Scotiabank

Providing Small Business Banking That's Simple and Straightforward
702 Yates Street
Victoria, BC V8N 1L4
Serving: Serving all of British Columbia

Roger Zwicky, Small Business Advisor

Telephone: 250 953 5440 Ext 3002 ·Fax: 250-953-5499
·www.scotiabank.ca

Scotiabank is one of Canada’s leading financial institutions, providing small business banking that’s simple and straightforward.  Check out our website to find a branch nearest you.

CONDOMINIUM OPTION
Managing and growing reserve funds

Banking options that offer low service fees and high interest on balances.
Scotiabank offers straightforward solutions designed to save you and your Property Manager money and provide a greater return on your reserve fund investment.

By partnering with Scotiabank, your Property Manager can access tools to help make daily banking as efficient and effective as possible, and select from banking options to get peak performance out of the condominium corporation’s money.

You simply select a banking option that best meets the condominium’s needs to benefit from either low service fees or competitive interest rates.

Selecting an option:
To further maximize returns on reserve funds and to help ensure sufficient funds to meet regulatory guidelines, your Property Manager can access advice and purchase investment products and services such as GICs through their branch.
If there are reserve funds greater than $250,000, a Financial Consultant is available to assess the condominium’s needs and make a referral to:
ScotiaMcLeod for investment advice on qualified investments.

No Fee
Ideal for smaller buildings with fewer unit holders or to reduce service charges:

  • Pay no account or transaction fees for any account opened
  • Competitive rate of interest on balances exceeding $25,000
  • GICs with premium rates for balances starting from $50,000

or
High Interest
Suited for buildings with larger reserve funds or to improve margins and streamline administration:

  • Industry-leading rate of interest on balances
  • GICs with premium rates for balances starting from $50,000

For the banking option selected, the applicable interest or fee arrangements are applied to any of the following accounts opened on behalf of the condominium:

  • Operating Account – A day-to-day business account to pay bills and to collect maintenance fees.
  • Reserve Fund Account – A separate trust account for major repairs and maintenance expenses.
  • Contingency Fund Account – An optional account for special projects and assessments.
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