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Questions RE: ScotiaLine LOC

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  • Aug 16th, 2019 9:58 pm
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Questions RE: ScotiaLine LOC

Before I start, I need to say that I am a complete Scotia noob (due to their terrible banking products), so please take it easy on me! I have a savings account there for the past 5-6 years. I just accepted a pre-approval for a ScotiaLine LOC, and I have some questions:

(1) It seems you can link the LOC to a Visa card, do I have to call in to order the card or will it be in the welcome package that's coming to me?
(2) It looks like I get free cheques for this account. But when I check online, my LOC account does not appear there...wtf?
(3) Can I have a credit balance on the line like CIBC/TD/BMO (i know it's not possible for RBC)?

TIA for your help.
「もし、奇跡を起こせたら……」
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Jun 13, 2018
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angel_wing0 wrote:
Aug 2nd, 2019 8:07 am
Before I start, I need to say that I am a complete Scotia noob (due to their terrible banking products), so please take it easy on me! I have a savings account there for the past 5-6 years. I just accepted a pre-approval for a ScotiaLine LOC, and I have some questions:

(1) It seems you can link the LOC to a Visa card, do I have to call in to order the card or will it be in the welcome package that's coming to me?
(2) It looks like I get free cheques for this account. But when I check online, my LOC account does not appear there...wtf?
(3) Can I have a debit balance on the line like CIBC/TD/BMO (i know it's not possible for RBC)?

TIA for your help.
1) If it's the same as mine, the Visa access card is how the uLOC is structured. There is no interest free period though.
2) LOC account is under Borrowing section
3) don't know, I've never overpaid it
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ritzcrv wrote:
Aug 2nd, 2019 8:41 am
1) If it's the same as mine, the Visa access card is how the uLOC is structured. There is no interest free period though.
2) LOC account is under Borrowing section
3) don't know, I've never overpaid it
(1) Thanks, so will the Visa card be mailed to me automatically or do I need to call in/go into a branch to request it?
(2) I was there, and I can see my Scotia credit card account, but not the LOC account.
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Sep 24, 2013
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angel_wing0 wrote:
Aug 2nd, 2019 10:07 am
(1) Thanks, so will the Visa card be mailed to me automatically or do I need to call in/go into a branch to request it?
(2) I was there, and I can see my Scotia credit card account, but not the LOC account.
The visa card is the Line of credit card and you'll receive it with the package. I have overpaid the account and used it as a chequeing account with no additional charges but only for a few times. There are no additional charges using a Scotiabank atm to withdraw cash or using the Visa and to make purchases but interest is charged from day one.
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buddshek wrote:
Aug 2nd, 2019 10:39 am
The visa card is the Line of credit card and you'll receive it with the package. I have overpaid the account and used it as a chequeing account with no additional charges but only for a few times. There are no additional charges using a Scotiabank atm to withdraw cash or using the Visa and to make purchases but interest is charged from day one.
Good stuff!!!

Would you be able to help me on the cheque issue as well? Or do I just need to wait for the account to appear on the website?

EDIT: Never mind, it is because of a new account. Did not completely read fail orz

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「もし、奇跡を起こせたら……」
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angel_wing0 wrote:
Aug 2nd, 2019 8:07 am
Before I start, I need to say that I am a complete Scotia noob (due to their terrible banking products), so please take it easy on me! I have a savings account there for the past 5-6 years. I just accepted a pre-approval for a ScotiaLine LOC, and I have some questions:

(1) It seems you can link the LOC to a Visa card, do I have to call in to order the card or will it be in the welcome package that's coming to me?
(2) It looks like I get free cheques for this account. But when I check online, my LOC account does not appear there...wtf?
(3) Can I have a debit balance on the line like CIBC/TD/BMO (i know it's not possible for RBC)?

TIA for your help.
(1) Card came to me automatically
(2) First set of cheques came automatically - they couldn't tell me whether there is a cost associated with getting additional cheques. I was told to check and order via branch.
(3) don't know
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Aug 3, 2013
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1. Automatic.
2. May take a couple days before it shows online. Got initial cheques with the Visa.
3. I just overpaid $500 yesterday thru PayTM.
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hopetindall wrote:
Aug 2nd, 2019 12:19 pm

(1) Card came to me automatically
(2) First set of cheques came automatically - they couldn't tell me whether there is a cost associated with getting additional cheques. I was told to check and order via branch.
(3) don't know
suikoyen wrote:
Aug 2nd, 2019 12:28 pm
1. Automatic.
2. May take a couple days before it shows online. Got initial cheques with the Visa.
3. I just overpaid $500 yesterday thru PayTM.
Thanks guys. @hopetindall standard cheques are definitely free per the Scotia website, just need to pay if you want them personalized.

Does the LOC support EMT? EDIT: Just checked through online banking, guess not.
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angel_wing0 wrote:
Aug 2nd, 2019 8:07 am
Before I start, I need to say that I am a complete Scotia noob (due to their terrible banking products), so please take it easy on me! I have a savings account there for the past 5-6 years. I just accepted a pre-approval for a ScotiaLine LOC, and I have some questions:

(1) It seems you can link the LOC to a Visa card, do I have to call in to order the card or will it be in the welcome package that's coming to me?
(2) It looks like I get free cheques for this account. But when I check online, my LOC account does not appear there...wtf?
(3) Can I have a debit balance on the line like CIBC/TD/BMO (i know it's not possible for RBC)?

TIA for your help.
A few things...a debit balance on a line of credit means you're drawing your line of credit. I think you mean a credit balance. And, if so, yes, it's possible. It's like CIBC/TD/BMO.

You do get free cheques, but no interest free grace period. Interest is charged from the day transaction is posted to your account. There are no cheque fees, though, though Scotia added cheque fees on their credit cards.

All Scotia line of credits do have Visa access cards (a bit different than an actual Visa credit card, though).

Your account may not be linked online because it's not set up in your Scotia OnLine profile, which you might be able to check the box under "Settings". If it doesn't appear, you'll need to visit in-branch.

Scotia iTRADE is a solid direct investing platform - it's what I use. I just wish Scotia would have a chequing account like HSBC Advance or even CIBC's Smart Plus Account whereby they took into account your subsidiary balances to waive fees.

Cheers,
Doug
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One downside, though, I don't think you can link your ScotiaLine account to other bank accounts through the EFT system nor can you set up direct deposits to your ScotiaLine. Can you do that with a CIBC or TDCT line of credit, though? And do you still have your BMO Sobeys chequing account, @angel_wing0? Is there a point where too many chequing accounts becomes unwieldly to you?

Cheers,
Doug
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angel_wing0 wrote:
Aug 2nd, 2019 12:41 pm
Thanks guys. @hopetindall standard cheques are definitely free per the Scotia website, just need to pay if you want them personalized.

Does the LOC support EMT? EDIT: Just checked through online banking, guess not.
they sent free me personalized cheques automatically on account opening (10 or 20 I think).

When I asked if there would be a charge in future; they didn't know and told me to ask the branch (it's ScotiaBank after all!) :-)
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Jan 10, 2011
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Toronto
I thought I read somewhere scotia loc is not like td's which you can use as a chq account by deposit money in it. That's why I haven't accept all the pre-approved offer before.
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Apr 13, 2003
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Scarborough
Can you setup a link to tangerine?
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Aug 3, 2013
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Durham
Riaz wrote:
Aug 2nd, 2019 2:59 pm
Can you setup a link to tangerine?
Not possible.
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Apr 13, 2003
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Scarborough
suikoyen wrote:
Aug 2nd, 2019 3:21 pm
Not possible.
How about plugging in the info from the checks into tangerine?

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