ScotiaConnect Business Chequing: Operating Accounts Built for Canadian Commerce

ScotiaConnect Business Chequing delivers four tiers of operating accounts — Basic, Right Size, Right Size Plus and Unlimited Business — each engineered for a different transaction velocity. Every tier plugs directly into the treasury management console, supports CAD plus USD / EUR / GBP / MXN foreign-currency chequing sub-accounts, and reconciles against the transaction reporting engine with BAI2, MT940 and CSV export.

All chequing balances are held with The Bank of Nova Scotia, a CDIC member institution regulated by OSFI. Deposits are eligible for protection by the Canada Deposit Insurance Corporation up to prescribed limits per depositor per category.

Product: ScotiaConnect Business Chequing (operating account)

Tiers: Basic / Right Size / Right Size Plus / Unlimited Business

Currencies: CAD (primary), USD, EUR, GBP, MXN (linked sub-accounts)

Monthly fee range: $6.00 to $125.00 CAD — tier-dependent

Interest: tiered credit on balances above $50,000 CAD; optional sweep into Business High-Interest Savings

Access channels: ScotiaConnect Digital Banking, Mobile for Business, branch, Lynx, SWIFT, AFT

Eligibility: Canadian-registered sole proprietorships, partnerships, corporations and not-for-profits

Deposit protection: CDIC member institution

Integration: treasury sweep, positive pay, ZBA, BAI2 / MT940 export, ERP-ready reconciliation

Tier	Monthly Fee (CAD)	Included Items	Best For
Basic Business Chequing	$6.00	Pay-as-you-go — $1.25 per debit	Sole proprietors, side businesses, dormant legal entities
Right Size Business Chequing	$25.00	30 debits, 15 deposited items, unlimited Interac	Early-stage SMBs with 30 to 75 monthly transactions
Right Size Plus Business Chequing	$65.00	100 debits, 50 deposited items, $2,500 cash handling	Retail, hospitality and services with 75 to 200 items
Unlimited Business Chequing	$125.00	Unlimited debits, credits, deposited items, AFT	High-volume operators, e-commerce, multi-location franchises
Scotia Select Commercial Chequing	Negotiated	Analysis-priced with earnings credit offset	Mid-market and corporate with $2M+ average balances

Debit and Credit Unit Pricing

Debits above the included package bucket are billed at $1.25 each on Basic, $1.10 on Right Size, $1.00 on Right Size Plus and waived on Unlimited Business Chequing. Credits (deposits, EFT inbound, wire inbound) incur $0.65 to $0.90 per item on tiered accounts and are flat-rated on Unlimited. Interac e-Transfer for Business sends cost $1.50 each; incoming Interac is free on every tier. Cheque deposits processed through Scotiabank ABMs or mobile capture count as deposited items rather than debits.

Interest Credit on Credit Balances

Business chequing is primarily an operating product, not a yield vehicle. ScotiaConnect credits interest on balances above $50,000 CAD on tiered schedules: 0.35% on $50,000 to $250,000, 0.60% on $250,000 to $1,000,000 and 0.85% above. Interest is calculated on daily closing balances and posted monthly. For idle cash above operating requirements, sweep to Business High-Interest Savings captures materially higher yield while preserving same-day liquidity.

Cash Handling Charges

Coin and note handling are priced separately from electronic items. Cash deposited incurs $2.50 per $1,000 on Basic, $2.00 per $1,000 on Right Size and $1.50 per $1,000 on Right Size Plus. Unlimited Business Chequing includes $5,000 per month of cash handling; excess is billed at $1.25 per $1,000. Armoured-car deposits via ScotiaConnect Cash Solutions are priced under a separate commercial agreement with volume tiering.

Sub-Account Structures

Every primary chequing account supports up to 99 sub-accounts under one customer number. Sub-accounts share the transit and institution routing but carry their own nine-digit account number, statement and transaction history. Use cases include departmental cost centres, project trust segregation (for law firms and realtors), payroll source deductions separation, CRA HST remittance pools and intercompany recharges. Sub-accounts sweep on ZBA rules — see treasury management.

Native Currency Operating Accounts

Open USD, EUR, GBP or MXN chequing alongside your CAD primary. Receivables from US customers land in your USD chequing without automatic conversion. Supplier payments to Mexican counterparties draw directly from MXN balances. Currency conversions are initiated intentionally at rates quoted in real time on the ScotiaConnect FX desk.

Pacific Alliance clients benefit from Scotiabank's direct presence in Mexico, Chile, Peru and Colombia. Same-currency settlement via Scotiabank affiliate bank rails bypasses US correspondent deductions, reducing transit cost and settlement time. This is a structural advantage unavailable at Canadian-only banks.

