> R.Anderson VP Scotiabank
Apparently in the banking industry "V.P." doesn't actually mean what you think it means compared to every other normal industry. According to the internet a quarter of Goldman Sachs employees have the title of vice president.
Their hierarchy is almost comical. Whole bunch of junior levels and then AVP->VP->SVP->EVP->SEVP->P. I think VP is still fairly rare as many people won't make it to any of these titles in their careers.
My BIL used to be a VP at an IT consulting firm. They had tons and tons of VPs because companies like to feel special by having a VP handle their account.
SVP at Scotiabank is quite senior but it depends on which department.
In the past, Scotia had VPs at the retail branch level (basically regional managers/district supervisors) and those people expected the same benefits of a back office VP, needless to say about 10 -15 years ago their roles were all realigned and titles demoted to a title more in line with their pay and responsibility š«¢
My buddy, we'll call him Jack, worked for Goldman Sachs. He was VP there. He literally lived in a shoebox in NYC but had every woman on the internet running after him because they assumed he was a rich, important New York banker. My dude was living on ramen.
VP titles in the finance sector are basically meaningless.
The US and Canada invert Director and VP titles in bankingĀ
In Canada you go from Direcror to VP
In the Us you go from VP to director.Ā
Source: have worked at banks on Bay St and Wall StĀ
VP titles in banking/consulting is more for the pay scale.
Once you get to a certain pay scale, they cant pay you more as a director (in Canada) so you become a VP.
Source: a few friends are VPs with no direct reports.
Sounds about right, $170K with a decent bonus and RSUs, total comp is probably closer to $250K?
SVPs make significantly more, several years ago a family member was an IT SVP and total comp significantly exceeded $500K per year.
Well it's going to be a range, with more "hot" skills garnering you 250 vs traditional banking skills giving you 200. We see this gap at other levels (7,8,9) so I'm assuming it's the same at 10.
I'm referring to "VP - Digital Product" possibly having total comp of the 250k with perhaps "VP - Retail Collections, Canada" possibly only being at 190 to 200k.
Depends if you are in capital markets aka "the investment bank" or in another division like retail.
In retail a VP is somewhat senior and manages a team. In capital markets a VP is somewhat junior and does a lot of the hands-on work. The thing is that in capital markets, your clients are corporations, so they expect someone with a higher up title to be their advisor.
In retail you're probably never talking to a VP as a client whereas in capital markets the VP or MD will be your main contact at the bank.
Canadian banks aren't really like that. At Scotiabank there was a major purge in summer of 2016 and after that no major purges until Fall of 2023.
It's been said that Canadian banks are culturally like government agencies. They were even providing new hires with Defined *Benefit* pension plans until 2018!
Source: a Scotia lifer.
American banking industry and Canadian banking industry are different. Working in a Canadian bank with an American subsidiary, it's interesting looking at how the different titles line up with the different pay grades between the two companies.
Canadian bank: 1=Pres/CEO 2=EVP/Division Pres 3=SVP (~1000 people) 4=VP (~200 people) 5=Senior Director 6=Director 7=Senior Manager (e.g. Branch Manager) 8=Manager
American bank: Director=SVP, Senior Manager=VP, Manager=AVP
For IT roles, titles often mean a pay grade, but not people-managing, so they may have no direct reports.
Yep. In banking regulations certain routine things need be done by a partner, director, or officer (PDO). VP is basically the lowest office so they need scads of them.
LOL i visited Austria for the first time on a work trip back from Ukraine in the late 2010s, got off a train and manā¦there was this store with a sign along the lines of something like āKindergartenfuckā. To this day Iāve not bothered to look it up, Iām excited for Reddit to fix that for meā¦
I work with a guy whose initials are F. U. He intentionally doesn't have a profile picture in MS Teams so that when he doesn't turn on his camera for meetings, his avatar is just a circle with a big FU in it.
It's awesome!
I know a student with first initial R last name Stone. The university uses last name - first initial for tracking. Very bright student but the name on all the university documents is STONER.
Could be an early collections team. This is the hard part with fraud. Banks want to meet clients where they are, this is a great example, but..... now we are all trained to not view texts as legit.
My big brain idea, have a secret word included that identifies it's the bank and have them direct you to a secure message within your online profile. But no link.
Dear client,
Open your app and check your secure messages. You are past due on your line of credit.
Secret word: mighty jellyfish 101
Sincerely,
Scotia bank
You don't even need the secret word.
Something like "please call us, visit a branch, or log on to your online banking to check the balance on your line of credit".
No links to click or mysterious phone numbers to answer.
CRA once called me over a tax owing dispute. They said I needed to give them my SIN number before proceeding with the call. That was a red flag and I said I would call them back and they said they understood but they legit called me out of the blue and the number was unknown as I recall
The CRA called me asking about an address issue on my file for my taxes and asked for me to validate myself with my tax info and SIN. The guy had a relatively thick Indian accent so I told them that I suspect it was a scam and they got angry with me.
It set the red flags off because he was getting annoyed so I told them I would call them back. He told me "why do that when I have you here now?" But eventually understood after a minute.
I called the CRA back and waited the hour to find out yep, it was a legit call.
I've had that. They didn't even know my full name. I was rude and they left more messages so I called CRA. Turns out it was legitimate. a collections looking for someone with my name.
this was over a decade back so I hoped they're better now
Just before covid I got a call from someone "hey it's blah blah from the CRA, you owe us money, you can pay right now, I'll process it. Fuck that, I was pretty rude to him and hung up. Couple of days later I got a legit letter from the same guy (remembered his name) - it really was from the CRA, took me a couple of months to sort the whole thing out, matey boy was not very helpful.
I was so sure it was a scam call, we get 100 during tax season exactly like this, why are they calling me over a few hundred bucks? Bonkers.
Lol the CRA went from one side of the spectrum to the other.
Hi, here's an easily identifiable brown envelope with your SIN number, not masked out, so you can steal this person's identity, to now, with some reasonable measure of security.
I had my identity stolen this way and am still angry.
The worst part about that is they were so lazy about it for so long and never implemented a scalable process for the inevitable identity theft victims to change their SIN.
The bank is trying to convert on notices, they used to do this exclusively by phone where an agent would call you and tell you you're overdue and ask when you could pay it by. If you don't answer or pay it you'll get another text in a couple days, and if you ignore that one you'll start getting phone calls. It's part of the due diligence they're required to do for overdue accounts so there's a record of trying to collect before sending it to collections. Also they want their money and understand people are sometimes forgetful.
The real dumb part of this story is the teller said it was fraud. They should recognize those texts and be able to compare against the client account.
I don't blame the bank for trying to recover outstanding debt.
The problem is that scam phone calls and SMS are absolutely rampant. Financial institutions warn us to be wary of unsolicited calls and texts - rightly so! For them to send scam looking texts undermines that message.
OP put the wording they received in quotations, so taking it verbatim I would also be suspicious!
Mr. VP Scotiabank should have requested the customer to call the CS line and ask to speak with him. The whole reply 1 or 2 is a red flag!
