Scotiabank Fixed Mortgage Consumer Reviews

I signed with them for 5-years locked at 3.84 and asked for a blended rate when the value dropped to 2.49 due to COVID. The best they came up was 3.74 where another bank gave me 2.49, I took that one as I know I am saving a chunk in 5 years. However, this arrogant Scotia made me pay 22K as a penalty. Please avoid this Bank. They are here to steal your hard-earned money.

We needed to renegotiate our mortgage, so I went to my mortgage broker - yes, the mortgage he found for us with Scotiabank was the lowest mortgage rate, but that's where the positives ended. We signed the initial paperwork with our broker in late October, with an eye to closing on November 2. Then there was delay after delay. Nothing specified, just no action on the part of Scotiabank. Mortgage rates had already gone up, so we didn't have the option to cancel with them and go with someone else. Then came the notice that it was at the stage for us to meet with the in-branch representative - we had been notified by our broker that it was a thing that Scotiabank insisted on. A side note: every single action was taken by me, the wife. I contacted the broker, the lawyer, made the appointments, the name on the broker's file was mine (my husband and I have different family names), but when the call came, it was a garbled message on my husband's cell (which he doesn't answer while at work). I contacted the broker, he followed up with Scotiabank to find out who we were supposed to be meeting. I got a name. I contacted the branch, and when I tried to speak to a human, my phone call was sent to the head office in Scarborough. I was insistent and got the direct line of the person who I was supposed to be hearing from. I called and left a message. On November 29th, I received a voicemail on my phone, "inviting me to meet" with her on "December 13"!! This is after expecting to close on November 2nd. She called me back, and I told her in no uncertain terms that if we needed to meet, we needed to meet the next day, not in 2 weeks. She started to try to (very politely) blame my broker for the delay, backtracking to say that it was the Scotiabank broker team that she has no contact with that was causing the delay. I was adamant, and she 'waived' the requirement for us to meet. (I think me saying "we will definitely not be buying any insurance with Scotiabank, nor opening any accounts ever as our experience so far was far from stellar" helped.) She sent a waiver for us to sign via our broker. I called my lawyer today (December 12), and they finally have the paperwork, with a January 11th close date! That has been amended to next week, because my lawyer, like my broker, understand customer service, and deadlines. Scotiabank, never again.

Our broker got us the best rate at the time, so we signed on. Then the phone calls and letters started. We were told that it was mandatory to come in and have a "meeting" with a mortgage specialist after the fact. This turned out to be a bogus claim meant to get us in and try to sell us other services that we did not request or need. They did not stop harassing us until a medical emergency arose that made it impossible for my wife and I to meet their demands. Then the representative suddenly told me that her "supervisor" had allowed her to waive the required meeting. From that time till now we are constantly harassed by 1-800 calls from them trying to sell us unsolicited products services. This is our first and last dealing with Scotia Bank. MCAP was an amazing lending experience, and never bothered us or hindered our switch to Scotia when we renewed. We will be going back to MCAP at the end of our 5-year mortgage term.