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Old 01-20-2020, 07:57 AM   #21
MillerTime GFG
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You mean for that slogan? I agree because I think sends a terrible message to some people, who likely least need that kind of encouragement.
What do you mean?! I just got a fantastic line of credit at 9% to pay for the trailer I always wanted and to take my kids on a trip around the world! Thanks Scotia!
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Old 01-20-2020, 08:14 AM   #22
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But you're richer than you think.

I would not give them any business for that reason alone.
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You mean for that slogan? I agree because I think sends a terrible message to some people, who likely least need that kind of encouragement.
Personally, I never had issues when them.

But I'd like to see their slogan changed to "Yeah, you're ####ed. Good luck."
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Old 01-20-2020, 09:13 AM   #23
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The problem with a lot of major banks is that they have some fairly junior people in charge of managing client portfolios. They don't have any knowledge of your personal accounts, and these aren't especially good jobs, so the rate of change over is high. You'll be left with a new "personal adviser" every few months, and these advisers rarely have any idea how concepts like customer care work.

Honestly, this isn't a problem just with Scotia.
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Old 01-20-2020, 11:06 AM   #24
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Random mortgage renewal question: when you renew your mortgage (I have like 3 years left on a 10 year), do you have to go through all those same income tests/ratios under the newest guidance? Or do they just allow you to renew at the latest rates (if you stay with same lender).
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Old 01-20-2020, 12:35 PM   #25
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Random mortgage renewal question: when you renew your mortgage (I have like 3 years left on a 10 year), do you have to go through all those same income tests/ratios under the newest guidance? Or do they just allow you to renew at the latest rates (if you stay with same lender).
Typically lenders will offer you fairly competitive renewal options and you wouldn't need to re-qualify. However, since the stress tests have been implemented, some lenders are offering less than competitive rates if they don't think you could qualify if you were to switch lenders, knowing you're "stuck" with them. For example, if they looked at your credit and saw you had built up a ton of debt, or if income had changed, etc.

Chances are, you'll just be able to "sign here" on your desired renewal option, provided that's what you want to do.
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Old 01-20-2020, 06:26 PM   #26
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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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Old 01-20-2020, 08:47 PM   #27
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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.
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.
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Old 01-20-2020, 09:17 PM   #28
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I can not stress enough the route of going through a Senior Vice President who actually has the authority, understanding of potential costs, including legal and the brain power to understand what is going on.

Like I said in a previous post, emphasize how many hours you and your local branch employee's have spent on this issue and how it's affecting sales and your future business with Scotia.

As for the Manager, I think they know somewhere along the line there was a screw up and are trying to save face/ costs. Bank business wither it be deposit accounts, investments and lending products such as mortgages and lines of credit are literally transferred to other financial institutions daily, hence your signed transfer request. Generally speaking you may get a phone call from he bank or branch asking if they can salvage the business but at the signed stage, usually doesn't happen.

Throw in the media threat and things should start to proceed quickly as long as everything has been signed and dated prior to maturity as per your posts. Ever notice all the news stories and consumer reports from clients who have had issues? A large portion of these cases are settled once the media get's involved cause it get's people's attention who have authority.

The recent case in Vancouver of a BMO branch and Vancouver Police arresting a 12 year old and a grandfather. Somewhere along the lines things got messed up and the police were called, rightly or wrongly, I don't know. Anyhow things escalated in the media and some low ranking loser was probably dealing with it internally until the President of the banking division got involved.

Either way, good luck but don't discount the power of people who have it. Bank Managers in 2020 barely have authority to authorize a mortgage approval or a gift card for a client! Back in the day they were given handguns to protect staff from robberies.
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Old 01-20-2020, 09:19 PM   #29
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I forgot to add to my post about you needing to go into the branch, that is BS. There are divisions within banks dealing with transfer of banking business both coming in and going out. That's why you authorize paperwork!
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Old 01-20-2020, 11:40 PM   #30
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Thank you all for the feedback and advice, I've read every single post and have taken notes. I'll be going ahead as advised.

In my most recent message to the branch manager I told him the comment about coming into a branch in person was confusing due to it being completely incorrect. I forwarded the exact wording in the request for payout and made it clear I knew they made a mistake and I need it corrected.

I was perfectly clear that I expect to be refunded the total amount and if he's unable to do that I want the name and number of a person who can.
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Old 01-22-2020, 12:46 PM   #31
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I hate Scotiabank we gave a down payment check to Remax for a house but backed out of the deal to go with another one out of another Remax branch. Scotia told us they couldn't cancel the transfer as the cheque had been cashed already and told us to get Re-max to issue us a cheque to give us our money back.