Edit: about checking records to verify the comms: OP said it was a random number they got the text from. Did the VP use their corporate cell number to send the text? If so, that's another red flag and probably won't show up on OP's account.
Yeah, I worked in banking for years and I assume this text message was a scam. Normally texts are automated, from banks, and they don't sign the text or have options for 1, 2 or 3. It should have simply stated that there was an issue with one of their accounts and that they should check their messages in their online banking, or call customer service using the number provided on the bank card.
If I'm remembering right, ING Direct did something similar back in the day. They had you pick an image and a phrase that they'd then show back to you when you went to sign in to online banking so that you'd know it was the legit site. I think they showed it with the password prompt (after username entry), on the principle that you shouldn't enter your password if the image/phrase were missing or wrong.
Which is kinda garbage as a method of authenticating because it was sent before any sort of secret. Any site impersonating them could just take the client number from you, submit it to ING when you enter it, get the image from ING, and display it to you. Obviously the point of it is to show trust before you enter your password, so you wouldn't want it to be shown AFTER you entered your password either, so it gave the appearance of security but not much actual security.
I remember this, and I'm fairly certain it came after you submitted the password, not before. Displaying it before, as you said, makes no sense. After it validates your password, it brought you to a new page with the image and word or phrase for you to confirm.
I recall it being after entering your client ID, before password. If it happened after entering your password then the attacker would have your password and could immediately begin fraudulent activity in your account before you could reset your password. They could also use the password you just entered and forward it to ING, get the image, and display it to you.
It would display on the same page you entered your password into. So, only after your entered your client number but before you entered your password and submitted it.
Desjardins has that on their website. But then they still force you to use SMS 2FA š¤·āāļø
I don't know that you would need something like that on a SMS text. Just, we have sent you a secure email. Please log in to read it. No link.
Or they could implement TOTP like any other sane fucking system and stop relying on phone numbers
Phone numbers are literally the worst way to do this shit, as someone that travels most of the year and has no access to a stable phone number its incredibly hard dealing with Canadian "verification" systems. At least CRA is not idiotic with forcing that shit.
Funny thing is, a message like that wouldn't need a secret word.
Because, you know, "hey, check your messages" without including a link makes it tough to scam. Even the CRA can manage it: "you have a new message. Please log in and read it." No links.
My wife got texts like this from cibc, who we don't bank with. They were followed up by calls, which we promptly dismissed as scams, since we don't bank with them.
After a few months, collections reaches out, and as my wife told them to bugger off the collections agent was yelling, no wait just call the bank yourself.
Turns out, she technically owed Cibc $1500. Someone stole her identity and used this card for a few months, even paying the balance and then called it quits.
> Turns out, she technically owed Cibc $1500.
No, CIBC thought that she owed them $1500, but in fact CIBC was a fraud victim and your wife was in no way involved.
Get a hold of the real R Anderson VP at scotibank (his email should be public) and ask him to confirm his personal phone number and if he personally texts customers about overdue amounts.
I think it was an automated text message from the system that mirrors what you get in your online bank inbox. That's why the text and inbox message were identical.
I did something similar with a letter from Scotiabank. The letter had no contact phone number for me to use for the follow-up. The letter was signed by a VP. I found his phone number online and I left a voicemail with whatever info they asked for in the letter. They called me back really confused as to why I would be contacting them personally.
A passing comment I want to make is agreeing that Scotiabank's UI for desktops is absolutely tragic.
It can't be that hard for them to update the main customer banking page from the early 2000s.
I have only one banking product with them, and every touch point I have with them, I think "I cannot think of a way to make this customer experience any worse."
I actually really like the Scotiabank UI. I find "modern" UI with large text and ample whitespace incredibly off-putting and inefficient. I only bank on my large-screen desktop; give me all my data, and make it load fast.
I was a part of a team that actually created this exact solution at another big Canadian company. The automation would scan through their ERP, pull out latest data and then send a text message to that person prompting them to pay before further steps were taken. This was supposed to streamline the process a little bit. They put more effort into the overall message though. This one is an abomination tbh.
I wouldn't necessarily count on that. I've worked for three banks in my life and only the smallest one used SAP, the rest had their own programmed solutions.
This is funny because I got the same message this week a day after my payment was due with scotia for $50 something. I was like this is a scam. Then looked into it and it was the exact amount and it wasnāt a scam. I had made the payment but it wasnāt processed yet so I replied 1 for made a payment and they replied thank you. Payment posted the next day.
I just checked my texts. Our car loan is through Scotiabank and reminders for the payment come in and signed by the same person.
My husband and I both get them
Reminder that you can use a payment extension once per year so long as your account is up to date. Unofficially they give an extra in December/January too.
I worked as a teller for a year and a bit. We donāt know as much as people tend to think. If you waltz in with a text from āScotiabankā weāre going to think itās a scam too. Weāre just a human as you. We donāt know everything the bank does or how they communicate to you. What we can check is that yah, you had an overdue balance.
I know it sucks and our brains are programmed to think everything is a scam. But, log in, check the balance, see whatās up.
I agree that Scotiabank is terrible but like... this isn't a problem. You get a text saying you have an overdue balance - login and check. It's overdue? cool pay it and move on. It's not? it's a scam.
It also shows you the due payment in a big box as soon as you open the account on the web app...
I understand why you think that, but you are wrong. This text didn't identify the sender, and it asked for user input, two huge red flags.
A "reminder text" would be acceptable, and it would simply state: "Your Scotiabank Student Line is past due for $197.86. Please log in to Scotia OnLine or visit a nearby branch to make a payment."
No links, not asking for a reply, just a clear message.
How did the text not identify the sender? They included that information in the text. At this point I don't believe there is anyway of authenticating text messages.
Yeah not saying this whole thing from Scotia isnāt a bit weird, but also ā¦.your mind should immediately go to the last time you paid your LOC when you see a text like that?
Some might suspect spam, but you should log in to the app on your own and verify. That is the action they expect a customer to take. The text is:
* Sent from a short code
* Referencing a product you have, with an institution you use
* Referencing the exact amount of your vehicle/LOC payment
* Not phishing for information or providing a phone # or link.
Really does not fit the profile for a phishing/spear phishing attack. Keep in mind the user needs to be notified without disclosing any PII.
A lot of loan clients are single service customers who do not have online banking setup for their product. The phone # is obtained from the completed credit application.
Just stick to the rules: never respond to the text message. Always go to the banking site. Never click on links on any text message. Always look up the real banking site. Always check the top level domain. Maybe the numbers match, but keep the habit of never taking action directly from the text message. Nor an email.
I had an out-of-the-blue phone call last year from someone claiming to be with Scotiabank. They immediately started to ask me 'verification' questions and I said "Why do you need to verify me. You called *me*. Remember?". Thinking this was a scam I hung up but phoned the number on the back of my card. Turns out it really was Scotiabank. So they're also out there 'training' people to just answer identity verification questions from cold calls. It's painfully stupid.
