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View Full Version : Co-worker looking for advice - got a call from scotiabank



copynpaste
01-24-2009, 04:24 PM
Im posting this for a co-worker of mine who is just looking for quick opinions.


Not sure if anyone else got a call from scotiabank offering you a chequing account with FREE banking for 1 year (no fees). On top you're already approved (hence why theyre calling) and all they need is the go ahead from you to get a debit card mailed to you..

They said during this 1yr, you dont get charged for anything, and after the 1yr you pay the regular monthly fee for whichever banking plan you decide to go with (as low as $4 according to the lady). But by default you're setup with the unlimited transactions plan for $10 a month.

Heres the thing I dont get - I was with scotiabank 11 years ago and had a student loan for about $4500 through them - which ended up going to collections because I wasnt able to make payments to them for awhile. The balance stayed in my file for years and then ended up getting written off. On top of that, after filing for my bankruptcy in Nov 2008, that would have wiped it clean if it wasnt already completely.

So my question is, why would Scotiabank be calling me and offering me a bank account when technically I owed them money? Do you think they are doing this in attempt to recover what they lost to me? I asked the lady how they got my name and they said because my name comes up on their file, even though it was over 10 years ago.

I told the lady to call me back tommorow as I need time to think about it and if its a good idea to go through with it or not.

BlackArcher101
01-24-2009, 04:36 PM
The guy thinks they are offering it to him so they can screw him over and somehow recoup $4500 through bank fees? Not going to happen.

In this case, their system probably flagged him as a previous cusomter and they have a group of people calling people and giving offers in order to get them to come back. Anything else would be reading too far into it.

oilerfan4lyfe
01-24-2009, 05:31 PM
You should call them using a number on their website to make sure it's actually legit first. Or try finding something on this promotion on their website...if you can verify that it's legit you can move forward from there.

broken_legs
01-24-2009, 05:53 PM
1.) Sounds like a phishing scam or


Banks need deposits right now so incentivising keeping your deposits with them only makes sense.

SilverGS
01-24-2009, 06:09 PM
Banks need cash right now so are offering up different deals to get operating capital

copynpaste
01-25-2009, 01:50 AM
Originally posted by BlackArcher101
The guy thinks they are offering it to him so they can screw him over and somehow recoup $4500 through bank fees? Not going to happen.

In this case, their system probably flagged him as a previous cusomter and they have a group of people calling people and giving offers in order to get them to come back. Anything else would be reading too far into it.

Well what hes worried about is when he transfers his funds over from his current account that Scotiabank will take/keep it.

BlackArcher101
01-25-2009, 02:03 AM
Originally posted by copynpaste


Well what hes worried about is when he transfers his funds over from his current account that Scotiabank will take/keep it.

They have no right to. I wouldn't think twice about it. If they wanted anything back, then they would have worked something out when he declared bankruptcy, if they didn't then it must've been written off like you say.

core_upt
01-26-2009, 10:28 AM
I'd agree with BlackArcher - it sounds like a customer loyalty outreach program. BUT, I would doble check the phone numbers and then ask for a letter in writing stating the terms and conditions and then have it returned to an actual branch in person.

Given the number of scams involving forged bank documents and recent telemarketing scandals, I'd be extra cautious that the person was dealing with the actual bank.

szw
01-26-2009, 12:29 PM
The deal doesn't sound that great. No fees for a year...hardly a big deal there

Euro838
01-26-2009, 12:59 PM
How long does he have to keep the account open for? Are there any hidden fees if you close the account right after the first year is over? I.e. first year free but can't be closed for 3 years or $100 Admin fee or something.

Unless there are court orders or something clearly written against you, they cannot go and take money from your account without your consent. I guess just read the fine print and ask all the questions and get it in writing.

If you really wanted free transactions on your account forever, why not just open up with ING or PC financial?

ExtraSlow
01-26-2009, 03:26 PM
I was in ATB last week and the teller fell over herself telling me they'd like to compete for my buisness and they would beat any other banks mortgage offers etc.
Banks are hurting for stable deposits and good quality mortgages.

I'm shopping mortgages right now, and my broker emailed me this:
3 year Quick Close Special:
§ 3 year fixed rate at 3.75% must close within 45 days of application date
§ New deals only
§ No pre-approvals

No idea what lender that is, and clearly it's only for people with great credit, but it's pretty agressive.