I had my mortgage with Scotiabank, through a broker when I first bought my home. 5 year term is up (Maturity Date is today), and I've decided to go with a different broker, who is not using Scotiabank. Not that it matters to the story, but the rate is 0.5% less than the best Scotiabank would offer me.
My new lender (or more specifially, the lawyer they are using) requested a Payout Statement mid-March, to initiate the process of transferring my mortgage away from Scotiabank. Consistent follow ups since then, and as of the Maturity Date, still no response from Scotiabank.
I was forced to sign into a 6 Month Fixed Open renewal with Scotiabank at 9.75% interest, as the default option for renewal is a 6 Month Fixed CLOSED renewal.
I hope Scotiabank is just being childish and waiting until the 11th hour to provide the Payout Statement, and I won't be forced to have any of my balance under the renewed Open term at 9.75%.
I don't have any other accounts with Scotiabank aside from the mortgage, and needless to say, never will after this. I understand they're losing business and no one likes that...but causing undue financial hardship for an individual just doing what they think is best, is borderline criminal.