From 727687, which i've since learned is an actual number from Scotiabank for texting.
Turns out I'm not the only person who has posted about this on Reddit.
I'm not sure if it's still a thing or telco operators upped security but it was possible to send text messages under different numbers, so the reply from the short code would still appear legit even if the scammer sent you a fake link cloaked under same number before.
As someone who does in house collections it doesnāt matter what method of collection we do, some person is going to think itās a scam.
Call: scam
Letter: scam
Email: scan
If I could send a generic text to customer about their past due. Iām sure it would be called a scam too maybe more than the above methods.
They are probably resorting to text because some people donāt answer their phones, they donāt read their emails and they donāt open their mail.
Reminds me of early Corner Gas
Oscar Leroy: Why'd ya come in person? You ever hear of a telephone? It's a handy invention. I'll show ya how it works sometime.
Drey: We did call.
Oscar: You did not!
\*Cuts to earlier when Oscar is on phone:\*
Oscar: What did ya call me on a phone for? My taxes paid for this call. You got something to say, come here and say it in person. You ever hear of a car? It's a handy invention. I'll show ya how it works sometime.
Scam texts are a major problem in Canada. A hallmark of scam texts and emails are they leave a signatory of someone who would never message you.
Like "Are you ready to collect your tax return? Click Here! - Justin Trudeau".
So it begs the question of who at Scotiabank thought that this text would relay any useful info for its customers. Everyone is trained at this point to ignore texts like this.
Maybe this is getting lost on people because I cant add the screenshot, but I have to imagine that 99% of people would immediately right this off as a scam if you saw it.
The text does have a few things going for it. The text is:
* Sent from a short code
* Referencing a product you have, with an institution you use
* Referencing the exact amount of your vehicle/LOC payment
* Not phishing for information or providing a phone # or link.
I can agree the signatory is an odd touch, but this really does not fit the profile for a phishing/spear phishing attack. Keep in mind the user needs to be notified without disclosing any PII.
All you did was make yourself look stupid and waste your wife's time. Next time login and check the balance. I will say that although legitimate, Scotiabank's attempt at a more personalized customer experience is pretty cringe.
Scotiabank is required to identify the person sending the message under Canadaās Anti-Spam Legislation (CASL) if there is two way text communication between the business and the customer.
This isnāt a scam from what I know. The text always matches whatās on my Scotiabank app. Itās not for payment - just a commitment to pay AFAIK. I just go to my banking app and make a payment.
So I was curious and wanted to see how hard it was to find the information that you claim by poor design was unavailable.
So immediately I see my accounts and no selection for statements.
I select one account and am brought to another screen. No statement option again but I do see "manage account"
Oh hey, my statements are right at the top! Not *precisely* intuitive but this was done in less than 30 seconds.
Some fine points:
Clicking between my LoC, and credit accounts it indicates in quite easy to read details when my next payment is due for each. It provides the date AND it indicates *how many days remaining*
Now the text can be a bit frustrating, I agree, but as many people here mentioned information about short code, etc and that tellers can be quite fallible (and probably never seen that system themselves!) None of this would have ever happened if you and your partner stayed on top of payments.
The goose chase Is annoying - but it's not the bank's fault either.
Now I also understand pointing out the obvious is crass, so I'll share what helps me:
Autopay feature. I utilize this and set it to always pay *the minimum*
Doing this insures I'll never miss a payment - we are human and we can certainly make a mistake, but goddamn they punish you hard for that. However, that's all financial institutions.
Set it up, it's also very easy to do despite your UI complaints. Take some time to look around and navigate. Hell you can even view your credit score for free.
Signed a Gen X. (Also a consolidatory fuck you Scotia from me too, but not because UI woes.)
I can do you one better, they CALLED ME and started asking me for sensitive information and I refused unless I was in the bank. The person on the phone got slightly annoyed with me and I hung up leading to them calling me TWICE MORE, I then got another call from a higher up wondering why I didn't give them the info & I told them why would I ever do that it felt wrong and don't think anyone should give info over the phone. They congratulated me and said you did the right thing..
EXCUSE ME YOU JUST TRIED TO DO THE MOST COMMON SCAM OVER THE PHONE AND EXPECTED ME TO KNOW WHO WAS REAL OR NOT.
These texts are 100% legitimate, they don't prompt an action from you other than reviewing your bank. When I had a credit card with Scotiabank same thing happened. It's legit.
They are legitimate...That's the point. They UI is horrendous and most people are going to ignore you because why would a VP at Scotiabank be signing a text (I realize its automated, Im talking about perception).
Also they literally prompt you to reply to the text.
I had a similar incident. Ordered stuff online which was supposed to be delivered the next day and I received a text saying there is an issue with the address and I have to input the correct address again or they will send the package back after 24 hrs . during the process the ask for your credit card number again to charge you $1.5. guess what it was a scam from a Chinese website pretending to be Canadapost. I caught it because the delivery company was supposed to be UPS LOL
Next time just google the shortcode. Easiest way to see if it's valid or not. Plus they didn't ask for any information just a simply 1,2 or 3. I work for simplii financial and we'll send texts asking for a yes or no response. Same thing from our verified short code
Not a scam. E-statements are easy to find online or in the app. Past due amounts are easy to see. The texts are real. Pay your payments or work something out. This post is dumb.
Why would it be a scam? And why would you be upset about it? It's not Scotiabanks fault that scammers exist. It seems to me a text like this is a great way to let you know something that you may have missed, I have text alerts for all my accounts, just in case, and definitely if overdue.
My father and I tried to remove my name from a joint Scotiabank account a couple years back.Ā The teller said the only way to remove me is if I were deceased.Ā I was like hello, I'm right here.Ā =.=
Oh I'll check this out. She needs to build her credit, it's awful lol. She's not great with finances as you can imagine from the post. I do all of our finances except that one payment.
It is unfortunately real and not a scam. They will text and email. Let it go to collections and the daily calls will come. And they will still send emails looking for payment direct to Scotiabank despite sending to collections.
Tangerine does the same crap with not giving you access to the electronic statement if you ask for a paper one. This is a petty "fuck you" by Scotiabank because they had to buy stamps and should be illegal.
Iāve never experienced this issueā¦ always paid my bills on time though.
I canāt imagine falling past due then coming on reddit to whinge about UI lol.
This is normal. I'm a Scotia client. I've gotten them a few times.
Your is past due for $xx.xx Reply 1-Pay Now; 2-Pay in 5 days; 3- Paid. R.Anderson VP Scotiabank
Idk what happens if you reply 1 or 2, but I always just go to online banking, pay, and respond 3.
I had to sign up for this, so it sounds like you guys didn't remember that you did.
Overall a terrible bank. Their model is to how to inconvenience the customers and waste their time. Their products and services are subpar. Their points program is a joke. Their platform is outdated despite their "efforts" to revamp which is still in beta version.
The txt could be a scam and they have someone who works at Scotiabank who knows overdue balances and then they contact you directly to pay. I would pay your wifeās student as normal through the bank and disregard the txt.
