New Bank Charges?

[Ezzie]

I have a ScotiaBank Mexico bank account and I noticed a new monthly charge on my last statement - "POLIZA CAJERO SEGURO" for $17.40 MX/mo. Translated this is "Cashier's Insurance Policy". Does this have to do with protection from fraudulent ATM transactions or something?? Anyone know what this is for and what it covers?

[Intercasa]

They may have signed you up, call them to cancel, many banks do this against your will or notify you that you will be signed up in the fine print and you must opt out.

[bdlngton]

At the Scotiabank ATM one of the screens asks if you want this insurance in case you are robbed after withdrawing your money. A friend visiting me clicked YES on that screen not really understanding what it was asking and got charged the 17 peso for it. Do you think you might have made the same mistake? Also check with Scotiabank as to whether you have inadvertently agreed to this charge every time you use the ATM. This is a relatively new feature at the Scotiabank ATM, I'd say within the last 2-3 months or so.

[Ezzie]

I spoke with my Scotiabank Branch Manager (Zapopan) about this charge and she said that it is indeed something new and is insurance that will reimburse you should you be robbed by anyone while withdrawing funds from one of their ATM machines. I don't know for sure but I assume they would need to verify the robbery by reviewing the security cameras after the fact in order to validate your claim. Perhaps someone that is fluent in Spanish could find the information about what the insurance covers on their website?

She explained to me that if you have an account and pay the $17.40/mo., it covers all your ATM activity. You do NOT need to also pay the $9.50 fee per transaction when taking money out of the ATM if you are already paying the monthly fee, just decline that option when prompted during your transaction.