Personal Finance

Scotiabank threatening me for a delinquent account

  • Last Updated:
  • Dec 6th, 2018 10:01 am
[OP]
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Jun 30, 2005
2103 posts
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Toronto

Scotiabank threatening me for a delinquent account

I think I had $100 in a Scotiabank account (which was a student account at some point), and I never really touched it. Fast forward a few years, with no prior email or letter, I get this letter in the mail today letting me know that:

"It has come to our attention that your overdraft account still remains outstanding after requests have been made for payment."

There's an overdraft balance of $50, and they are saying that I have to bring the account "up-to-date" within 10 days of the letter or else they will close the account and it will be converted to a delinquent term loan with will affect my credit rating.

I went and logged in to the account (something I hadn't done in a long time) and found that at some point in time it switched to a "regular" account and was charging me a $3.95 service charge until my account was drained. And then on top of that $5 each time it went deeper into the negatives. I've had zero transactions as far back as the website would let me go. Christ, I barely even remember having this account, you'd think they would at least say something when the balance hit zero.

I don't know what they are smoking, but after years of ZERO emails/phone calls/letters, they think they have the right to threaten me? Of course $50 is not a big deal and I can easily pay it, but it just pisses me off. I'm definitely never doing business with these crooks again.

What do you guys think I should do?
12 replies
Deal Addict
Mar 21, 2010
4136 posts
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Toronto
First, check your credit reports and see if there's already a situation.

Then contact them, in writing, stating what you said (you switched my product to one that had a fee with no notice, then put it into a negative balance with no notice over a long period, when you clearly could have informed me because I got this letter you sent years later). Escalate it if they don't help. Escalate it to the Ombudsman if they still don't help.

And honestly, if it comes to it at the end, just pay the $50. I know it's a kick to lose $150, but it's not worth wrecking your credit over.
[OP]
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Jun 30, 2005
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@Manatus thanks for the reply
Manatus wrote:
Dec 3rd, 2018 10:18 pm
First, check your credit reports and see if there's already a situation.
How do I check my credit reports?
Manatus wrote:
Dec 3rd, 2018 10:18 pm
Then contact them, in writing,
That sounds a little slow, would it be okay for me to call them? I can just record the call for my records (and get their permission of course).
[OP]
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Jun 30, 2005
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I'm reporting this just for closure and posterity.

I called the number on the letter and talked to someone from frontend collections. She said that they tried to call me 34 times from July to November before they finally decided to send me a letter at the end of November. The thing is, I am not home very often, but I always have someone pick up my mail and scan it for me every week.

After the first 10 times, I think it would be reasonable to try other forms of contact with your client, no?

In any case, I was told that there's nothing I can do about it over the phone. If I wanted to close the account, I would need to walk into a branch.

So I walked into the branch and they told me that the best they could do is to give me a number for me to call the ombudsman if I think I was treated unfairly.

At this point, the overdraft balance is now $62 and I didn't want to deal with calling someone and then playing phone tag with this piece of shit bank. So I just paid it and closed the account. Good riddance.
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May 11, 2014
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IBOPM wrote:
Dec 3rd, 2018 10:32 pm
@Manatus thanks for the reply
How do I check my credit reports?
That sounds a little slow, would it be okay for me to call them? I can just record the call for my records (and get their permission of course).
Actually since you have a Scotia account, you can check your credit report for free on their online banking
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Apr 5, 2016
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It's totally your fault and yet you claim innocence and no wrong doing. All student accounts have an expiry date, it's not free forever. Plus, you claim they never contacted you then stated they actually did many times in July but to a phone number you have no access to. What do you expect them to so? Google your current number? Holy shit people are so irresponsible these days. This isn't even a Scotia issue. This will happen at any bank you leave an account dormant.
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[OP]
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Jun 30, 2005
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xgbsSS wrote:
Dec 5th, 2018 8:49 pm
Actually since you have a Scotia account, you can check your credit report for free on their online banking
Cool! I didn't know that. I have a 778, is that good or bad?
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Sep 7, 2004
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IBOPM wrote:
Dec 5th, 2018 9:57 pm
Cool! I didn't know that. I have a 778, is that good or bad?
In the upper 700's it is considered "very good" as you are in the top 60%-80% percentile. Believe Scotia gets their ratings from TU so your score on Equifax might be different but the spread between the two reporting agencies shouldn't be huge if your overall credit factors between the two agencies are consistent.
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Mar 9, 2014
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Scotiabank is terrible. In 2011 I tried to close my account there and they told me I had to travel across the province and close it at the same branch where I opened it.
After I escalated the matter and asked WTF, they ended up having to transfer my file to that branch and then closed it. Took a month and they were not very happy to do it.
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May 22, 2003
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IBOPM wrote:
Dec 5th, 2018 6:44 pm
I'm reporting this just for closure and posterity.

I called the number on the letter and talked to someone from frontend collections. She said that they tried to call me 34 times from July to November before they finally decided to send me a letter at the end of November. The thing is, I am not home very often, but I always have someone pick up my mail and scan it for me every week.

After the first 10 times, I think it would be reasonable to try other forms of contact with your client, no?

In any case, I was told that there's nothing I can do about it over the phone. If I wanted to close the account, I would need to walk into a branch.

So I walked into the branch and they told me that the best they could do is to give me a number for me to call the ombudsman if I think I was treated unfairly.

At this point, the overdraft balance is now $62 and I didn't want to deal with calling someone and then playing phone tag with this piece of shit bank. So I just paid it and closed the account. Good riddance.
Did they leave you a message on your phone?
[OP]
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Jun 30, 2005
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gqbluez wrote:
Dec 5th, 2018 10:26 pm
In the upper 700's it is considered "very good" as you are in the top 60%-80% percentile. Believe Scotia gets their ratings from TU so your score on Equifax might be different but the spread between the two reporting agencies shouldn't be huge if your overall credit factors between the two agencies are consistent.
That's great news! What else is good credit good for if you're not looking to buy a house in the short term?
huntclub wrote:
Dec 5th, 2018 11:01 pm
Scotiabank is terrible. In 2011 I tried to close my account there and they told me I had to travel across the province and close it at the same branch where I opened it.
After I escalated the matter and asked WTF, they ended up having to transfer my file to that branch and then closed it. Took a month and they were not very happy to do it.

The bank is absolutely horrible, I want nothing to do with them ever again.
notenoughsleep wrote:
Dec 5th, 2018 11:13 pm

Did they leave you a message on your phone?
Nope, not even once.
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Mar 21, 2018
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Guess this is how they make the big bucks. Scaring folks for 50$.
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Apr 26, 2010
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Richmond Hill
bomber17 wrote:
Dec 5th, 2018 9:49 pm
It's totally your fault and yet you claim innocence and no wrong doing. All student accounts have an expiry date, it's not free forever. Plus, you claim they never contacted you then stated they actually did many times in July but to a phone number you have no access to. What do you expect them to so? Google your current number? Holy shit people are so irresponsible these days. This isn't even a Scotia issue. This will happen at any bank you leave an account dormant.
i second that thought.

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