The Ontario Superior Court of Justice has recently approved a $10,450,00 settlement for approximately 148,000 Scotiabank (The Bank of Nova Scotia, “BNS”) customers in a class action lawsuit.
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Similar to a CIBC settlement that was also approved not long ago, this class action concerns NSF fees that were charged to customers multiple times.
Scotiabank Duplicative NSF Fees Class Action Settlement
The class action, which is being led by Koskie Minsky LLP, takes issue with BNS charging NSF fees on re-presented pre-authorized debit transactions that occurred between June 21, 2020 and April 30, 2024.
Non-sufficient funds, or NSF, is a banking term used when there isn’t enough money in an account to cover a payment.
Am I Eligible?
Eligible class members include the following:
- who are Canadian residents;
- who are living BNS personal deposit account holders;
- whose BNS accounts were still open and able to accept deposits as of the distribution date; and
- who between, June 21, 2020 and April 30, 2024, were charged a $48 NSF Fee on a PAD between 2 to 30 days after being charged a previous $48 NSF Fee as a result of a PAD from the same merchant, with the same dollar amount, bearing the same transaction code, and bearing the same transaction description or a generic transaction description.
How Much Can I Get?
According to Koskie Minsky LLP, on or around July 13, 2026, all eligible class members received a notice directly through BNS’ Message Centre on Scotia Online and My Updates” on BNS’s mobile application. It advised class members that the Settlement Agreement had been approved and that they are eligible to receive approximately $42.82 in compensation.
If you are an eligible class member, you do not need to do anything. BNS will deposit your settlement payment directly into your BNS bank account.
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