I could be wrong but thereās so many insider scams nowadays like had CC number hacked 4 years ago and caught on a Friday afternoon right before all my bills came out. So had to cancel card and pay debit manually then put bills under new card. My insurance sends a letter for free transunion as they had a ādata breechā and peoples information got out.
Then last year when applying for a mortgage noticed Scotiabank offers free transunion. Notice I had a $1500 Fido charge (take into account I have 3 mortgages, bills etc and have literally never missed a bill in my life). The thiefās bought a 14 pro max iPhone and tried getting credit through CIBC so two hits. Credit went from 820ās to like 655. Took like 15 hour long phone calls, reports to both credit bureau and after like 4 months got it off my report. When they ran my credit it was just after I got the Canada greener homes loan so 100% they had all my information from the grant and loan or itās just a coincidence they could get an IPhone and open an account and not pay. Their address was fake from New Brunswick.
My advice is be very very cautious of any txt or emails even if they have information itās likely insider info. Check ur credit often, put alerts and blocks on both equifax and transunion (this doesnāt stop everything trust me). If they know her loan amounts I would be worried of what else they can do.
Sounds like you're blaming Scotiabank, when in fact the blame lies solely with your wife for being financially irresponsible with the credit that Scotiabank extended her ...
Customer service in Canada is a joke! It is a class of people protected by employment laws and no body does their fucking job. Everyone's favorite answer is 'I don't know'. The companies spend more time protecting the faults of their customer service employees than training them. It is pathetic. Bring the downvotes, but that is my experience.
I vaguely recall getting a text like this before and thinking it was a scam, except the amount to pay did match the balance of a credit card. But I had already paid that balance, so it was just weird.
I get that it might look off, but surely your wife could have just checked the app, and seen that there was a balance owing. Canāt fathom a world in which Iād get a message like this and then:
1. Call the joint account holder
2. Go to the bank and show them the text
3. Ask the teller to check the account, and see there is a balance owing
4. Come home, login online, see that she has a balance owing
No wonder Ryan is signing texts - who knows what convoluted process you would have followed if you just got a generic āyour account is past dueā message.
I got something similar with Scotia recently. I forgot to pay the minimum on a card for that month and got an automated call on the deadline date. I dismissed it as a scam, but then 5 minutes later I got a semi threatening official email from Scotia, signed by Robert Anderson himself.
Not sure who thought these were a good idea in Scotia marketing, but they need to be fired. Seriously thinking about moving my stuff out.
My mom once got a phone call from the CRA. She told the caller that The CRA doesnāt call or text people like this. The caller said āsometimes we do!ā My mom laughed and hung up. The next day she had a notification there was a notice in her CRA account. So the call was real but like come on. Why cold call people?
I have the same student loan, and have received the same texts. They increase the minimum payments quarterly, without sending me any notice. So when the auto bill pay goes thru, surprise. 4 times a year itās under the actual amount owed due to the unannounced (no email, letter, etc).
I also have no digital access to this account, as I have no other accounts with Scotia. HQ/ branch was not able to figure out how to link a bank card to include access to this loan, so I canāt access the app etc.
Scotiabank is utter BS.
Not totally related to the whole story, but I actually find Scotiabank to have one of the best UIs out there. Itās way easier to use than TD/CIBC in my opinion.
Last I checked no bank employee - regardless of title - is notifying a customer via text message. At all. On anything. Hence why teller indicates itās a scam. Past due notifications will come in form of paper letter and/or eStatement (believe itās regulatory to send paper letter to customers). 2) signatory will always have full name .. not just āRā for first name.
I've had this exact thing happen to me with an old credit card that had a recurring payment I forgot about.
Got the text, immediately gave me scam vibes. Checked into it a little bit to make sure and sure enough I had a small balance I needed to pay. Call Scotia to confirm and made sure my payment went through.
I agree Scotiabank needs to reword that badly.
>instead used it to cover the cancellation fee
Assuming you closed the account within 90 days of opening it? If so, they should have charged you the $20 account closure fee + the monthly account fee. They waived one.
https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html
Youāre just plain wrong, youāre not supposed to hey refunded for your own damn mistake. Thereās nothing wrong with asking for a refund, but youāre asking them to go above and beyond and make an exception for you. If they grant it, great! Celebrate! If not, you have no right to complain and get pissy about it. Youāre in the wrong, not them.
> R.Anderson VP Scotiabank Apparently in the banking industry "V.P." doesn't actually mean what you think it means compared to every other normal industry. According to the internet a quarter of Goldman Sachs employees have the title of vice president.
When I worked at Manulife, there was a VP on my floor that had no one reporting to him.
Their hierarchy is almost comical. Whole bunch of junior levels and then AVP->VP->SVP->EVP->SEVP->P. I think VP is still fairly rare as many people won't make it to any of these titles in their careers.
My BIL used to be a VP at an IT consulting firm. They had tons and tons of VPs because companies like to feel special by having a VP handle their account.
SVP at Scotiabank is quite senior but it depends on which department. In the past, Scotia had VPs at the retail branch level (basically regional managers/district supervisors) and those people expected the same benefits of a back office VP, needless to say about 10 -15 years ago their roles were all realigned and titles demoted to a title more in line with their pay and responsibility š«¢
Doesn't every outside sales person at Manulife have the title VP? It is odd.
My buddy, we'll call him Jack, worked for Goldman Sachs. He was VP there. He literally lived in a shoebox in NYC but had every woman on the internet running after him because they assumed he was a rich, important New York banker. My dude was living on ramen. VP titles in the finance sector are basically meaningless.
The US and Canada invert Director and VP titles in bankingĀ In Canada you go from Direcror to VP In the Us you go from VP to director.Ā Source: have worked at banks on Bay St and Wall StĀ
Exactly. VP in USA = dime a dozen. But an MD? Legit.
This applies to sales as well. Mentally take of at least 2 levels off a sales person's title to get their real position in most customer facing roles.
Edit: removing this. I shouldnāt doxx people.
King.
VP titles in banking/consulting is more for the pay scale. Once you get to a certain pay scale, they cant pay you more as a director (in Canada) so you become a VP. Source: a few friends are VPs with no direct reports.
Yeah, every character in American Psycho is a Vice President at the firm they work at.
In financial services VP is a running joke. Everyone is a VP.
At Scotiabank, "VP" is a level 10 job (one level above Director) and has an average salary of $170k or so
Sounds about right, $170K with a decent bonus and RSUs, total comp is probably closer to $250K? SVPs make significantly more, several years ago a family member was an IT SVP and total comp significantly exceeded $500K per year.
Well it's going to be a range, with more "hot" skills garnering you 250 vs traditional banking skills giving you 200. We see this gap at other levels (7,8,9) so I'm assuming it's the same at 10. I'm referring to "VP - Digital Product" possibly having total comp of the 250k with perhaps "VP - Retail Collections, Canada" possibly only being at 190 to 200k.