Re-max did this only to find out that Scotia did in fact reverse the funds back to us. So we give Re-max thier cheque back upon their request. Scotia tells them only we can authorize the cancellation of it after the fact. Well apparently this is done at the home branch level so I was calling the Manager every two days for about a month trying to get them to cancel this cheque which I no longer have so Remax can get their money back. The Assistant Manager was the one that told us to handle it the way we did but when we speak to the Manager he is telling us she denies all knowledge of it. It was such a bad experience.
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Old 01-23-2020, 01:59 PM   #32
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The branch manager is possibly worse than the advisor. I asked him very specific questions, mainly why the instructions in the request for payout were ignored. Completely ignored me twice in his emails, incredibly unprofessional. Can't get him on the phone so left a very direct voicemail.

Looks like it's on to the office of the Scotia president then the ombudsman.

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Old 01-23-2020, 04:08 PM   #33
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The branch manager is possibly worse than the advisor. I asked him very specific questions, mainly why the instructions in the request for payout were ignored. Completely ignored me twice in his emails, incredibly unprofessional. Can't get him on the phone so left a very direct voicemail.

Looks like it's on to the office of the Scotia president then the ombudsman.
Wouldn't it be something it's the same Manager.

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Old 01-24-2020, 08:50 AM   #34
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The branch manager is possibly worse than the advisor. I asked him very specific questions, mainly why the instructions in the request for payout were ignored. Completely ignored me twice in his emails, incredibly unprofessional. Can't get him on the phone so left a very direct voicemail.

Looks like it's on to the office of the Scotia president then the ombudsman.
Yea, you're wasting your time with the branch manager unfortunately, as mortgage payouts are a completely different department. Not to mention the broker channel is separate from the branch as well.

Try this phone #: 1-800-567-1331. It is the support desk # listed directly on payout statements issued by Scotiabank.
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Old 01-24-2020, 09:14 AM   #35
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The branch manager is possibly worse than the advisor. I asked him very specific questions, mainly why the instructions in the request for payout were ignored. Completely ignored me twice in his emails, incredibly unprofessional. Can't get him on the phone so left a very direct voicemail.

Looks like it's on to the office of the Scotia president then the ombudsman.
Or Small Claims Court.
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Old 01-25-2020, 09:10 AM   #36
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What does your original mortgage contract state about how renewals and payouts are to be performed. If you can show you met those requirements then you should eventually win easily. If they have a stupid clause that you had to go in person it might be a tougher fight.
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Old 03-17-2020, 07:09 PM   #37
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Lot of other problems that people are dealing with but this saga continues. The representative of the office of the president was equally frustrating to deal with, over 2 months.

I would ask direct questions and be ignored for days. They would call while I was at work and leave a message saying nothing but to call them, I would call and be put on hold and have to hang up. I asked them 3 f'ing times to just give me an update by email, finally:

We reviewed the concern you raised carefully, and as a result, we respectfully decline your request for a full prepayment charge refund of CAD$3,692.79. However, we are happy to confirm that the Bank is extending a goodwill gesture of CAD$738.55, which represents a 20% refund of the prepayment charge incurred

We acknowledge the Bank received the payout request on December 12, 2019 from First Canadian Title (FCT). The document requested that the Bank renews the mortgage to an open term. Regrettably, the Bank cannot accept renewal instructions from FCT on your behalf.

I almost want to take the 20% just stop dealing with this but I am beyond pissed. Trying to cool down before sending them a response.
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Old 03-17-2020, 07:23 PM   #38
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I can understand Scotia not following the FCT doc that specifies renewal. They’d want their own document signed and may not be bound to follow that FCT instruction.

You don’t have to disclose all the dates but that Dec 12 sticks out. What was the renewal date on your mortgage? You mentioned 14 days in advance MCAP had Payout request signed. No way in hell Scotia wouldn’t have delivered on time if MCAP did their job. And if either end didn’t deliver, that’s where I’d go for the refund.

I believe Scotia payouts are requested via online portal. This should be easy to check for both lenders. Like a 2 min job to check the upload dates.

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Old 03-17-2020, 07:29 PM   #39
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They received the request on Dec 12th and the renewal date was Dec 19th.

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may not be bound to follow that FCT instruction
If that's the case I'll stop fighting with these crooks. They've worn me down and I'm so tired of wasting my time.
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Old 03-17-2020, 07:38 PM   #40
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FTR I’m not a lawyer. Just familiar with mortgages. I was genuinely just guessing there. Maybe they are bound by it and didn’t because they’re #######s.

IMO 7 calendar days should be enough to get a payout request done. But maybe not enough time to process the funding of your deal after MCAP gets the payout back and mail/wire funds before renewal date.

I’m surprised Scotia is fighting you. If they got the proceeds within a few days after you’d usually be fine. I wonder if the extra time/mail/holidays around Christmas meant they got it early Jan and that’s why. If so, that really sucks.

I’d support you fighting this to the ends of the earth.
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