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Press Releases
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Scotiabank presents PayBack
Scotiabank presented this week the PayBack account, the most innovative bank product in the local industry recently. PayBack is the only checking account that pays cash back while shopping using the ScotiaCard debit card. Different than traditional checking accounts, this new account pays for the purchases the client makes, allowing consumers to generate additional income.
“Most consumers don’t know the interest percent their checking account generates. This is due to the fact that the interests they receive are so low that they can’t count them as an income. Now with PayBack, when using their ScotiaCard debit card at the supermarket, the department store, gas station, or any other commercial establishment, our clients can receive cash back credited directly to their accounts. A benefit that they don’t receive in traditional checking accounts,” said Luis Pérez, Vice-President of Products & Marketing for Scotiabank de Puerto Rico.
PayBack works with the combination of the average balance and the purchases made. As an example, if the client maintains an average balance of $1,000 and makes purchases of $1,500, using his/her ScotiaCard, will receive $7.50 in cash back credited to his/her account. This is much more than what it will accumulate in interests in a traditional checking account with the same balance, that would be $1.00 in the case of having a 1.00% interest rate. As higher the balance and more purchases made, higher will be the cash back the client receives.
“With the launching of PayBack, Scotiabank revolutionizes the way we see the checking accounts. PayBack is the account that will change the consumers’ perspective at the moment of making purchases with the debit card, because it offers a greater benefit for their transactions, rewarding them for the purchases made,” said Jorge Sierra, First Vice-President of Consumer Banking of Scotiabank de Puerto Rico.
“We have developed innovative products for different market segments, always considering the clients needs, and above all, offering alternatives that give them a higher return. Thanks to innovative products such as Money Master, we have duplicated our deposits and achieved a 30% increase in the number of clients during the past two years, crucial factors for the solid performance of our institution. Now with PayBack, we know that our clients will have a checking account with unique benefits, and in addition, will allow them to have higher profits,” added Sierra.
PayBack also offers, zero service charge when maintaining the minimum balance required, unlimited transactions in electronic channels using the ScotiaCard, unlimited transfers between Scotiabank accounts, Internet and telephone banking services, and pre-authorized transfer services with which you can transfer money automatically and periodically to a Scotiabank savings account that pays competitive interests.
For more information about PayBack o any other Scotiabank products please call TeleScotia at 787-766-4999 or toll free at 1-877-766-4999.
About Scotiabank Puerto Rico
Scotiabank Puerto Rico has been operating in Puerto Rico since 1910, and has remained a leader in corporate banking and automobile financing. It provides commercial and consumer banking at its 19 branches around the island. It is also a part of the banking network of Scotiabank, the most important international bank in Canada. With approximately 48,000 employees, Scotiabank Group and its affiliates serve over 10 million customers in 50 countries worldwide.
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Trademark of the Bank of Nova Scotia, used under licence.