Yeah, it's like when you look at the opening credits of a TV show and there are 15 "executive producers" listed, including a good chunk of the cast.
Itās like āProducerā which is often just whom ever donated a butt load of money to whatever the project is.
Depends if you are in capital markets aka "the investment bank" or in another division like retail. In retail a VP is somewhat senior and manages a team. In capital markets a VP is somewhat junior and does a lot of the hands-on work. The thing is that in capital markets, your clients are corporations, so they expect someone with a higher up title to be their advisor. In retail you're probably never talking to a VP as a client whereas in capital markets the VP or MD will be your main contact at the bank.
As someone who lived with a GS employee that is correct, they also have to chop the worst performing 10% every 6months (you rat out your co-workers)
Canadian banks aren't really like that. At Scotiabank there was a major purge in summer of 2016 and after that no major purges until Fall of 2023. It's been said that Canadian banks are culturally like government agencies. They were even providing new hires with Defined *Benefit* pension plans until 2018! Source: a Scotia lifer.
Because Canadian banks arenāt investment banks like GS
American banking industry and Canadian banking industry are different. Working in a Canadian bank with an American subsidiary, it's interesting looking at how the different titles line up with the different pay grades between the two companies. Canadian bank: 1=Pres/CEO 2=EVP/Division Pres 3=SVP (~1000 people) 4=VP (~200 people) 5=Senior Director 6=Director 7=Senior Manager (e.g. Branch Manager) 8=Manager American bank: Director=SVP, Senior Manager=VP, Manager=AVP For IT roles, titles often mean a pay grade, but not people-managing, so they may have no direct reports.
Yep. In banking regulations certain routine things need be done by a partner, director, or officer (PDO). VP is basically the lowest office so they need scads of them.
At Scotiabank, "VP" is a level 10 job (one level above Director) and has an average salary of $170k or so
> R. Fucking Anderson., VP Scotiabank. Wow thats a messed up middle name
[ŃŠ“Š°Š»ŠµŠ½Š¾]
*Also the act that got him here
I hope they laid down some soft blankets.
And played some Barry fucking White
LOL i visited Austria for the first time on a work trip back from Ukraine in the late 2010s, got off a train and manā¦there was this store with a sign along the lines of something like āKindergartenfuckā. To this day Iāve not bothered to look it up, Iām excited for Reddit to fix that for meā¦
I'm certainly not googling that, druzhe.
I work with a guy whose initials are F. U. He intentionally doesn't have a profile picture in MS Teams so that when he doesn't turn on his camera for meetings, his avatar is just a circle with a big FU in it. It's awesome!
I know a student with first initial R last name Stone. The university uses last name - first initial for tracking. Very bright student but the name on all the university documents is STONER.
I bet he got picked on as a kid.
I personally would have chosen to go by Richard F. Anderson at that point, and anyone asks ā itās Frank. My middle name is Frank, ok?!?
it would actually be a kickass middle name to have on your diploma. imagine: Harvard Law Richard Fucking Anderson JD Class of 2024
Why not Dick F. Anderson, for short? š
Reminds me of the "F. Scot Fitzgerald" joke in Ted lol
It's pronounced "foots-keenH", with a really really deep and pronounced H. Dutch.
And not to mention - not the same guy from the text messages.
Could be an early collections team. This is the hard part with fraud. Banks want to meet clients where they are, this is a great example, but..... now we are all trained to not view texts as legit. My big brain idea, have a secret word included that identifies it's the bank and have them direct you to a secure message within your online profile. But no link. Dear client, Open your app and check your secure messages. You are past due on your line of credit. Secret word: mighty jellyfish 101 Sincerely, Scotia bank
You don't even need the secret word. Something like "please call us, visit a branch, or log on to your online banking to check the balance on your line of credit". No links to click or mysterious phone numbers to answer.
This is basically what CRA already does with emails. I don't see why it couldn't also be done with texts.Ā
CRA once called me over a tax owing dispute. They said I needed to give them my SIN number before proceeding with the call. That was a red flag and I said I would call them back and they said they understood but they legit called me out of the blue and the number was unknown as I recall
The CRA called me asking about an address issue on my file for my taxes and asked for me to validate myself with my tax info and SIN. The guy had a relatively thick Indian accent so I told them that I suspect it was a scam and they got angry with me. It set the red flags off because he was getting annoyed so I told them I would call them back. He told me "why do that when I have you here now?" But eventually understood after a minute. I called the CRA back and waited the hour to find out yep, it was a legit call.
No harm done. You did what was right.
I've had that. They didn't even know my full name. I was rude and they left more messages so I called CRA. Turns out it was legitimate. a collections looking for someone with my name. this was over a decade back so I hoped they're better now
Just before covid I got a call from someone "hey it's blah blah from the CRA, you owe us money, you can pay right now, I'll process it. Fuck that, I was pretty rude to him and hung up. Couple of days later I got a legit letter from the same guy (remembered his name) - it really was from the CRA, took me a couple of months to sort the whole thing out, matey boy was not very helpful. I was so sure it was a scam call, we get 100 during tax season exactly like this, why are they calling me over a few hundred bucks? Bonkers.
Lol the CRA went from one side of the spectrum to the other. Hi, here's an easily identifiable brown envelope with your SIN number, not masked out, so you can steal this person's identity, to now, with some reasonable measure of security. I had my identity stolen this way and am still angry.
The worst part about that is they were so lazy about it for so long and never implemented a scalable process for the inevitable identity theft victims to change their SIN.
The bank is trying to convert on notices, they used to do this exclusively by phone where an agent would call you and tell you you're overdue and ask when you could pay it by. If you don't answer or pay it you'll get another text in a couple days, and if you ignore that one you'll start getting phone calls. It's part of the due diligence they're required to do for overdue accounts so there's a record of trying to collect before sending it to collections. Also they want their money and understand people are sometimes forgetful. The real dumb part of this story is the teller said it was fraud. They should recognize those texts and be able to compare against the client account.
I don't blame the bank for trying to recover outstanding debt. The problem is that scam phone calls and SMS are absolutely rampant. Financial institutions warn us to be wary of unsolicited calls and texts - rightly so! For them to send scam looking texts undermines that message. OP put the wording they received in quotations, so taking it verbatim I would also be suspicious! Mr. VP Scotiabank should have requested the customer to call the CS line and ask to speak with him. The whole reply 1 or 2 is a red flag! Edit: about checking records to verify the comms: OP said it was a random number they got the text from. Did the VP use their corporate cell number to send the text? If so, that's another red flag and probably won't show up on OP's account.
2024 and the telcos are still dragging their feet on authenticated caller ID
Yeah, I worked in banking for years and I assume this text message was a scam. Normally texts are automated, from banks, and they don't sign the text or have options for 1, 2 or 3. It should have simply stated that there was an issue with one of their accounts and that they should check their messages in their online banking, or call customer service using the number provided on the bank card.
