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Thread: Once again Bank Fees increasing March 1st 2017 Scotiabank

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    The greedy pigs at Scotiabank are increasing bank fee's and minimum balances again starting March 1st 2017

    http://www.scotiabank.com/ca/en/file...er_(12-16).pdf
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    Smart Canuck mulock's Avatar
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    I have been with Scotiabank for 40 years....and I am 40! Scotiabank has done a great job at pushing more and more of my business away from them to other financial institutions. I know I am only one customer, but they have lost out on 4-years of student loans for university, 3 car loans, an investment account, RRSP accounts, 1 mortgage, credit cards, and a line of credit. I have a very good credit rating, but I refuse to give them anymore business than the bare minimum I do now. I only stay with Scotiabank for the chequing account, because when my Mom retired from Scotiabank she was still cosigned on my account and thus I am immune to their ever-increasing service fees (the only perk of her being a former employee).....and the time to dump that account is very quickly approaching. ScotiaBank doesn't value their current or long-term customers.
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    Ya I've been with them 10 yrs my wife 20 yrs. we both have grandfathered chequing accounts that they no longer offer. They don't have our chequing accounts listed as being increased, but they are once again increasing the minimum balance to $2000 it was $1000 then $1500 last year. We try diligently to maintain the minimum balance. Other than that we have nothing else with Scotiabank.

    I also saw on their facebook that people claim they now use call centers in Colombia and Mexico which if true is very uncool.

    It's probably time to start looking at a credit union..
    Last edited by Tommycoupons; Tue, Jan 3rd, 2017 at 04:54 PM.
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    Credit union here, definitely the way to go.
    Especially now, we have no fees for anything, since husband became a senior.

    Son has stayed with them, too, after his free youth account was done - cheap package for his needs.
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    Quote Originally Posted by Tommycoupons View Post

    I also saw on their facebook that people claim they now use call centers in Colombia and Mexico which if true is very uncool.
    I think this is true, last time I rang up I couldn't understand a word the person was saying, I couldn't even be sure it was English they were speaking (and it wasn't French). The accents of the people answering the phone are so thick, I tried 3 times before I drove down to the branch. Now I don't call, I just turn up at the branch and make an appointment (if I can't see someone straight away)!
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    Ya looks like I just found the proof of them using workers in Colombia and Mexico.. I guess they couldn't afford Canadian workers with billions in profits each year. The story starts off about TransCanada then morphs into ScotiaBank

    http://globalnews.ca/news/2071042/tr...north-america/

    Global News received emails from people claiming to have worked for Scotiabank, who said jobs were lost in Calgary due to expansion at centres in Mexico and Colombia. The employees wished to remain anonymous, claiming severance packages would be taken away if they spoke to media.
    On Wednesday, Chornenky admitted the Mexico and Colombia call centres have been expanded over the last year. He said they provide service in Spanish and there’s been an increase in Spanish-speaking clients.
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    Quote Originally Posted by Tommycoupons View Post

    It's probably time to start looking at a credit union..
    I'd say a good choice too!

    I have all of my savings with a credit union (Meridian) at 1.5%, which these days seems to be pretty decent to be getting. Plan on cancelling my last ties to Scotia when Meridian comes out with their cashback Visa's sometime this month. Most of my everyday banking is with PC though, despite the lack of branches, it is a pretty good bank to deal with, I don't encounter man, if any problems with them
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    no more door to door! :) walkonby's Avatar
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    ty for posting this @Tommycoupons I know someone with them, maybe time to change banks now.
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    my parents left TD last year for a credit union after 40 years with not only TD but the same branch. They have been very happy so far. We are with PC and I can't complain because I have never had issues and never paid any fees. Our kids had youth accounts at TD but the older son left for PC when he realized he could not do online banking with TD because he was 16, how stupid is that. 16 yr olds live on line.
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    Yup I agree with it being time to switch banks. Oh, but that is such a pain in the neck....And banks know it. When you have hundreds of transactions per month and everything from paycheck to all the bills.....OH, it's a pain in the neck to switch......

    BUT, one has to draw the line somewhere I suppose.
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    Smart Canuck mulock's Avatar
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    I like the credit union approach.....never really considered it before. I use Tangerine for credit card, minimal savings (mostly to hold cashback from the credit card), and an RSP account from my early early days, but I find they have 'behind the scenes' fees if you try to do transfer an account to another institution. I tried to move a measly $110 I had in a RSP account (merely a placeholder) to Great West Life, and Tangerine wanted to charge me a $100 service fee. I said keep the money in the account.
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    For those of you using a credit union for financial services, do you make an effort to attend the annual meetings or send in your votes by proxy via mail? I ask because CUs require a membership to join a CU and your money is pooled with other members to provide loans and such in your community. So you are stakeholders in how the CU fares. Just curious if you all try to follow AGMs and participate in person or via proxy votes.

    I am aware that Meridian does or did provide a shuttle service from some of their locations to their AGMs but there was a seat registration protocol.

    If anyone banking at Scotiabank also happens to own bank shares too, get involved at the AGM to rally for Canadian call centres. Does SCENE rewards use the same call centres too?
    Last edited by Ciel; Thu, Jan 5th, 2017 at 10:57 PM. Reason: spelling
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    I opened my new unlimited no fee chequing account that doesn't require a min balance at a local credit union today. Now just in the process of changing all direct deposit info then goodbye greedy scotiabank
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    Glad it all worked out in the end OP.
    Scotia bought Tangerine Bank. There's another option for you - Tangerine
    PC Financial branches are in the grocery stores: Loblaw, RCSS; bank machines are in Independent Grocer, No Frills etc
    PC Financial card holders can use CIBC machines too.
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