Greg Wycliffe - January 21, 2023


Canadian Veteran BANNED from Scotiabank (phone audio)


Episode Stats


Length

7 minutes

Words per minute

151.75597

Word count

1,184

Sentence count

122


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, we discuss the decision by Scotiabank to end their banking relationship with a long-time client of the bank. We discuss the reasons behind the decision and what to do next. We also discuss the steps you can take in order to navigate the situation.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Yeah, so like I said, calling to give you just the courtesy of a heads up
00:00:05.300 that you will receive a letter kind of early next week
00:00:08.420 letting you know that the bank decided to end their banking relationship with you.
00:00:13.120 The bank determined that this relationship is outside of its risk appetite.
00:00:18.320 So typically we don't call customers in these situations,
00:00:24.040 but I recognize you've been a longtime client of the bank,
00:00:27.140 so we wanted to call to give you the courtesy of a heads up.
00:00:30.880 Which part of it is too risky for the bank?
00:00:35.700 Is that my military pension?
00:00:38.980 I'm afraid I don't have any other details.
00:00:42.040 So they just send you, they just send the messenger guy right on.
00:00:46.120 Just the messenger here.
00:00:52.100 And just to let you know, your branch was just made aware of the news this afternoon.
00:00:57.060 So, and again, they don't have any further information.
00:01:01.100 It was a decision made at the head office.
00:01:04.700 The head office.
00:01:05.840 Who would that be?
00:01:07.940 I don't have any other information in terms of names or anything like that.
00:01:13.060 Oh, why would anybody want to be accountable for anything?
00:01:15.620 That would be foolish.
00:01:16.260 Sorry, continue, please.
00:01:20.180 Pardon me?
00:01:20.860 I said sorry, continue, please.
00:01:23.120 Okay.
00:01:24.040 I understand the frustration.
00:01:25.260 So also, as part of ending the relationship today, you're not to visit any of the Scotiabank branches or bank premises in person
00:01:35.640 without first getting written consent in advance from the bank, from management.
00:01:41.080 I'm banned from the bank.
00:01:44.000 You first have to just reach out and get written consent before you physically come on to any bank premises as part of ending the relationship.
00:01:54.560 Yeah.
00:01:55.060 I'm going to go out on a limb and assume that there's no reason given for that either.
00:01:59.680 And no one's accountable and there's no one to call for that.
00:02:02.060 But I'm afraid, yeah, I don't have any other information beyond that.
00:02:09.580 So, yeah, again, I know there's lots you can do online.
00:02:13.000 Obviously, I'm sure you bank online already.
00:02:16.040 But you're welcome to email your branch if there's anything you need help with.
00:02:24.600 I can email them, but I can't go and speak to them in person without written consent.
00:02:30.860 Exactly.
00:02:31.580 Exactly.
00:02:32.260 So, you can email the branch.
00:02:34.740 You can talk about figuring out a way if there's anything you need to do.
00:02:38.480 Yeah.
00:02:38.680 But you'll need to email them first.
00:02:40.520 Yeah.
00:02:40.920 Well, there's a lot I need to do.
00:02:41.960 I have mortgages and vehicle loans and business.
00:02:45.460 Yeah.
00:02:46.440 And this is effective when?
00:02:48.280 Like right now?
00:02:49.500 So, no.
00:02:51.660 So, the way it will work.
00:02:52.840 So, you'll receive the letter and then you will have 30 days from when you get the letter before your accounts will be closed.
00:03:02.440 So, it's not that your accounts will be closed immediately.
00:03:05.480 The letter will spell out kind of the details of how things will work and next steps for each of your accounts.
00:03:12.760 So, you'll get more detail there.
00:03:17.080 And that should answer most of your questions.
00:03:21.720 Definitely recommend kind of that you start sooner than later looking for a different bank or alternative arrangements with another institution.
00:03:31.240 Yeah, that's not going to work.
00:03:33.560 Yep.
00:03:35.220 Okay.
00:03:35.800 But again, and so, you'll have detail in the letter on each of your accounts.
00:03:40.760 Not bad.
00:03:41.080 And how things will work.
