# Scotiabank complaint office/department?



## cannon_fodder (Apr 3, 2009)

Does anyone know if Scotiabank has a department that is empowered to handle customer complaints and report back to the customer? My wife and I have had a litany of problems with them and our comments don't seem to be finding the ears of people who care.

Whether it is Scotia iTrade (lost submitted forms 3 times in a row on 3 separate occasions, executing a cancelled RESP withdrawal 2 weeks after the correct withdrawal was made, trading platforms being unavailable, cryptic error messages), ScotiaMcLeod Direct investing (emailing me the name and account number of someone else even though I've never been a client of SMD), or Scotiabank suspending automatic payments for an auto loan arranged through the dealer and then harassing my wife for non-payment only to finally discover that it was their mistake, it has been a head-shaking experience.

Most of our business is with BMO and TD. While they are not perfect, their errors have never approached Scotia's in terms of significance nor prevalency.

We can move our RESP/RRSP/TFSAs from Scotia to another firm but that experience has always been met with challenges and delays. The only reason that they are with Scotia is because they bought ETrade which was much better in execution and support.

I don't like making idle threats nor giving a person or a firm an opportunity to redress errors, so that's why I'm looking for a department that will hear and attempt to resolve our concerns.


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## lb71 (Apr 3, 2009)

Something like this crosses over multiple companies with their own customer service departments. They all ultimately fall under Scotiabank. You may want to consider sending a letter to the CEO Rick Waugh directly. 

But if your experience is so bad, just contact the other banks you do business with now. Tell them you have all these various accounts with Scotia that you would like to convert over. The one that gives you the best offer (both in savings and ease of conversion) wins. 

Further, ask what they can offer you for your entire business. You might be better off consolidating with one bank. May make your life easier too.


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## Jungle (Feb 17, 2010)

You can write a letter to the office of the president after the manager/supervisor at the branch level has failed to resolve problems in a timely manor. Here is the process:

http://www.scotiabank.com/cda/content/0,1608,CID8376_LIDen,00.html

They lost all of our mortgage files (and they never could find them) and failed to communicate other problems with auto limit increase request multiple times over 6 months. The office of the president responded to us fast and made sure the branch manager fixed their mistakes. Sometimes it has to come down to that


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## sensfan15 (Jul 13, 2011)

Is this an issue for shareholders?


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## KaeJS (Sep 28, 2010)

sensfan15 said:


> Is this an issue for shareholders?


It would be if I owned Scotia.

Maybe that's why I never have and probably never will.

The only thing going for that bank is their international exposure, which, all the other banks are going to do, anyway.


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## sensfan15 (Jul 13, 2011)

The payout ratio on BNS is around 50%. I see the dividend being increased, but I was wondering if this is a common problem with Scotiabank in general


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## KaeJS (Sep 28, 2010)

sensfan15 said:


> The payout ratio on BNS is around 50%.


That's pretty standard.

BMO is usually 45-55%
TD has been 46.58% over the last 5 years

I've never dealt with Scotia, but the only positive I've heard is that they deal with those stupid physical gold bars.

Scotiabank; you're poorer than you think!


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## sensfan15 (Jul 13, 2011)

I was looking at the big banks in Canada, and I feel that BNS and TD is a good combo. TD Ameritrade in the U.S combined with Scotiabank exposure to Mexico, Latin America, and Asia. I got in @ $52 and think it is a good entry point to hold for the dividend.

You have certainly made it clear you dislike Scotiabank.


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## Abha (Jun 26, 2011)

When I worked at TD, one of the best strategies for getting heard was to find the DVP (District Vice President) of the branch you held your business at. You'd be surprised at how fast serious issues got resolved, once the DVP became aware.

Finding him/her and voicing your complaint resulted in your issue being resolved within minutes. The DVP's are one of the few individuals at TD who almost every branch level employee is scared of (especially the Branch Manager). 

If the issue is beyond a branch (brokerage firm, company complaint) then find the Banks Ombudsman or the department that deals with enraged or wronged customers. At TD, this department was called Customer Cares.

Good luck


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## KaeJS (Sep 28, 2010)

sensfan15 said:


> I was looking at the big banks in Canada, and I feel that BNS and TD is a good combo. TD Ameritrade in the U.S combined with Scotiabank exposure to Mexico, Latin America, and Asia. I got in @ $52 and think it is a good entry point to hold for the dividend.


You got in at a nice price. I think I read somewhere that their Q2 profit was up 40%? Hopefully you can see a $60 share price soon.

They are definitely performing well. My personal opinion of the bank is just that - an opinion. Don't let it discourage you.


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## Karen (Jul 24, 2010)

My local branch of Scotiabank has someone on staff with the title "Manager, Customer Relations." That might be a good place to start, if you haven't already, but by the sound of things, you might have to go to a higher level.


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## HaroldCrump (Jun 10, 2009)

KaeJS said:


> Scotiabank; you're poorer than you think!


I think what they (or any of the banks) really mean is this:

_You are richer than you think.
Let us fix that problem_ 

However, as a long time customer AND a shareholder, I find this marketing cheesy.


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## Jungle (Feb 17, 2010)

The best was when they had that sign^^ posted beside the 0% down mortgage poster in the window..


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## marina628 (Dec 14, 2010)

http://www.scotiabank.com/cda/content/0,1608,CID8376_LIDen,00.html
try there that usually gets attention.


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## OhGreatGuru (May 24, 2009)

marina628 said:


> http://www.scotiabank.com/cda/content/0,1608,CID8376_LIDen,00.html
> try there that usually gets attention.


That's a good contact list. I suspect the "Representative of the President who will be pleased to assist you" may be one of those District Vice Presidents Abha referred to. Reaming out Branch Managers for crappy service is probably part of their job description.


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## marina628 (Dec 14, 2010)

They assisted me in my issue with Scotiabank


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## drvrage (Aug 12, 2011)

I found complaining never goes anywhere. Talk with your money. Leave. I just left scotiabank and it was the best move I ever made.


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## Four Pillars (Apr 5, 2009)

drvrage said:


> I found complaining never goes anywhere. Talk with your money. Leave. I just left scotiabank and it was the best move I ever made.


+1 I never complain about anything. I just go.


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## Abha (Jun 26, 2011)

Also in case there are any CIBC complaints, the internal department that handles these are called CRU (Customer Relations Unit). 

They have their own dedicated line and if you ask for them right off the bat, CIBC employees generally have to give you the details.


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## Dmoney (Apr 28, 2011)

HaroldCrump said:


> I think what they (or any of the banks) really mean is this:
> 
> _You are richer than you think.
> Let us fix that problem_
> ...


Very true, they are all as bad as the next one. I wouldn't say that Scotiabanks's marketing is any cheesier than the two old guys that TD has or the animated blue guy at RBC. Although it is pretty cheesy, especially during playoffs with Iginla and the ridiculous kids stanley cup piggy bank ads.


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## cannon_fodder (Apr 3, 2009)

Thanks for the links... I'll definitely follow up.

We have no personal relationships at the branches since we have conducted all transactions electronically.

Our experience with BMO Investorline and RBC Direct Investing didn't work for us, and now that we have 7 active accounts with iTrade, I'm not going to embark on the pain of switching without some consideration. If transferring accounts from institution to institution were as easy as Interac email money transfers, we wouldn't hesitate.

Edit: Had a pleasant conversation with Debbie. Sympathetic but not apologetic. She didn't give me a timeline as to when she could get back to me regarding any of the issues. It was good to at least feel like someone cares that their brand suffers when such events take place.


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