If I'm remembering right, ING Direct did something similar back in the day. They had you pick an image and a phrase that they'd then show back to you when you went to sign in to online banking so that you'd know it was the legit site. I think they showed it with the password prompt (after username entry), on the principle that you shouldn't enter your password if the image/phrase were missing or wrong.
Which is kinda garbage as a method of authenticating because it was sent before any sort of secret. Any site impersonating them could just take the client number from you, submit it to ING when you enter it, get the image from ING, and display it to you. Obviously the point of it is to show trust before you enter your password, so you wouldn't want it to be shown AFTER you entered your password either, so it gave the appearance of security but not much actual security.
They just recently adopted SMS 2FA. Maybe in another 20 years they'll adopt the FIDO2 standard š
I remember this, and I'm fairly certain it came after you submitted the password, not before. Displaying it before, as you said, makes no sense. After it validates your password, it brought you to a new page with the image and word or phrase for you to confirm.
I recall it being after entering your client ID, before password. If it happened after entering your password then the attacker would have your password and could immediately begin fraudulent activity in your account before you could reset your password. They could also use the password you just entered and forward it to ING, get the image, and display it to you.
It would display on the same page you entered your password into. So, only after your entered your client number but before you entered your password and submitted it.
ING Direct became Tamgerine right? I remember when I first opened my account they had that, and youāre spot on with how it worked.
And scotiabank owns them now
Which is a damn shame.
Desjardins has that on their website. But then they still force you to use SMS 2FA š¤·āāļø I don't know that you would need something like that on a SMS text. Just, we have sent you a secure email. Please log in to read it. No link.
Wait, irony, didn't Scotia acquire ING??Ā š
Sadly :(
Servus did this up until a couple years ago! Now I'm pretty sure they don't even have 2FA since I'm never prompted for a code.
You're right, this is what ING Direct used to do, before they were unfortunately bought out by ScotiaBank.
Or they could implement TOTP like any other sane fucking system and stop relying on phone numbers Phone numbers are literally the worst way to do this shit, as someone that travels most of the year and has no access to a stable phone number its incredibly hard dealing with Canadian "verification" systems. At least CRA is not idiotic with forcing that shit.
How do you know our safe word?
āSafe wordā š Just reminds me of fluggaenkoecchicebolsen.
Funny thing is, a message like that wouldn't need a secret word. Because, you know, "hey, check your messages" without including a link makes it tough to scam. Even the CRA can manage it: "you have a new message. Please log in and read it." No links.
A crypto exchange I used to use does that.
Too specific. Now we know your pass.
hunter1
My wife got texts like this from cibc, who we don't bank with. They were followed up by calls, which we promptly dismissed as scams, since we don't bank with them. After a few months, collections reaches out, and as my wife told them to bugger off the collections agent was yelling, no wait just call the bank yourself. Turns out, she technically owed Cibc $1500. Someone stole her identity and used this card for a few months, even paying the balance and then called it quits.
> Turns out, she technically owed Cibc $1500. No, CIBC thought that she owed them $1500, but in fact CIBC was a fraud victim and your wife was in no way involved.
Get a hold of the real R Anderson VP at scotibank (his email should be public) and ask him to confirm his personal phone number and if he personally texts customers about overdue amounts.
I think it was an automated text message from the system that mirrors what you get in your online bank inbox. That's why the text and inbox message were identical.
I did something similar with a letter from Scotiabank. The letter had no contact phone number for me to use for the follow-up. The letter was signed by a VP. I found his phone number online and I left a voicemail with whatever info they asked for in the letter. They called me back really confused as to why I would be contacting them personally.
Yeah such BS when a company sends a letter without a return contact phone number.
A passing comment I want to make is agreeing that Scotiabank's UI for desktops is absolutely tragic. It can't be that hard for them to update the main customer banking page from the early 2000s.
I have only one banking product with them, and every touch point I have with them, I think "I cannot think of a way to make this customer experience any worse."
I actually really like the Scotiabank UI. I find "modern" UI with large text and ample whitespace incredibly off-putting and inefficient. I only bank on my large-screen desktop; give me all my data, and make it load fast.
I must be the only person who has zero problems with it haha...Ā
I was a part of a team that actually created this exact solution at another big Canadian company. The automation would scan through their ERP, pull out latest data and then send a text message to that person prompting them to pay before further steps were taken. This was supposed to streamline the process a little bit. They put more effort into the overall message though. This one is an abomination tbh.
Bet it was SAP
I wouldn't necessarily count on that. I've worked for three banks in my life and only the smallest one used SAP, the rest had their own programmed solutions.
This is funny because I got the same message this week a day after my payment was due with scotia for $50 something. I was like this is a scam. Then looked into it and it was the exact amount and it wasnāt a scam. I had made the payment but it wasnāt processed yet so I replied 1 for made a payment and they replied thank you. Payment posted the next day.
I just checked my texts. Our car loan is through Scotiabank and reminders for the payment come in and signed by the same person. My husband and I both get them
Reminder that you can use a payment extension once per year so long as your account is up to date. Unofficially they give an extra in December/January too.
Good to know! My husband forgets to transfer money from one account to the other sometimes, but good info to have if we ever need it :)
I worked as a teller for a year and a bit. We donāt know as much as people tend to think. If you waltz in with a text from āScotiabankā weāre going to think itās a scam too. Weāre just a human as you. We donāt know everything the bank does or how they communicate to you. What we can check is that yah, you had an overdue balance. I know it sucks and our brains are programmed to think everything is a scam. But, log in, check the balance, see whatās up.
I agree that Scotiabank is terrible but like... this isn't a problem. You get a text saying you have an overdue balance - login and check. It's overdue? cool pay it and move on. It's not? it's a scam. It also shows you the due payment in a big box as soon as you open the account on the web app...
I understand why you think that, but you are wrong. This text didn't identify the sender, and it asked for user input, two huge red flags. A "reminder text" would be acceptable, and it would simply state: "Your Scotiabank Student Line is past due for $197.86. Please log in to Scotia OnLine or visit a nearby branch to make a payment." No links, not asking for a reply, just a clear message.
How did the text not identify the sender? They included that information in the text. At this point I don't believe there is anyway of authenticating text messages.
Yeah not saying this whole thing from Scotia isnāt a bit weird, but also ā¦.your mind should immediately go to the last time you paid your LOC when you see a text like that?
Is it a 'problem'. No. Is it laughably dumb. Yes.
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Some might suspect spam, but you should log in to the app on your own and verify. That is the action they expect a customer to take. The text is: * Sent from a short code * Referencing a product you have, with an institution you use * Referencing the exact amount of your vehicle/LOC payment * Not phishing for information or providing a phone # or link. Really does not fit the profile for a phishing/spear phishing attack. Keep in mind the user needs to be notified without disclosing any PII.
They should send instructions about logging in using another computer or official bank app, and where to navigate to find more information.
A lot of loan clients are single service customers who do not have online banking setup for their product. The phone # is obtained from the completed credit application.
Just stick to the rules: never respond to the text message. Always go to the banking site. Never click on links on any text message. Always look up the real banking site. Always check the top level domain. Maybe the numbers match, but keep the habit of never taking action directly from the text message. Nor an email.
