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Scotiabank Momentum Plus Savings account holders be vigilant
January 7, 2019
12:35 pm
Ed
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Checked my Momentum Plus interest for December and quickly noticed an obvious error in the Campaign Bonus calculation posted on January 3rd. It amounted to an underpayment of about a third of the expected total. Phoned today and in spite of the glaringly obvious mistake, the Momentum Plus rep said the miscalculation would have to be reviewed by the Momentum Plus team and that I would hear from the bank in 3 to 5 days. It always pays to check the math!

January 7, 2019
12:40 pm
Top It Up
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January 7, 2019
1:18 pm
Ed
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Of course, I did. That's always the first thing to do. So, what is your point, Top It Up? A mathematical mistake has nothing to do with T&C.

January 7, 2019
1:24 pm
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I'm more into quantum physics than comprehension but pretty sure the T&C talked about Bonus Interest paid 7 days following the end of the month, no?

January 7, 2019
1:42 pm
Ed
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Nope... WITHIN 7 days... But that is not the issue. The interest amount was miscalculated and instead of being paid $163.68, I was shortchanged $59.60. Even the Momentum Plus rep agreed to that but said that I would have to wait for a review to be completed. So, Scotiabank customers be on your guard. You have been warned.

January 7, 2019
10:52 pm
rqs
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Ed said
Nope... WITHIN 7 days... But that is not the issue. The interest amount was miscalculated and instead of being paid $163.68, I was shortchanged $59.60. Even the Momentum Plus rep agreed to that but said that I would have to wait for a review to be completed. So, Scotiabank customers be on your guard. You have been warned.  

My account was credited today (back-dated to Jan. 3) for the bonus interest. Obviously the Premium interest doesn't get paid until the end of the Premium period (90,180,270,360). Regardless....you'll still never receive "up to 3.20%"!

January 8, 2019
4:43 am
Alexandre
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When you create "new goal" in Momentum Plus and add funds to it, do you see Regular+Bonus interest, or just Regular interest?

I've added few hundred dollars to my new Momentum Plus for 90 days hold to see how it works, but it only shows me 1.8% regular interest.

January 8, 2019
7:05 am
Ed
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rqs said

My account was credited today (back-dated to Jan. 3) for the bonus interest. Obviously the Premium interest doesn't get paid until the end of the Premium period (90,180,270,360). Regardless....you'll still never receive "up to 3.20%"!  

In my case, I received a Bonus interest of $158.52 for the month of November (30 days) and only $104.08 for December (31 days) for the exact same initial deposit (no transactions) - a painfully obvious rip-off. But, because the problem may be more widespread (system error or hack), the bank is doing a full investigation.

January 8, 2019
8:19 am
Ed
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Alexandre said
When you create "new goal" in Momentum Plus and add funds to it, do you see Regular+Bonus interest, or just Regular interest?

I've added few hundred dollars to my new Momentum Plus for 90 days hold to see how it works, but it only shows me 1.8% regular interest.  

The Momentum Plus Savings account page on the Scotiabank online website is not clear at all on funds that are added to an already existing premium period or when starting a "new goal" period. Best is to call the Momentum Plus number at 1-833-253-8571. It's a separate division of Scotiabank and is only available until 8pm on weekdays.

January 8, 2019
12:03 pm
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Since no one else has chimed in with a similar experience make sure to update the thread on the final resolution to the shortfall.

January 8, 2019
12:38 pm
canadian.100
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Alexandre said
When you create "new goal" in Momentum Plus and add funds to it, do you see Regular+Bonus interest, or just Regular interest?

I've added few hundred dollars to my new Momentum Plus for 90 days hold to see how it works, but it only shows me 1.8% regular interest.  

You will see 1.8% only on your online site - which is Regular interest 1.05 and Premium interest .75 for 90 day selection. The Bonus interest does not show there - but is actually paid a few days after the beginning of the following month.

Ed said

In my case, I received a Bonus interest of $158.52 for the month of November (30 days) and only $104.08 for December (31 days) for the exact same initial deposit (no transactions) - a painfully obvious rip-off. But, because the problem may be more widespread (system error or hack), the bank is doing a full investigation.

The Momentum Plus Savings account page on the Scotiabank online website is not clear at all on funds that are added to an already existing premium period or when starting a "new goal" period. Best is to call the Momentum Plus number at 1-833-253-8571. It's a separate division of Scotiabank and is only available until 8pm on weekdays.  

