Personal Finance

Anyone else have bad experiences with Scotiabank?

  • Last Updated:
  • Dec 12th, 2018 5:12 pm
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Deal Addict
Nov 25, 2014
1723 posts
924 upvotes
Newton Brook, ON
canucky1 wrote:
Jun 17th, 2015 11:18 pm
Is it just me or has anyone else had crap experiences with Scotia?
I'm sorry, I'm not able to answer that question online. You'll need to visit a branch. Would you like me to book an appointment? Would you prefer in the morning while you're at work, or in the afternoon while you're at work?
Jr. Member
User avatar
Aug 26, 2014
130 posts
55 upvotes
Markham, ON
Sauerkraut wrote:
Jun 18th, 2015 7:24 am
You're upset that your Scotia rep didn't predict the World Trade Center attacks??
+1
That would be creepy! and I would be a billionaire :D
Sr. Member
Apr 28, 2014
675 posts
174 upvotes
Oakville, ON
I am a credit card only customer with Scotiabank. I applied for the AMEX Gold last year on the FYF promo and 20,000 points. As soon as my free year was set to expire, I product switched to the No Fee Scotiagold VISA.

Last week, I logged into Online Banking and saw that I was pre-approved for the Value VISA with a $10,000 limit. $29 annual fee and 11.99% on purchases and cash advances - the promo on this card is 0.99% cash advances for the first six months. So, basically Scotia is giving me a loan for six months of up to $10,000 for slightly less than 1%.

I accepted the offer and I saw the new VISA account online - a rep at the credit card centre said that I didn't have to wait for the VISA card to arrive in the mail to activate it before I could take a cash advance; I could walk into any Scotia branch with ID and take a cash advance immediately. And that's what I did.

Any money that is not paid off before the promo expires and my interest rate goes from 0.99% to 11.99% will simply be rolled onto a Line of Credit that I have priced at Prime + 1.25%.

As a credit card customer at Scotia, I've been happy.

I would never hold deposit accounts at Scotia for three reasons - 1) There are no branches conveniently located close to where I live; 2) Their branch hours suck;
3) The requirement to go to your home branch for every issue as mentioned in this thread
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
477 upvotes
Vancouver
supertronic wrote:
Jun 18th, 2015 12:58 pm
i have 2 credit cards with them and have been wonderfull exprience above my expectations.

i have terrible exprience with rbc cibc bmo td on branch level. and they all declined me chance for me to establish credit history when i became pe*****ant resident 2012 even though had $0 debt and rbc and bmo had guts to even decline secured one.

thanks scotia for giving me chance to prove my self.
Yes. They are easy to deal with. Just don't put a positive balance in a Visa. That's a big no-no and could get you flagged.
Deal Addict
Dec 13, 2010
1277 posts
438 upvotes
ON
Ever try to see what rate your are getting on your LOC online?
You can't. You have to call in to ask what it is. Another Scotia fail.
Deal Addict
Dec 13, 2010
1277 posts
438 upvotes
ON
I just called in to make an appointment with my home branch because I know I will not be able to do it over the phone.
So I called the number for my branch. But then I get routed to the corporate operator.
The she quizzes me about what products I want to close.
Then she goes on to tell me that no appointments are open this week.
Somehow it came up and I mentioned my home branch, she tells me that was not the branch she was trying to book the appointment with, that the notes say something different...
I ask her what it says my home branch is... she says the right branch... I sigh and move on.
Then she tells me I don't need an appointment to close the account.
I tell her, really I don't need an appointment to close an LOC?
She says.. oh yes, you do... but they are all booked up this week.

I hung up on her... ugh.. I can't stand these guys.
Deal Addict
Jun 20, 2011
1758 posts
589 upvotes
VANCOUVER
My spouse and I have our main accounts with them for the past 10 years and no issues at all. Had a Scotia Scene Visa that I cancelled since it wasn't getting much use.
Member
User avatar
Dec 6, 2010
400 posts
68 upvotes
They are the worst of the Big 5 in my opinion. They ask you to visit "your home" branch for everything and their employees give you impression that they hate their jobs lol
Sr. Member
Apr 28, 2014
675 posts
174 upvotes
Oakville, ON
gta_guy wrote:
Jun 18th, 2015 5:54 pm
They are the worst of the Big 5 in my opinion. They ask you to visit "your home" branch for everything and their employees give you impression that they hate their jobs lol
Perhaps Scotiabank is trying to imply to their customers that they should bank with Tangerine instead? Granted, I know Tangerine doesn't have credit cards - but their parent company, Scotiabank, does; like I said, being a credit card customer of Scotiabank up to this point has been smooth sailing.