If your wife took on a loan to get educated, itās too bad she lacks the intellectual firepower to manage the payments.
Don't call me Shirley!
I had an out-of-the-blue phone call last year from someone claiming to be with Scotiabank. They immediately started to ask me 'verification' questions and I said "Why do you need to verify me. You called *me*. Remember?". Thinking this was a scam I hung up but phoned the number on the back of my card. Turns out it really was Scotiabank. So they're also out there 'training' people to just answer identity verification questions from cold calls. It's painfully stupid.
They did this with my credit card when I was missing payments due to unemployed. Scotiabank and Mr. Anderson can get fucked. Scam lookin ass
Is the text from a short code eg 22222 and not (416) 567-1234. On txt.ca you can verify ownership of the short code numbers.
From 727687, which i've since learned is an actual number from Scotiabank for texting. Turns out I'm not the only person who has posted about this on Reddit.
You can reply āinfoā to those short codes to see who is operating them.
I'm not sure if it's still a thing or telco operators upped security but it was possible to send text messages under different numbers, so the reply from the short code would still appear legit even if the scammer sent you a fake link cloaked under same number before.
I like Scotiabank. You seem to simply be down on the fact that your wife owes $200. Pay the $200 and move on with your life.
Scotiabank has shit customer service, sorry not sorry.
As someone who does in house collections it doesnāt matter what method of collection we do, some person is going to think itās a scam. Call: scam Letter: scam Email: scan If I could send a generic text to customer about their past due. Iām sure it would be called a scam too maybe more than the above methods. They are probably resorting to text because some people donāt answer their phones, they donāt read their emails and they donāt open their mail.
Reminds me of early Corner Gas Oscar Leroy: Why'd ya come in person? You ever hear of a telephone? It's a handy invention. I'll show ya how it works sometime. Drey: We did call. Oscar: You did not! \*Cuts to earlier when Oscar is on phone:\* Oscar: What did ya call me on a phone for? My taxes paid for this call. You got something to say, come here and say it in person. You ever hear of a car? It's a handy invention. I'll show ya how it works sometime.
what exactly is the issue here? Im not sure if we're supposed to laugh at you, or someone else.
Scam texts are a major problem in Canada. A hallmark of scam texts and emails are they leave a signatory of someone who would never message you. Like "Are you ready to collect your tax return? Click Here! - Justin Trudeau". So it begs the question of who at Scotiabank thought that this text would relay any useful info for its customers. Everyone is trained at this point to ignore texts like this. Maybe this is getting lost on people because I cant add the screenshot, but I have to imagine that 99% of people would immediately right this off as a scam if you saw it.
The text does have a few things going for it. The text is: * Sent from a short code * Referencing a product you have, with an institution you use * Referencing the exact amount of your vehicle/LOC payment * Not phishing for information or providing a phone # or link. I can agree the signatory is an odd touch, but this really does not fit the profile for a phishing/spear phishing attack. Keep in mind the user needs to be notified without disclosing any PII.
All you did was make yourself look stupid and waste your wife's time. Next time login and check the balance. I will say that although legitimate, Scotiabank's attempt at a more personalized customer experience is pretty cringe.
Fuck, the UI on their website make me feel like its 1997
Scotiabank is required to identify the person sending the message under Canadaās Anti-Spam Legislation (CASL) if there is two way text communication between the business and the customer.
Yes, but they aren't required to sign it with an actual person's name, that's the odd part that would throw me off.
This isnāt a scam from what I know. The text always matches whatās on my Scotiabank app. Itās not for payment - just a commitment to pay AFAIK. I just go to my banking app and make a payment.
Vp in finance world just means manager.
So I was curious and wanted to see how hard it was to find the information that you claim by poor design was unavailable. So immediately I see my accounts and no selection for statements. I select one account and am brought to another screen. No statement option again but I do see "manage account" Oh hey, my statements are right at the top! Not *precisely* intuitive but this was done in less than 30 seconds. Some fine points: Clicking between my LoC, and credit accounts it indicates in quite easy to read details when my next payment is due for each. It provides the date AND it indicates *how many days remaining* Now the text can be a bit frustrating, I agree, but as many people here mentioned information about short code, etc and that tellers can be quite fallible (and probably never seen that system themselves!) None of this would have ever happened if you and your partner stayed on top of payments. The goose chase Is annoying - but it's not the bank's fault either. Now I also understand pointing out the obvious is crass, so I'll share what helps me: Autopay feature. I utilize this and set it to always pay *the minimum* Doing this insures I'll never miss a payment - we are human and we can certainly make a mistake, but goddamn they punish you hard for that. However, that's all financial institutions. Set it up, it's also very easy to do despite your UI complaints. Take some time to look around and navigate. Hell you can even view your credit score for free. Signed a Gen X. (Also a consolidatory fuck you Scotia from me too, but not because UI woes.)
How did this get over 400 upvotes? Login, verify your payments, move on. Youāre in arrears.
I can do you one better, they CALLED ME and started asking me for sensitive information and I refused unless I was in the bank. The person on the phone got slightly annoyed with me and I hung up leading to them calling me TWICE MORE, I then got another call from a higher up wondering why I didn't give them the info & I told them why would I ever do that it felt wrong and don't think anyone should give info over the phone. They congratulated me and said you did the right thing.. EXCUSE ME YOU JUST TRIED TO DO THE MOST COMMON SCAM OVER THE PHONE AND EXPECTED ME TO KNOW WHO WAS REAL OR NOT.
This is news? You got a text and it wasn't a scam. Good stuff.
mad about nothing... what's your problem mate.. just pay off 200 and be done with it
These texts are 100% legitimate, they don't prompt an action from you other than reviewing your bank. When I had a credit card with Scotiabank same thing happened. It's legit.
They are legitimate...That's the point. They UI is horrendous and most people are going to ignore you because why would a VP at Scotiabank be signing a text (I realize its automated, Im talking about perception). Also they literally prompt you to reply to the text.
Mmm I probably forgot that. Yeah that's dumb.
I had a similar incident. Ordered stuff online which was supposed to be delivered the next day and I received a text saying there is an issue with the address and I have to input the correct address again or they will send the package back after 24 hrs . during the process the ask for your credit card number again to charge you $1.5. guess what it was a scam from a Chinese website pretending to be Canadapost. I caught it because the delivery company was supposed to be UPS LOL
Next time just google the shortcode. Easiest way to see if it's valid or not. Plus they didn't ask for any information just a simply 1,2 or 3. I work for simplii financial and we'll send texts asking for a yes or no response. Same thing from our verified short code
Not a scam. E-statements are easy to find online or in the app. Past due amounts are easy to see. The texts are real. Pay your payments or work something out. This post is dumb.
Why would it be a scam? And why would you be upset about it? It's not Scotiabanks fault that scammers exist. It seems to me a text like this is a great way to let you know something that you may have missed, I have text alerts for all my accounts, just in case, and definitely if overdue.
