Oh Scotiabank, how could you?
After seeing some significant improvement in my business and as a result a significant increase in the transaction count and cash deposits, I setup an appointment to modify my banking plan with them. Of course, this is never a simple request and it requires an appointment. I arrived at my appointment and was immediately informed that the business activity in my account PRE-QUALIFIED me for a business visa card. I thought, GREAT, I don't really need it, after all I have a huge charge limit on my AMEX Business Platinum card, but there are occasions where a business visa would come in handy.
I made a very big point to the agent that I only would accept this card if it was TRULY a pre-approval. I am trying really hard right now to avoid hard enquires on my credit report because this is the primary flag on my Equifax report dragging down my score - too many enquires in the last 12 months. I was annoyed to discover the next day that there was a hard enquiry on my credit report, but I decided to let it slide.
I was truly furious only today when I discovered that I had been automatically enrolled in the creditor insurance at a cost equal to 12% annually regardless of the charged balanced.
Scotiabank, how did my routine request for a simple change to my banking plan turn into a credit card, hard enquiry on my credit report, and unwanted insurance????