Personal Finance

Anyone else have bad experiences with Scotiabank?

  • Last Updated:
  • Mar 2nd, 2019 10:39 pm
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Deal Addict
Jun 21, 2008
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Scotia is indeed an a$$backwards organization
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Aug 24, 2016
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anonguy123 wrote:
Dec 4th, 2018 8:33 pm
I again called them to do a balance transfer. I was on the phone (waiting for a representative) for over 22 minutes and still I was on hold.
Most people in today’s world would do this online in 30 seconds.....
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lhsonic wrote:
Jul 30th, 2018 6:54 pm
2. They bumped my ULOC rate from P+ 2.2% to P+2.8% arbitrarily. I know they're within their rights to do so.. but it doesn't leave you with much confidence to use their product as this represented a >25% rate increase when I'm in a better financial position than I was when they first offered me P+2.2.
Math wasn’t your strong area in school was it?
You may want to try that again.
A 0.6% rate increase is not “over 25%” rate increase.
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Oct 4, 2004
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coolintheshade wrote:
Dec 6th, 2018 8:51 am
Math wasn’t your strong area in school was it?
You may want to try that again.
A 0.6% rate increase is not “over 25%” rate increase.
Actually.. it wasn't, but clearly kindness isn't your strong area in life. I simply forgot to add the P in P+x while drafting a post on the internet- no need to use insults.
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lhsonic wrote:
Dec 6th, 2018 9:52 am
Actually.. it wasn't, but clearly kindness isn't your strong area in life. I simply forgot to add the P in P+x while drafting a post on the internet- no need to use insults.
Some people are just so sensitive on this forum.
I merely pointed out that your math is wrong, and you were making a big deal out of a minor thing.
While you harp about a half percentage rate increase, there are people that have reported much higher increases than that.
So you should feel lucky you didn’t see a 2%+ increase like others have.
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coolintheshade wrote:
Dec 6th, 2018 10:18 am
Some people are just so sensitive on this forum.
I merely pointed out that your math is wrong, and you were making a big deal out of a minor thing.
While you harp about a half percentage rate increase, there are people that have reported much higher increases than that.
So you should feel lucky you didn’t see a 2%+ increase like others have.
You must have misunderstood me. It's unnecessary to use an insult to "merely point out" incorrect math. Even if what you said is true ;)

I am not "harping" or making a big deal about anything. I am simply responding to the OP's question of "bad experiences with Scotiabank" so I came back with 3 such experiences of my own to share. If you'll continue reading, I also mention that my rate was "still very competitive" and that I continue to bank with Scotiabank because of the rate, the ability to consolidate limits, and because of the offers they constantly share.
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Deal Addict
Nov 8, 2017
1089 posts
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I've never banked with scotia, but last summer I walked by a scotia atm, and it looked like a space panel from a Russian Rocket ship built in the 70s

Had a good laugh
Newbie
Dec 10, 2018
19 posts
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To be honest, I have had nothing but great experience with them. I have 3 credit cards and a ULOC with a fairly high limit and low interest rate (compared to my other ULOC).

On the other hand, I have an aggressive pay-down/ balance transfer technique I use. I leverage my 4 ULOC's against one another, thus showing Scotiabank that I make sizable amounts in payments every month.

They have increased my credit lines in the last 6 months by a massive amount.

Seems like they are super credit liberal, they also use Transunion- which most Canadians have a higher credit score on as opposed to Equifax.
Newbie
Jul 30, 2018
58 posts
34 upvotes
Yeah, I don’t like them either. They substantially lowered my credit card limit out of nowhere. Likely my own fault and a result of my spending habits but it wasn’t like I missed payments or did anything wrong. RBC offered increases on my card, same habits. Oh well, banks have their own criteria for making the decisions they do.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
I'm new to the Scotiabank thing and I feel like banking in the 18th century....
- "Home branch" or "Servicing branch" concept...... we don't talk local credit union here FYI
- Essentially "home branch" is where major of business to be completed, including a correction of your name (Idk why my name got some extra random character)
- scotiabank google search won't get you to Scotiabank Canada....
- Not sure what else but oh mine mine, after all the years banking with other giants now Scotiabank LOL no way to describe it.
Well, let's just hope my branch visit isn't necessary any longer after some of this dumb error.
I am being targeted over Internet Relay Chat. Please help me.
Newbie
Jul 25, 2017
6 posts
12 upvotes
I have mortgages with Scotia Bank, but from what I gather they generate record breaking profits by loosening rules and regulations in order for people to get approved for things such as mortgages. A small example is last I heard a month ago from a mortgage broker was that Scotia Bank was the only bank of the big 5 that would add rental income from an illegal apartment to qualify for a mortgage. Whether this was a potential tactic to bring business to Scotia or if it's actually true I can't confirm. However, with the other big banks that seem to be much more advanced something certainly seems....offf... A small example is when depositing cash in a TD machine you don't need an envelope, but it's still required by Scotia? Just my two cents!
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Jan 15, 2017
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I recently tried to e-transfer some funds from my Scotia PLC but discovered that their PLC accounts aren't on the Interac network. Ended up doing a mobile deposit instead.
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Dec 3, 2017
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User455957 wrote:
Dec 6th, 2018 10:57 pm
I've never banked with scotia, but last summer I walked by a scotia atm, and it looked like a space panel from a Russian Rocket ship built in the 70s

Had a good laugh
Scotia ATMs still have passbook printers... PASSBOOK PRINTERS.
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.
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Dec 3, 2017
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taxrage wrote:
Jan 1st, 2019 2:19 pm
I recently tried to e-transfer some funds from my Scotia PLC but discovered that their PLC accounts aren't on the Interac network. Ended up doing a mobile deposit instead.
The LoCs are on the Visa network right?
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.
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Apr 3, 2006
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matt8787 wrote:
Jan 1st, 2019 2:09 pm
I have mortgages with Scotia Bank, but from what I gather they generate record breaking profits by loosening rules and regulations in order for people to get approved for things such as mortgages. A small example is last I heard a month ago from a mortgage broker was that Scotia Bank was the only bank of the big 5 that would add rental income from an illegal apartment to qualify for a mortgage. Whether this was a potential tactic to bring business to Scotia or if it's actually true I can't confirm. However, with the other big banks that seem to be much more advanced something certainly seems....offf... A small example is when depositing cash in a TD machine you don't need an envelope, but it's still required by Scotia? Just my two cents!

This applies to each bank every few months tbh. For a while, CIBC was the loose and fast lender, before that BMO, and before that it was RBC. The only one of the big 5 that doesn't get involved in questionable mortgages is TD.

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