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AmyPond

Scotiabank PSLOC

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Has anyone received an interest rate from Scotia of just Prime? Or are they firm at Prime + 0.5%?

Literally in the post above you. Lots of people have been getting prime from Scotia.

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Literally in the post above you. Lots of people have been getting prime from Scotia.

 

Woops! Completely missed that (and the others) in my cursory glance.

 

Well, it appears the Small Business Advisor I'm speaking with is right out of it.

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update: after sending in documents from my co-signer, the bank approved a loan for 100k at prime without a co-signer, still sans credit score. i'm not sure what happened there but i'm not complaining.

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Did anyone experience a longer wait time for their Amex card as opposed to the visa?

m

 

Yeah, the Visa showed up on my online banking right away and the PIN came in the mail really quick. The Amex came about a week later and also showed up on my online banking later.

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In Scotiabank, do you have to reapply every year for LOC?

 

Here is how I previously understood it (which seems not to be the case at least for TD), I thought that I apply once, and if I get approved for 100K, I can withdraw a max of 33K a year. I just received a call from TD approving 33K for this year, and I need to re-apply next year. Is that how it works? 

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In Scotiabank, do you have to reapply every year for LOC?

 

Here is how I previously understood it (which seems not to be the case at least for TD), I thought that I apply once, and if I get approved for 100K, I can withdraw a max of 33K a year. I just received a call from TD approving 33K for this year, and I need to re-apply next year. Is that how it works? 

 

From my understanding, you don't reapply every year with Scotia, but you have to send them proof of enrollment every year when it becomes available electronically. They don't release the next 33k until after they receive it.

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Yeah, if you have other credits when you apply for the first time, the maximum credit limit of $100K will be reduced by the amount of those credits. The bank offers a super package with two credit cards (Visa and Amex) and chequing/savings accounts, all without fees. Why do you want to deal with a bunch of banks and credit cards when you can have all in one. Simple is better.

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All of the positives stated above are correct. PM me if you want more details, especially if you're going to be in Vancouver.

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Just in case anyone isn't looking at their card benefits for the scotia loc close enough, if you book air travel through scotia travel or whatever and use your visa instead of your amex, it automatically gives you 5% off. It's something!

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Hi all, I'm a Small Business/Professional Banking Advisor in Halifax and I deal with a lot of the JD students at Dalhousie. I've read through this thread and forum and there's a lot of good discussion going on here. I'll be able to provide answers and support for on our Scotia Professional Plan, just let me know how I can help.

 

Thanks!

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Hi all, I'm a Small Business/Professional Banking Advisor in Halifax and I deal with a lot of the JD students at Dalhousie. I've read through this thread and forum and there's a lot of good discussion going on here. I'll be able to provide answers and support for on our Scotia Professional Plan, just let me know how I can help.

 

Thanks!

 

 

 

 

Hi there Alex. What is the rationale for Scotiabank's offering prime to some law students in Western Canada, but refusing to do the same for those of us in the Maritimes? I would think that a national financial institution such as yours could demonstrate some consistency in product offerings across the board.  

Edited by Underwood

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Hi there Alex. What is the rationale for Scotiabank's offering prime to some law students in Western Canada, but refusing to do the same for those of us in the Maritimes? I would think that a national financial institution such as yours could demonstrate some consistency in product offerings across the board.  

We can't "offer" Prime right now to anyone. What we can do is apply to match any rate being offered by another financial institution, and we have been doing so to match the Prime Rate offer by TD. These requests/approvals are done on a case-by-case basis and we can't guarantee to match any rate, but once an application is started we can send out the request to match the rate. In today's competitive environment I don't see why we wouldn't be able to match Prime in most/all circumstances, but like I said we just can't guarantee anything or openly offer it.

 

Once you initiate an application just speak with your advisor and they can get the ball rolling to match any rate offered by a competitor.

Edited by ScotiabankHalifax

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We can't "offer" Prime right now to anyone. What we can do is apply to match any rate being offered by another financial institution, and we have been doing so to match the Prime Rate offer by TD. These requests/approvals are done on a case-by-case basis and we can't guarantee to match any rate, but once an application is started we can send out the request to match the rate. In today's competitive environment I don't see why we wouldn't be able to match Prime in most/all circumstances, but like I said we just can't guarantee anything or openly offer it.

 

Once you initiate an application just speak with your advisor and they can get the ball rolling to match any rate offered by a competitor.

please check PM.

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We can't "offer" Prime right now to anyone. What we can do is apply to match any rate being offered by another financial institution, and we have been doing so to match the Prime Rate offer by TD. These requests/approvals are done on a case-by-case basis and we can't guarantee to match any rate, but once an application is started we can send out the request to match the rate. In today's competitive environment I don't see why we wouldn't be able to match Prime in most/all circumstances, but like I said we just can't guarantee anything or openly offer it.

 

Once you initiate an application just speak with your advisor and they can get the ball rolling to match any rate offered by a competitor.

 

Is that to say that a current Scotiabank client would have the most likely chance of success in achieving prime by bringing a formal (hard copy) offer from another financial institution? 

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Is that to say that a current Scotiabank client would have the most likely chance of success in achieving prime by bringing a formal (hard copy) offer from another financial institution? 

Yes it would help us with the request by having something in writing, but that's not to say that we couldn't necessarily get it done without it. It would just add to the justification/cause on our end.

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We can't "offer" Prime right now to anyone. What we can do is apply to match any rate being offered by another financial institution, and we have been doing so to match the Prime Rate offer by TD. These requests/approvals are done on a case-by-case basis...

This seems a little inconsistent with what was happening at UofT's welcome day this winter. There were a couple of Scotia reps present handing out fliers advertising an interest rate of prime to anyone accepted to that school so it seems that you guys are just offering it to at least one school but not others unless there is something I'm missing.

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This seems a little inconsistent with what was happening at UofT's welcome day this winter. There were a couple of Scotia reps present handing out fliers advertising an interest rate of prime to anyone accepted to that school so it seems that you guys are just offering it to at least one school but not others unless there is something I'm missing.

 

They just feel sorry for U of T students. It's like giving a condemned man a last meal. He doesn't exactly need it, and it can't really make a difference, but it's a gesture towards his humanity, before that humanity is permanently snuffed out.

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This seems a little inconsistent with what was happening at UofT's welcome day this winter. There were a couple of Scotia reps present handing out fliers advertising an interest rate of prime to anyone accepted to that school so it seems that you guys are just offering it to at least one school but not others unless there is something I'm missing.

That's the first time I've heard of anything like that from us. I'd actually be inclined on getting a hold of said flyer to see if we can start doing something like that out here.

Edited by ScotiabankHalifax

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That's the first time I've heard of anything like that from us. I'd actually be inclined on getting a hold of said flyer to see if we can start doing something like that out here.

Or you could just call the McCaul/Queen branch directly. 

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