00:03:42.460 So, and you should have the letter.
00:03:45.440 I expect it will arrive probably Monday or Tuesday.
00:03:48.700 You should have it.
00:03:50.100 Right on.
00:03:54.040 Yeah.
00:03:54.480 And the letter will also include contact information there if you do want to raise any kind of other questions or concerns.
00:04:05.680 There will be an email address and a phone number as well on the letter.
00:04:10.140 Although, I will caution you like a lot of banks right now that calling that phone number, you may not get somebody right away.
00:04:18.780 Yeah, you don't get people when you call the bank.
00:04:20.600 You get no one.
00:04:21.980 It's kind of a mess.
00:04:22.960 Yeah.
00:04:23.660 Yeah.
00:04:24.480 Yeah, I understand.
00:04:25.580 Yeah.
00:04:28.640 Yeah.
00:04:29.380 So, again, that's really, those were the key things I wanted to let you know and wanted to give you a call just so that you had a heads up and you didn't just get that letter and not have the benefit of at least a heads up.
00:04:41.640 All right.
00:04:42.060 Well, I appreciate it.
00:04:43.820 So, just to recap, I'm being debanked.
00:04:47.500 I'm banned from the bank.
00:04:48.820 There is no reasons given.
00:04:50.320 There is no one to contact.
00:04:52.440 And that's it.
00:04:54.180 Is that about right?
00:04:57.960 So, again, there will be some contact information on that letter that you can use.
00:05:06.340 And, again, if there's anything you need help with in terms of your accounts, your actual kind of day-to-day banking services that you can't do yourself online, you can email your branch and get some help from them there.
00:05:19.220 And you can discuss with them if there's anything that you feel like you might need to do in person.
00:05:26.380 Well, I might need to sue them because I feel like this is a predatory, this is discriminatory because of my legal situation.
00:05:34.260 But that's something else I'll have to talk to somebody else about.
00:05:37.600 Yeah, I understand the frustration, that's for sure.
00:05:42.220 Yeah, you don't, though.
00:05:43.600 It's not frustration.
00:05:44.540 This is catastrophically ruinous to most people.
00:05:49.080 I can't imagine this is something typically people deal with.
00:05:52.300 So, I don't appreciate people saying you understand because you certainly don't.
00:05:55.340 Have you ever been debanked before and had your mortgage cut?
00:05:58.120 I mean, my children live there.
00:06:00.240 So, what, are they just homeless now?
00:06:02.680 Or, like, these are things I have to deal with now.
00:06:05.040 So, please don't, you know, condescend to me and say that you understand my frustration.
00:06:09.720 This is far beyond frustration, sir.
00:06:13.820 Okay.
00:06:14.600 That's, I get it.
00:06:17.460 Is that it?
00:06:18.340 Otherwise, I clearly, sorry, go ahead.
00:06:21.260 No, that's it.
00:06:22.040 I just wanted to let you know, though, there'll be a bit more detail in the letter around your mortgage.
00:06:27.640 But your mortgage will continue to run until, I think, your mortgage matures on kind of next November 2024.
00:06:37.440 So, that will continue to run up until that date.
00:06:41.740 The bank won't be renewing the mortgage at that time.
00:06:45.080 But I just wanted to reassure you that that will continue.
00:06:47.880 It's not that the bank is terminating that.
00:06:50.720 How am I going to, how do I pay the mortgage if I don't have a bank account?
00:06:54.160 So, that is something that you can, you can email the branch and you can work through kind of how that will work and making arrangements with an alternative institution.
00:07:10.160 Yeah.
00:07:10.700 Yeah.
00:07:10.940 All right.
00:07:16.200 Does this letter come with any pamphlets from the government regarding MAID?
00:07:22.160 There are no pamphlets from the government.
00:07:24.820 No.
00:07:25.460 No.
00:07:25.740 So, the bank's not.
00:07:26.800 Okay.
00:07:27.120 I just didn't know if there was a partnership regarding medical assistance and dying or anything.
00:07:30.680 But, all right.
00:07:31.840 That's it.
00:07:33.280 Not that I'm aware of.
00:07:34.160 Okay.
00:07:34.640 Well, thank you, Jeremy, for the time and for talking it through.
00:07:39.020 Yeah.
00:07:39.360 Thank you so much.
00:07:41.780 Okay.
00:07:42.380 Yeah.
00:07:42.800 Take care.
00:07:43.500 Yeah.
00:07:47.460 It's Canada.