine Line of Credit Rates and Fees Disclosure