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dwight98

Scotia LOC disbursement

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My scotia adviser told me a week ago that they disbursed the funds for my student LOC. But the balance still shows $0 for the LOC on my account, does this mean it hasn't been released yet? Not sure if its normal for it take this long. 

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The balance reflects the amount of money you’ve spent. If they’ve opened up access to your credit, there should be a “credit limit” or similar somewhere on the account page (I believe it’s only visible on the website, not mobile app). 

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You have to transfer funds from your line of credit into a bank account. It should list your available balance. The advisor should have given you a quick tutorial (mine did) on how to do this on a desktop and the mobile app. 

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7 minutes ago, BlockedQuebecois said:

The balance reflects the amount of money you’ve spent. If they’ve opened up access to your credit, there should be a “credit limit” or similar somewhere on the account page (I believe it’s only visible on the website, not mobile app). 

I found the "credit limit" and it says $0... guess I will email them to see if everything's ok. Thank you. 

8 minutes ago, Fuzzykittenz said:

You have to transfer funds from your line of credit into a bank account. It should list your available balance. The advisor should have given you a quick tutorial (mine did) on how to do this on a desktop and the mobile app. 

Yeah it won't even let me use the transfer function because I only have one active account (the chequing account). Thanks for the info.

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