Remember if your 90 day period ended sometime in December, the Bonus interest you just received in January could very well be less than the Bonus interest you received at the beginning of December.

Correct - you can contact "Investments" division who look after Momentum Acct, GICs etc. and they will answer you questions.

Ed and rqs - I also would be most interested to hear if Scotia really miscalculated your Bonus Interest or Premium Interest - please share the results of the investigation - am sure Scotia will respond to you on this.

January 8, 2019
1:12 pm
Ed
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canadian.100 said

You will see 1.8% only on your online site - which is Regular interest 1.05 and Premium interest .75 for 90 day selection. The Bonus interest does not show there - but is actually paid a few days after the beginning of the following month.
Wrong. As was explained to me on two separate occasions by two different people from the Momentum Plus investment division office, it's the Premium interest (75%) that is paid out at the end of the period.

Ed said

In my case, I received a Bonus interest of $158.52 for the month of November (30 days) and only $104.08 for December (31 days) for the exact same initial deposit (no transactions) - a painfully obvious rip-off. But, because the problem may be more widespread (system error or hack), the bank is doing a full investigation.

The Momentum Plus Savings account page on the Scotiabank online website is not clear at all on funds that are added to an already existing premium period or when starting a "new goal" period. Best is to call the Momentum Plus number at 1-833-253-8571. It's a separate division of Scotiabank and is only available until 8pm on weekdays.  

Remember if your 90 day period ended sometime in December, the Bonus interest you just received in January could very well be less than the Bonus interest you received at the beginning of December.

Correct - you can contact "Investments" division who look after Momentum Acct, GICs etc. and they will answer you questions.

Ed and rqs - I also would be most interested to hear if Scotia really miscalculated your Bonus Interest or Premium Interest - please share the results of the investigation - am sure Scotia will respond to you on this.  

My 90 day investment period ends on January 27th. As for the investigation, subscribe to this thread. I will share information as soon as I receive something.

January 8, 2019
3:58 pm
dentgal
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I've given up on the Scotia momentum account. It is too difficult to get their bonus interest.

January 8, 2019
5:11 pm
canadian.100
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Ed -
Yes the Premium Interest is paid at the end of the 90 day period in one lump sum. I did not say Premium Interest was paid monthly - I said the BONUS Interest is paid monthly, in the first few days of the following month to which it refers - i.e. you get 3 deposits of BONUS Interest ........ if you chose the 90 day term.

I might use the Momentum acct again at the right rate - it worked fine for me, 3.05% for 90 days, but I realize it can be confusing until you understand how it works. Anyways I hope you receive what you think is an underpayment by Scotia. I have since purchased Scotia shares with these funds - Scotia shares pay 5% dividend - SIMPLE investment, profitable bank, and a great return for me with the dividend tax credit.

January 17, 2019
4:51 pm
Top It Up
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Any word from Scotiabank yet?

January 17, 2019
5:24 pm
Ed
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Top It Up said
Any word from Scotiabank yet?  

Still waiting... After speaking with a manager last Friday, I escalated the issue further to the President's Office on Monday. I have been told to expect an answer from the Momentum Plus Support team (aka the back office) "within ten business days" from the initial complaint which was made on January 7th. That would mean a resolution should be forthcoming in the next two business days. I have gone through the figures with two different Customer Care people on two separate occasions and both agreed that an error was made. However, until the persons in the back room have completed their 10-day review/investigation, nothing can be done. Stay tuned...

January 22, 2019
5:11 pm
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WOW ... Scotiabank sure has a way for the dramatic by drawing this thing out to a full-blown mystery, don't they?

January 22, 2019
5:30 pm
Brimleychen
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Ironically,
Scotiabank admits ‘richer than you think’ slogan was a math error:
https://www.thebeaverton.com/2016/12/scotiabank-admits-richer-think-slogan-math-error/sf-cool

January 22, 2019
5:48 pm
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That's pretty funny stuff because for me, I viewed that catchy little phrase in the same manner as Freedom 55 - i.e. get your ducks in order, understand the difference between wants and needs, and you will indeed be richer than you think!

January 23, 2019
12:39 pm
Ed
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Humour aside, I reached out to the Office of the President today to see how my investigation was progressing since it was past 10 days and was told by a manager that there had been some "miscommunication regarding timelines" and that the standard period to conduct a review is 15 days. So, the new deadline is January 28. And, we wait... Sorry for the drama, folks.

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