THE EDITOR, Sir:
IT HAS become very simple to understand how the Bank of Nova Scotia makes their much boasted multi-billion dollar profits - from usurious fees and charges!
In May 2001, I made a payment overseas by wire transfer, for which BNS charged a total of $396.00 for 'Telephone Tolls recovered'.
On February 28, 2002, I made a similar payment, having purchased foreign exchange from BNS, from which they made their entitled profit.
The telephone charge was the same $396.00, but a new line of their payment advice form now included, "Commission" of $910.00 (US$19) total cost $1,306.00! This "Commission" is also added to their profit on sale of the foreign exchange!
Of course, you can safely guess who won't be using the wire transfer services of BNS again! Once gouged is too much!
I am, etc.,
DOUGLAS VAZ
