The following definitions apply to these Terms & Conditions:
“Account” means any Scotiabank retail banking account but does not include any account maintained in respect of a Scotiabank credit facility.
“Client” or “You” means the holder of a valid Scotiabank Account which is in good standing.
“BiMPay" means the new method of electronic instant payments and funds transfer available to Scotiabank clients to make electronic payments, and to instantly transfer funds to and from their Account(s), and to accounts held with other Barbados commercial banks and select credit unions.
“Recipient” means the beneficiary of the electronic instant payment or funds transfer sent from a Client’s Account to another Scotiabank Account or to an account of a customer of another Barbados commercial bank or select credit union.
“Scotiabank" or “Bank” means Scotiabank (Barbados) Limited.
These Terms and Conditions are in addition to the Financial Services Agreement which governs your specific Account type (the “Service Agreement”). Capitalised terms used but not defined in these Terms and Conditions shall have the meanings defined and set out in the applicable Service Agreement.
BiMPay is available 24/7/365 for all Scotiabank Clients to instantly make payments, and to send and receive funds between their Account(s) and accounts held with other Barbados commercial banks and select credit unions.
When performing an electronic funds transfer to a customer of another Barbados bank or credit union in-branch, or via the Scotia Online banking platform or the Scotia Caribbean App, your transfer will be processed and executed via BiMPay). You must confirm that the Account from which You intend to make the payment or funds transfer holds sufficient funds (the transaction amount) before proceeding with the transfer. If you do not have enough funds on the Account, the transaction will fail and You will receive a notification stating that the system cannot process the BiMPay Transaction.
The current per transaction limit for a BiMPay Transaction is BBD $5,000 while the maximum daily transfer limit is BBD $6,000 which includes transfers made across all Scotiabank funds transfer methods. There is no limit to the number of BiMPay Transactions You can make, except that where You have reached the daily, weekly or monthly transfer limit, no further transfers will be processed.
BiMPay is only available for local transactions conducted in Barbadian Dollars.
In deciding whether a Client has sufficient funds available in their Account for the Bank to settle any payment or funds transfer instruction given, the Bank may take into consideration the following:
• any earlier instructions received;
• any outstanding authorizations given to third parties on the Client’s behalf, such as merchants and retailers, for any of the Client’s ScotiaCardTM (POS) transactions and any Automated Banking Services transactions; and
• any overdraft facility which the Bank may extend to the Client from time to time, within the Bank’s sole discretion.
The Bank is not responsible for any failed or erroneous BiMPay transfers which result from You inputting incorrect information or having selected an incorrect alias, account number, dollar amount or other information required for the execution of the payment or funds transfer. You acknowledge that once You have confirmed the details of a BiMPay Transaction, You may not be able to revoke or stop the Transaction. It may, however, be possible to make a request to recall the funds. This is subject to the agreement and co-operation of the receiving bank or credit union, as well as the Recipient of the incorrectly transferred funds.
All Clients will receive an automated email confirmation indicating whether the payment or funds transfer from their Account to the Recipient’s account was successful or unsuccessful. You may opt-in to obtain confirmation of an incoming transfer from another commercial bank or credit union via BiMPay, through email notifications which you may turn on for Your Account(s) using the Scotia Caribbean App or the Scotia Online banking platform. For incoming transfers, if the sender rejects the transfer or the transfer fails for any reason, You will be notified via email. In all instances, notifications will be sent to the Client within seconds.
There are currently no fees associated with the sending or receiving of funds using BiMPay if Your Account is a retail banking account. If You also maintain a Small Business banking or Corporate & Commercial banking account, contact your Business Banking Officer or Relationship Manager for further information.
You hereby acknowledge and accept that the only option for electronic payments and funds transfer is BiMPay and that the Real Time Payments (RTP) and Automated Clearing House (ACH) options have both been discontinued.
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