Scotiabank is without a doubt the worst in the industry for handling payout statements. When they do finally get to it, they set an expiry of 24 hours on it, which makes things very difficult for FCT and the new lender, especially if they issue it on a Friday. From what I understand, it's not even 24 business hours.
Unfortunately, you're most likely out of luck because you didn't ask for an open term. However, if you do want to try to go up the ladder with them, you can reference the "FCT Payout Authorization Form" that reads:
Quote:
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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.
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This is the form you would have signed for your broker, who would have submitted it to MCAP, who would have forwarded it to FCT, and then to Scotia. I don't actually know if it's binding, as I still always advise clients to personally request an open mortgage, and FCT agents advise of the same, which leads me to believe it is not binding until the customer requests it personally. Again though, worth a shot IMO.