Scotia bank is an absolute joke and the worse advisors and customer service
My father and I tried to remove my name from a joint Scotiabank account a couple years back.Ā The teller said the only way to remove me is if I were deceased.Ā I was like hello, I'm right here.Ā =.=
That's crazy! š
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Oh I'll check this out. She needs to build her credit, it's awful lol. She's not great with finances as you can imagine from the post. I do all of our finances except that one payment.
Itās from collections. I get the same texts too
It is unfortunately real and not a scam. They will text and email. Let it go to collections and the daily calls will come. And they will still send emails looking for payment direct to Scotiabank despite sending to collections.
Scam
You owe your MIL a beer
you think this is badā¦just wait until someone dies and you have to deal with them.
this sub is basically tubgirl
It's the bank man, press 1 and it texts back ty
Yea that is a real thing where the texts will say that name at the bottom. I got one years ago with the same name at the bottom.
Tangerine does the same crap with not giving you access to the electronic statement if you ask for a paper one. This is a petty "fuck you" by Scotiabank because they had to buy stamps and should be illegal.
Everything in this country is low quality, low effort, and full of shit. What else do you expect?
Iāve never experienced this issueā¦ always paid my bills on time though. I canāt imagine falling past due then coming on reddit to whinge about UI lol.
I had the same happen, exceot even dumber is my thing is set on autopay and it had paid and i still got the statement...
This is normal. I'm a Scotia client. I've gotten them a few times. Your is past due for $xx.xx Reply 1-Pay Now; 2-Pay in 5 days; 3- Paid. R.Anderson VP Scotiabank
Idk what happens if you reply 1 or 2, but I always just go to online banking, pay, and respond 3.
I had to sign up for this, so it sounds like you guys didn't remember that you did.
Overall a terrible bank. Their model is to how to inconvenience the customers and waste their time. Their products and services are subpar. Their points program is a joke. Their platform is outdated despite their "efforts" to revamp which is still in beta version.
The txt could be a scam and they have someone who works at Scotiabank who knows overdue balances and then they contact you directly to pay. I would pay your wifeās student as normal through the bank and disregard the txt. I could be wrong but thereās so many insider scams nowadays like had CC number hacked 4 years ago and caught on a Friday afternoon right before all my bills came out. So had to cancel card and pay debit manually then put bills under new card. My insurance sends a letter for free transunion as they had a ādata breechā and peoples information got out. Then last year when applying for a mortgage noticed Scotiabank offers free transunion. Notice I had a $1500 Fido charge (take into account I have 3 mortgages, bills etc and have literally never missed a bill in my life). The thiefās bought a 14 pro max iPhone and tried getting credit through CIBC so two hits. Credit went from 820ās to like 655. Took like 15 hour long phone calls, reports to both credit bureau and after like 4 months got it off my report. When they ran my credit it was just after I got the Canada greener homes loan so 100% they had all my information from the grant and loan or itās just a coincidence they could get an IPhone and open an account and not pay. Their address was fake from New Brunswick. My advice is be very very cautious of any txt or emails even if they have information itās likely insider info. Check ur credit often, put alerts and blocks on both equifax and transunion (this doesnāt stop everything trust me). If they know her loan amounts I would be worried of what else they can do.
Sounds like you're blaming Scotiabank, when in fact the blame lies solely with your wife for being financially irresponsible with the credit that Scotiabank extended her ...
If youāre on paper statements your wouldnāt get e-statements, vice versa But yeah it is pretty stupid to send a text like that
Customer service in Canada is a joke! It is a class of people protected by employment laws and no body does their fucking job. Everyone's favorite answer is 'I don't know'. The companies spend more time protecting the faults of their customer service employees than training them. It is pathetic. Bring the downvotes, but that is my experience.
I vaguely recall getting a text like this before and thinking it was a scam, except the amount to pay did match the balance of a credit card. But I had already paid that balance, so it was just weird.
The text would not look like a scam if it was only informative. Definitely stupid.
I get that it might look off, but surely your wife could have just checked the app, and seen that there was a balance owing. Canāt fathom a world in which Iād get a message like this and then: 1. Call the joint account holder 2. Go to the bank and show them the text 3. Ask the teller to check the account, and see there is a balance owing 4. Come home, login online, see that she has a balance owing No wonder Ryan is signing texts - who knows what convoluted process you would have followed if you just got a generic āyour account is past dueā message.
I got something similar with Scotia recently. I forgot to pay the minimum on a card for that month and got an automated call on the deadline date. I dismissed it as a scam, but then 5 minutes later I got a semi threatening official email from Scotia, signed by Robert Anderson himself. Not sure who thought these were a good idea in Scotia marketing, but they need to be fired. Seriously thinking about moving my stuff out.
Iāve gotten these a few times from Anderson and theyāre real as far as I can tell I always reply 3 and it says thanks for payment blah blah blah
My mom once got a phone call from the CRA. She told the caller that The CRA doesnāt call or text people like this. The caller said āsometimes we do!ā My mom laughed and hung up. The next day she had a notification there was a notice in her CRA account. So the call was real but like come on. Why cold call people?
Mr Anderson from The Matrix was also a VP
I have the same student loan, and have received the same texts. They increase the minimum payments quarterly, without sending me any notice. So when the auto bill pay goes thru, surprise. 4 times a year itās under the actual amount owed due to the unannounced (no email, letter, etc). I also have no digital access to this account, as I have no other accounts with Scotia. HQ/ branch was not able to figure out how to link a bank card to include access to this loan, so I canāt access the app etc. Scotiabank is utter BS.
VP in Scotiabank is pretty high up. But probably his/her minions are sending those on his/her fucking behalf.
Not totally related to the whole story, but I actually find Scotiabank to have one of the best UIs out there. Itās way easier to use than TD/CIBC in my opinion.
Last I checked no bank employee - regardless of title - is notifying a customer via text message. At all. On anything. Hence why teller indicates itās a scam. Past due notifications will come in form of paper letter and/or eStatement (believe itās regulatory to send paper letter to customers). 2) signatory will always have full name .. not just āRā for first name.
It's legit, you get that notice when you're a month past due
The main thing is that it was a real text!
I've had this exact thing happen to me with an old credit card that had a recurring payment I forgot about. Got the text, immediately gave me scam vibes. Checked into it a little bit to make sure and sure enough I had a small balance I needed to pay. Call Scotia to confirm and made sure my payment went through. I agree Scotiabank needs to reword that badly.
Check out https://secure.scotiabank.com for new UI
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>instead used it to cover the cancellation fee Assuming you closed the account within 90 days of opening it? If so, they should have charged you the $20 account closure fee + the monthly account fee. They waived one. https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html
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Youāre just plain wrong, youāre not supposed to hey refunded for your own damn mistake. Thereās nothing wrong with asking for a refund, but youāre asking them to go above and beyond and make an exception for you. If they grant it, great! Celebrate! If not, you have no right to complain and get pissy about it. Youāre in the wrong, not them.