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Originally Posted by Engine09
Finally lost my temper with the Scotiabank advisor, got in touch with the branch manager today by email. The manager actually said the penalties were added because I did not come into a branch in person to tell them I was transferring to another institution.
They're ignoring the fact that the following section is included on the Request for Payout that was signed by myself and they confirm was received by Scotiabank a full week before my renewal date.
"If this mortgage is due for renewal on or around the effective date of this statement, consider this your instruction to not renew this mortgage, pending payout of it. Should the mortgage have to be renewed, consider this your instruction to renew the mortgage only for a 6 month open term. These instructions are to have priority over any other renewal letter, document or other instrument you may have sent to me/us."
What bull#### can they come back at me with? They went ahead and did the exact opposite of what was requested in writing and they confirm it was received.
They also refuse to give me the name of the person who decided to proceed and ignore the instructions. They actually told me, there is no one to talk to at the central mortgage unit, no name or number to give me. I asked 3 separate times.
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Hi Engine, I have previously worked at a bank and assuming things haven't changed the set up is not there for low level employees to help you. That includes the local branch manager. Many times they might want to help you but they dont want to take the hit on the branch bottom line by refunding you.
From my knowledge of the setup I can confirm that the mortgage unit person has most likely nothing to do with your problem unless your broker sent the instructions directly to head office (all these units are in ON). The issue is that someone ignored your payout request instructions and this probably happened at the branch level.
To get results you need to escalate. My suggestion.
1. Write the manager asking for a full refund given you are 100% right that you gave instructions to renew into an open mortgage. Give them a few days at most. Say that if they so not do this you will escalate.
2. If no results go to the internal bank ombudsman, I think ADR chambers. This is an escalation step so you you first need to give a chance to the local manager.
This ombudsman will take a few weeks at least to help. Problem is they are not fully independent in my opinion (some banks quit the independent ombudsman and hired this company) but in my experience they will help you to avoid further issues.
3. If you are not satisfied (I mean 100% refunded) once the ombudsman responds, then go to the financial consumer agency of Canada FCAC and escalate your complaint.
I think if they received your instructions you are 100% right and you will be helped in step 1 or 2, just be clear you intend to escalate the matter unless they help you.