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Magnum York has negotiated reduced Scotiabank Bank Service Fees for all our client business accounts that are held in trust.
Up To 40% Off Scotiabank Service Fees For Condo Corporation Clients
Due to the size of our cumulative funds held in trust across Alberta, Magnum York continues to aggressively work with Scotiabank, our financial institution, to negotiate better service fees, interest rates, and included services for our clients’ business accounts.
We are happy to announce a reduction in the service fees on the business account(s) that are held in trust.
Low volume accounts will see a 40% monthly fee reduction. High volume accounts will see a 20% reduction in monthly fee.
The new fees will take effect on September 1, 2020
Monthly Banking Services Included
To name just a few of the monthly services that are included in your one low fee:
- Cheque clearing
- Transfers between your accounts
- Automatic Withdrawal payments
- Automatic Deposits
- Bank statement fees
As a comparison, here are the general PER ITEM fees that would normally be charged to your business account (which are included in your Magnum York Scotiabank account):
- Cheque clearing $1.25 per cheque
- Merchant Debits $1.00 per transaction
- Deposits $1.25 per cheque
- Item charge per deposit $.22 per item per deposit
- Merchant Credits $1.00 per transaction
- Bant Statement Prep $5 per statement
- Transfers $1.00 per transaction
- Account Maintenance Fee $10.95 per statement
Other Magnum York Banking Benefits
- The interest earnings on your account are higher than any other Business Operating account. Our clients achieve interest at the Prime Rate, less 2.10%, based on the average balance in the account.
- Your Reserve accounts earn that same great interest without incurring service fees.
- Online banking which includes the availability of immediate transfers, stop payments, account inquiries, bank statements. There is no additional fee to our clients for this service.
- Your funds are secure and covered by Canada Deposit Insurance Corporation (CDIC) subject to the CDIC maximum coverage limitations.