Scotia Bank experiences please?

Never had a loan with them but have had checking for years with no problems.

Scotia is the last bank on the islands I would do business with. Do they even have online services yet? Constantly run into problems with them (at work). If you have to go into the bank to make any kind of deposit or talk to someone, free up 45 min to an hour. Not sure which island you're on but on stx my local bank choices would be 1st Bank or Bank STX.

On STT, the company I work for does all their banking with Scotia including direct deposits with payroll & no problems so it can very well vary greatly depending on the island & location.

Largest bank in the usvi and BVI is Firstbank but Banco Popular is really big too on the islands. Both banks are Puerto rico Based Banco Popular being the largest financial institution in the Caribbean and latin america but right now banks are very tight i think Firstbank right now financially is an a better position to lend because they did not exposed themselves to subprime in the U.S as Banco Popular. Banco Popular has over 250 + branches in the U.S. Scotiabank is one of the largest banks in the world but they branch out allot and they form local bank entities using scotiabank name. For example in 2003 Scotiabank in Santo Domingo defaulted safeguarding some saving accounts to some people together with another bank the pretty much caused the financial system to belly up with peoples money if it was not for the FMI rescuing the central bank of the D.R all peoples accounts will be lost. I say this because Scotiabank is very respected but every scotiabank is a different story depending on country this bank is based in Canada. My suggestion is to try with First bank and then try with Banco popular.

Rokipatel

I called First Bank and Banco first because I bank with FirstBank. Scotia was the only bank here that does boat loans.

Scotiabank is under the same US regulations as any other bank under the US flag.

off course i am not saying otherwise what i am saying that not all Scotiabank are the same depending the country. Well in the U.S FDIC guaranteed only 100,000 dollars of deposits in the BVI you must buy an insurance even thou the BVI banks are regulated by the bank of england. So Scotiabank in the USVI is one thing and in the BVi is another thing. Same goes with Firstbank and banco Popular

ScotiaBank is just fine! No better, no worse than FirstBank or BancoPopular. Each bank offers it's own terms, rates, etc. and some like one and some like another. Just shop around, but if they are the only ones doing boat loans, that makes it easy. I have had an account there for many years, as well as at FirstBank. No problems with either one.

I had a mortgage with Scotiabank when I lived on an island off the eastern coast of Canada. Found them to be great people, customer service, etc. Never had a problem. They were also flexible with their financing as it was a bit tricky to get a mort. on a house that was so remote, but they did it!

Best wishes,

Dan

Things may have changed, but Scotia was not FDIC insured. That is not requried of a bank, and Scotia at the time I knew them was not a participant. Certainly not a concern if they are giving you the money though...

Trade, I hope this Scotia bank is not under the same regulations as the U.S. banks. All of them wanted me to have real estate there since I live down here. Go figure....

When you go on the web site it shows you all the international banking areas and U.S. Virgin Island is under there

Every bank that does business in the U.S Including territories MUST comply with all Federal Reserve Regulation as well as treasury and SEC. That also includes being part of the FDIC.

One thing is Bank of Nova Scotia AKA Scotiabank from Canada which is the parent company of the bank and another thing is Scotiabnk USVI , Scotiabank Bahamas, Scotiabank Dominican Republic every bank is an independent entity that answers to the each countries laws and regulations but earnings of each entity are part of the financial group earnings.

FDIC insurance is NOT a universal requirement in the US banking system. Banks have to pay for this insurance, and comply with specific requirements and disclosures. Unless things have changed in recent years, BNS does not participate.

Since 1990 all N.A Banks in the U.S must carry FDIC deposit insurance. N.A is another term to national Bank of the U.S. This includes all entities that participate as local and commercial banks that carry savings accounts of individuals and entities for guardianship. Only investment banking and Credit unions are exempt of participating on the FDIC program

Scotia is great!!! I was here on a PMV last January. Applied for my mortgage and it was completed and closed in less than 30 days. No other bank was able to make that promise to me. They worked their @55 off to get that mortgage done in the time I requested. They always greet me by name when I come in to the bank. It seems to me they just wanted my business a little more than the others. No ATM fees. The nicest people and the most professional, they have all my business and I would not go anywhere else.

Sorry to belabor this point, but Scotia in the VI is not on the FDIC program. First Bank participates through their certificate out of Puerto Rico, as does Banco Pop. Scotia is FDIC in Puerto Rico, but that is a different corporation than the VI operation, and the VI branches do not come under that umbrella. Bank of STX is one of the few that actually has a certificate through the VI, and I used to submit the necessary paperwork/disclosures/reports for them every year. Call the FDIC and check.

Scotia is insured by CID. Each account is insured up to $100,000.00.