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Things you would like to see ING-Scotia
September 17, 2012
10:14 am
Yatti
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Hi everybody,

Was just curious what people would want to see/get when Scotia starts making changes.. I had a few ideas to add some value.. Alot assumes the Scotia doesn't have big changes to start charging fees.. I don't see that as a good idea.. I hope any rebrand will keep the zero fee structure.. Even if it means no teller assistance etc..

- Scotia continues to leverage its ATM network.. Join The Exchange.. Scotia says its got approx 3500 ATMs.. Add approx 2400 for The Exchange Network.. Approx 5900 ATMs would be nice.. I noticed Scotia users can also use specific ATMs at Cineplex/7-11s..

- Offer LOC or similiar products at decent rates.. I'm not sure what the rates are at PC or what the best rate you can really get out there but with ING gone it doesn't leave too much for comparison..

- First match then maintain the service levels ING currently offers.. I think this is gonna be easier said then done.. The big CDN banks have never really been good with this..

It looks like Scotia has alot of fees and sharp edges hidden under its colourful exterior right now so I'm hesitant to want to bank their..

September 17, 2012
5:52 pm
Doug
British Columbia, Canada
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They won't keep The Exchange Network and add Scotiabank ATMs, Yatti. Pretty sure about that. They said the ATM network is one thing they will look at reviewing. What I see them doing, especially if they ultimately transition ING Bank of Canada into Scotiabank and operate it simply as a "direct banking division" (like CIBC does with PC Financial), is to allow ING surcharge-free deposit & withdrawal access to Scotiabank ATMs, but withdraw membership from The Exchange Network. I simply cannot see Scotiabank becoming the first "Big Five" bank to join The Exchange - that would put too much strain on their existing resources, with a sudden influx of clients to their network.

If they opt to keep ING a separate subsidiary, it's possible they may allow them to remain part of The Exchange but will not add Scotiabank ATM access.

At any rate, they most definitely will not add in-branch access to ING accounts (same with CIBC and PC Financial). If they did, they'd have to add a high fee structure (i.e., $5.00 to make an in-branch withdrawal or even a deposit, sort of like HSBC's Business Direct account).

I could see them adding an unsecured LOC, subject to credit approval, for ING customers but not before they add a credit card product (likely a MasterCard, allowing them to become a dual-issuer FI).

Cheers,
Doug

September 19, 2012
10:11 pm
Yatti
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If there is no way to increase the value I see alot of customers heading out the doors when Scotia starts making changes.. It seems like a no-brainer to have the ability to use Scotia or Exchange machines.. The ability to have it run smoothly could be another issue..

September 19, 2012
10:52 pm
Doug
British Columbia, Canada
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I'd take Scotiabank ATMs over The Exchange any day. As long as they maintain an ATM network at least as large as it is currently and no monthly fees on the chequing account, along with a unique brand, I see most ING Direct customers sticking with it (especially since most account holders get $1000 ATM "access to deposited funds" limit, some get $10,000). Personally, I'd take Scotiabank as The Exchange is almost non-existent in rural Alberta, all of Saskatchewan and all of Manitoba and parts of northern Ontario.

I simply cannot see them staying part of The Exchange as then there will be a narrative for them to explain to the regular Scotiabank customers why their ING Direct customers have a larger network and to give Scotiabank customers access to both networks would invite criticism from consumer advocates and the NDP over bank fees - "if you participate in a fee-free ATM network, why not lobby Interac to do the same?". I just don't see it happening; not with a "Big 5" bank.

Cheers,
Doug

September 23, 2012
3:20 pm
RetirEd
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Wait a minute - can ING accounts use Exchange (credit union, right?) ATMs fee-free? I remember VanCity starting to charge for ING transfers a few years back.

As I recall, it was just after they had closed their Canadian Tire ATM service and decided to pay the ATM fee for their users anywhere. Within months the banks applied "convenience fees" to their in-bank branches for other-bank customers, and the ING deal became useless.

I asked at a VanCity AGM whether they were going to apply "convenience fees" even to deposits, and they said they would"but you can ask your manager for a special waiver for deposits." Like that was every going to happen.

As far as I know, we haven't had any fee-free ING ATM access other than their downtown no-parking-zone boutique branch. Have I missed something?
RetirEd

September 23, 2012
8:01 pm
Doug
British Columbia, Canada
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Not sure what you're talking about, Ed, regarding being charged for "ING transfers". Deposits at any Exchange Network ATM to an ING account, including Vancity's, will be free. Not all credit unions are part of The Exchange Network, however. It used to be, until February 2011, you could count on all B.C. based credit unions being Exchange Network members but many of them in the BC Interior left The Exchange for some unknown reasons (they'll be back eventually, I think).

However, being a member of a credit union that is on The Exchange Network instantly gives you surcharge-free access to all Canadian credit unions, as all Canadian credit unions belong to Acculink, in addition to those on The Exchange Network.

Clear as mud?

In short, yes ING can use The Exchange fee-free. :)

Cheers,
Doug

September 24, 2012
2:54 pm
Yatti
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Doug said

I'd take Scotiabank ATMs over The Exchange any day. As long as they maintain an ATM network at least as large as it is currently and no monthly fees on the chequing account, along with a unique brand, I see most ING Direct customers sticking with it (especially since most account holders get $1000 ATM "access to deposited funds" limit, some get $10,000). Personally, I'd take Scotiabank as The Exchange is almost non-existent in rural Alberta, all of Saskatchewan and all of Manitoba and parts of northern Ontario.

I simply cannot see them staying part of The Exchange as then there will be a narrative for them to explain to the regular Scotiabank customers why their ING Direct customers have a larger network and to give Scotiabank customers access to both networks would invite criticism from consumer advocates and the NDP over bank fees - "if you participate in a fee-free ATM network, why not lobby Interac to do the same?". I just don't see it happening; not with a "Big 5" bank.

Cheers,
Doug

Yes, I guess it would be a problem if Scotia currently charges for atm use.. Optimally I would want Scotia/ING customers to have access to both Scotia and the exchange machines.. If Scotia were to be the first big bank to do this they should be praised not criticized.. With Interac having a nice stake I guess its hard to do..

September 27, 2012
9:00 pm
Doug
British Columbia, Canada
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Oh, I totally agree - it'd be nice if they would be on both networks but you're right, given their "founding membership" status in the Interac Association and its wholly-owned subsidiary, Acskys Corp. :(

Cheers,
Doug

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