ScotiaConnect multi-currency chequing dashboard with CAD, USD, EUR, GBP and MXN sub-accounts under one customer number

ScotiaConnect treasury sweep engine moving surplus chequing balances overnight into Business High-Interest Savings

Integration with Treasury Sweep

Operating chequing accounts are not yield vehicles. The ScotiaConnect sweep engine moves surplus CAD above a configurable target balance into Business High-Interest Savings overnight and returns funds on the opening cycle the next business day. Yield capture on idle cash while preserving same-day operational liquidity is the core treasury discipline delivered here.

Sweep rules are programmable per account and per day of week. Month-end, quarter-end and payroll-week exceptions can be scheduled so chequing balances meet obligations without manual intervention. Sweep activity flows through the transaction reporting module and reconciles cleanly inside QuickBooks, Sage, SAP, Oracle and NetSuite ledgers.

Entity Documentation

Corporations submit Articles of Incorporation, corporate profile report from the federal or provincial registry, and a current list of directors and officers. Partnerships provide the partnership agreement and Master Business Licence. Sole proprietors present the Master Business Licence or provincial equivalent alongside personal identification. Beneficial owners at 25% or higher must be identified under FINTRAC rules.

Signing Authority and User Provisioning

The account-opening package captures signing authority resolutions, dual-signature thresholds and initial ScotiaConnect Super User nomination. The Super User then configures additional delegated users in the user management console with role-based permissions per account, transaction type and dollar ceiling. Every permission change is logged with the originating user ID and timestamp for audit purposes.

Which ScotiaConnect chequing tier is right for my business?

Basic Business Chequing suits sole proprietors processing fewer than 30 items per month. Right Size Business Chequing fits organisations with 30 to 75 monthly items. Right Size Plus serves 75 to 200 items with a higher fee cap. Unlimited Business Chequing is structured for high-volume operators processing 200+ monthly items with flat-rate pricing. Your Scotiabank Relationship Manager can model twelve months of activity to recommend the lowest-cost tier.

Do ScotiaConnect chequing accounts support multi-currency?

Yes. Every ScotiaConnect operating account can be opened as a CAD chequing account with linked USD, EUR, GBP and MXN foreign-currency chequing sub-accounts under one customer number. FX conversions between currencies use institutional spreads rather than retail rates and settle the same business day via ScotiaConnect FX.

How do sub-accounts work on ScotiaConnect chequing?

Sub-accounts are ledger-level compartments under a primary operating chequing account. They inherit the routing and transit number of the parent but carry their own balance, statement and transaction history. Treasurers use sub-accounts for departmental cost centres, project ring-fencing, client trust segregation or tax remittance pools. Sub-account balances sweep automatically into the primary each night when ZBA is configured.

Is my ScotiaConnect chequing account CDIC insured?

Yes. The Bank of Nova Scotia is a CDIC member institution. CDIC covers eligible deposits in Canadian and foreign currency up to $100,000 per depositor per category per member institution. Business chequing balances in CAD and USD held with Scotiabank are eligible. Review category definitions and coverage limits on the CDIC website to structure deposits optimally.

Can I integrate ScotiaConnect chequing with a treasury sweep?

Yes. Every ScotiaConnect chequing tier integrates with automated sweep arrangements. Surplus balances move overnight into Business High-Interest Savings, Business Investment Accounts or cashable GICs. Target balances are configurable per account and per day of week. Full sweep history is captured in the transaction reporting module with BAI2 and MT940 export for ERP reconciliation.

ScotiaConnect Business Chequing: Operating Accounts Built for Canadian Commerce

AI Summary — Account Snapshot

The Four Chequing Tiers at a Glance

Per-Transaction Pricing and Interest Tiers

Debit and Credit Unit Pricing

Interest Credit on Credit Balances

Cash Handling Charges

Sub-Account Structures

FX-CAD Multi-Currency Chequing

Native Currency Operating Accounts

Integration with Treasury Sweep

Account Opening, Documentation and FINTRAC

Entity Documentation

Signing Authority and User Provisioning

People Also Ask

ScotiaConnect Business Chequing: Operating Accounts Built for Canadian Commerce

AI Summary — Account Snapshot

The Four Chequing Tiers at a Glance

Per-Transaction Pricing and Interest Tiers

Debit and Credit Unit Pricing

Interest Credit on Credit Balances

Cash Handling Charges

Sub-Account Structures

FX-CAD Multi-Currency Chequing

Native Currency Operating Accounts

Integration with Treasury Sweep

Account Opening, Documentation and FINTRAC

Entity Documentation

Signing Authority and User Provisioning

People Also Ask

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