Scotia customers should just move all their deposits, investments, and lending to Tangerine and only apply for credit cards at Scotiabank when they have the good promos on, such as FYF for the Gold Amex and 15,000 - 20,000 points.
Deal Addict
Apr 21, 2009
1544 posts
1150 upvotes
Toronto
popbottle wrote:
Jun 18th, 2015 2:37 pm
Yes. They are easy to deal with. Just don't put a positive balance in a Visa. That's a big no-no and could get you flagged.
Why would you get flagged for having a positive balance on your Visa?
Sr. Member
Apr 28, 2014
675 posts
174 upvotes
Oakville, ON
BengaliPrince wrote:
Jun 18th, 2015 6:14 pm
Why would you get flagged for having a positive balance on your Visa?
Overpaying your credit card so that you have an extremely large credit balance on your VISA (more than $1,000) is not considered to be a normal transaction.

Criminals who wish to launder "dirty" money often take out credit cards and then overpay with the money which is proceeds of crime and spend off the credit balance; or overpay the credit card and then walk into a branch and receive a cash advance in the form of a draft and continue to layer the dirty money throughout the financial system, so that they may withdraw it at a later date when it is "cleaned" money.

I've worked for two banks - they spend time training the front line staff on how to recognize these transactions.
Deal Addict
Apr 21, 2009
1544 posts
1150 upvotes
Toronto
Cerium398 wrote:
Jun 18th, 2015 7:04 pm
Overpaying your credit card so that you have an extremely large credit balance on your VISA (more than $1,000) is not considered to be a normal transaction.

Criminals who wish to launder "dirty" money often take out credit cards and then overpay with the money which is proceeds of crime and spend off the credit balance; or overpay the credit card and then walk into a branch and receive a cash advance in the form of a draft and continue to layer the dirty money throughout the financial system, so that they may withdraw it at a later date when it is "cleaned" money.

I've worked for two banks - they spend time training the front line staff on how to recognize these transactions.
Thanks for the explanation.

I asked the question because I always keep my card at least $10 - $100 overpaid.

I've had credit cards for close to 4 years now and have never paid a cent in interest.
Deal Addict
User avatar
Nov 9, 2003
2689 posts
272 upvotes
Sauerkraut wrote:
Jun 18th, 2015 7:24 am
You're upset that your Scotia rep didn't predict the World Trade Center attacks??
This was well after 9/11, I'm upset that she cared more about keeping money in Scotia earning MER fees on my money then she did on my money. Someone who actually cares about peoples' finances would've told me to get out of the market.

Remember I asked her specifically, should I be pulling out and her response was, it's going to go down but remember you are in it or the long run so it won't matter down the road. I was dumb enough and trusted her; I've learned from those mistakes

If you remember the markets they didn't drop significantly in Canada until years after 9/11. Happened in what 2008?
Deal Addict
Sep 5, 2009
2893 posts
1071 upvotes
Please go to the branch to get a supplementary card application form.
Branch: its online go home and fill it out and mail it in.
Call centre: you have to go to the branch to fill it out and submit it.
Deal Addict
Nov 25, 2014
1723 posts
924 upvotes
Newton Brook, ON
Cerium398 wrote:
Jun 18th, 2015 2:25 pm
As a credit card customer at Scotia, I've been happy.

I would never hold deposit accounts at Scotia for three reasons - 1) There are no branches conveniently located close to where I live; 2) Their branch hours suck;
3) The requirement to go to your home branch for every issue as mentioned in this thread
In my experience, being a credit card customer is just as bothersome as being a deposit account customer.

thetipster wrote:
Jun 18th, 2015 5:21 pm
Ever try to see what rate your are getting on your LOC online?
You can't. You have to call in to ask what it is. Another Scotia fail.
Don't you have your statements online? It's printed there.

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