Personal Finance

questions about Scotiabank accounts

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[OP]
Newbie
Jun 22, 2011
98 posts
13 upvotes

questions about Scotiabank accounts

Hi,

So I got the Scotia infinite visa. Is there a free account I can get from them to make paying the faster? With my rbc visa i can transfer into the account. I was hoping there was an account I could send email transfer to and then move it to the visa. So it's closer to instant rather than three business days. I get paid Friday, so it's annoying to wait until Wednesday or Thursday.

So no monthly charge and free email transfers into account.
34 replies
Sr. Member
Aug 16, 2010
502 posts
84 upvotes
Thornhill
Unfortunately, there is no ability to transfer money from a Scotia bank account to pay off a Scotia credit card instantly. You would still need to do a bill payment which takes 2-3 business days.
Moderator
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Mar 23, 2004
37712 posts
3942 upvotes
Markham
MattyMattMatt wrote:
Apr 26th, 2014 11:13 pm
Hi,

So I got the Scotia infinite visa. Is there a free account I can get from them to make paying the faster? With my rbc visa i can transfer into the account. I was hoping there was an account I could send email transfer to and then move it to the visa. So it's closer to instant rather than three business days. I get paid Friday, so it's annoying to wait until Wednesday or Thursday.

So no monthly charge and free email transfers into account.
afaik nope. EDIT: I stand corrected.

You can always pay in a scotia branch, just show the teller your visa and hand over your cash and u are done.
「もし、奇跡を起こせたら……」
Deal Addict
User avatar
Apr 20, 2012
1378 posts
594 upvotes
Waterloo, ON
I think it pays it off instantly. You won't see it on your statement, but if I pay off my balance, my available credit goes up to my limit.
[OP]
Newbie
Jun 22, 2011
98 posts
13 upvotes
brobinsoncc wrote:
Apr 26th, 2014 11:33 pm
I think it pays it off instantly. You won't see it on your statement, but if I pay off my balance, my available credit goes up to my limit.
I don't see my credit increase until Wednesday Thursday.
I'm just impatient since I'm used instant from uk.

Might head to a Scotia branch next time, but they're usually inconvenient locations
Deal Addict
User avatar
Apr 20, 2012
1378 posts
594 upvotes
Waterloo, ON
I actually got this last card last week as well. I can pay it off online, but when I use the scotia app, my card doesn't show up when I select transfer funds. My other visa does so I might have to call. It shows up and I can check my balance and statement and cash back rewards, but I just can't transfer to and from.


Anyone have any ideas?
Deal Addict
Dec 21, 2012
1991 posts
315 upvotes
Toronto, ON
stanimal wrote:
Apr 26th, 2014 11:29 pm
Unfortunately, there is no ability to transfer money from a Scotia bank account to pay off a Scotia credit card instantly. You would still need to do a bill payment which takes 2-3 business days.
Mine pays off instantly scotia debit to scotia visa...it takes a few days to show "xxx.xx amount transferred" however the available credit goes up instantly.
[OP]
Newbie
Jun 22, 2011
98 posts
13 upvotes
AFG786 wrote:
Apr 26th, 2014 11:58 pm
Mine pays off instantly scotia debit to scotia visa...it takes a few days to show "xxx.xx amount transferred" however the available credit goes up instantly.
Ok, so do they have a free account I can do email transfers to, to accomplish this? Savings?
Sr. Member
Dec 26, 2013
668 posts
58 upvotes
Look at their website? They've got minimum balance waives fees but I suspect you haven't any savings and you've maxed out your credit card if waiting a couple business days to pay the thing is a hassle and you have concerns about your pay coming in!
Member
Aug 17, 2006
397 posts
79 upvotes
Toronto
If you can't pay off your credit card bills until your paycheck is in, you really need to reconsider your financial situation. For your own good, try to save a few dollars each week into your account until you have a nice buffer. You're setting yourself up for disaster if any new financial constraints arise.
Deal Addict
User avatar
Oct 7, 2012
1361 posts
228 upvotes
Montreal
MattyMattMatt wrote:
Apr 26th, 2014 11:13 pm
Hi,

So I got the Scotia infinite visa. Is there a free account I can get from them to make paying the faster?
They automatically deduct the entire month's amount from my ING Checking for free
I keep all the amount in savings till two days before the payment date, then transfer it into my checking just before the payment launches
[OP]
Newbie
Jun 22, 2011
98 posts
13 upvotes
No, I don't have that problem, but my money being in limbo for five days annoys the hell out of me.
And I don't like doing minimum balance because i get interest on other accounts.
[OP]
Newbie
Jun 22, 2011
98 posts
13 upvotes
Mindfulmonkey wrote:
Apr 27th, 2014 5:49 am
Look at their website? They've got minimum balance waives fees but I suspect you haven't any savings and you've maxed out your credit card if waiting a couple business days to pay the thing is a hassle and you have concerns about your pay coming in!
No, I don't have that problem, but my money being in limbo for five days annoys the hell out of me.
And I don't like doing minimum balance because i get interest on other accounts.
Member
Aug 17, 2006
397 posts
79 upvotes
Toronto
MattyMattMatt wrote:
Apr 27th, 2014 11:38 am
No, I don't have that problem, but my money being in limbo for five days annoys the hell out of me.
And I don't like doing minimum balance because i get interest on other accounts.
That's a good reason! You'll be saving Pennies, but better scenario than what I suggested.

You're best option is probably to do automatic bank payments. See if they'll do it from your savings account. Otherwise, do what gogoblender suggested.
Penalty Box
Dec 27, 2013
8003 posts
3929 upvotes
Toronto
stanimal wrote:
Apr 26th, 2014 11:29 pm
Unfortunately, there is no ability to transfer money from a Scotia bank account to pay off a Scotia credit card instantly. You would still need to do a bill payment which takes 2-3 business days.
You're wrong and have no clue what you're talking about.

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