December 17, 2016
April 1, 2015
THE JURY IS (STILL) OUT
Got a call from the Office of the President this evening and was told by the manager in charge of my case that it's still being reviewed and that (by the way) the bank has deposited $100 into my chequing account as a Goodwill gesture.
However, I did learn earlier that the reason my Bonus Interest payment for December was lower than for November was because of the withdrawal that I made from my TFSA account on December 1st. Yes, apparently the Bonus Interest payment is reduced by the amount of withdrawals from registered accounts. But, who knew... not the reps in the Momentum Plus call centre, nor even their supervisors. The saga continues...
April 6, 2013
I had a look at the offer terms and conditions.
Looks like other registered accounts are involved. Bonus interest is based on the lower of three numbers each day:
…, you will earn Bonus Interest calculated on the lower of:
a) MomentumPLUS Savings Account Increase;
b) Combined Increase; and
Bonus Interest is calculated daily and paid monthly. The actual date at which you enroll in accordance with paragraph 2(b) does not affect this calculation
These definitions mean the number for (b), the Combined Increase, includes balance changes in "Scotia Registered Account(s) and Scotia Investment Account(s)". I suspect that is to ensure that Bonus Interest is paid only on the part of (a), the MomentumPLUS Savings Account Increase, that is net new money across all those accounts:
|‘Combined Increase’||The excess of Combined Balance over Combined Starting Balance on any day during the Campaign Offer Period.|
|‘Combined Balance’||On any particular day, the combined end of day balance of money held within all Scotiabank Savings Account(s) (which includes MomentumPLUS Savings Accounts)1, Scotia Registered Account(s) and Scotia Investment Account(s)2, in which you are the sole owner or, for joint account(s), the primary owner but excludes mutual funds, and balances held in chequing accounts, and Scotiabank Momentum Savings Accounts.|
|‘Combined Starting Balance’||The Combined Balance on September 9, 2018|
|‘Campaign Offer Period’||September 10, 2018 – March 10, 2019|
|‘MomentumPLUS Savings Account’||Any Scotiabank MomentumPLUS Savings Account open during the Campaign Offer Period.|
|‘MomentumPLUS Savings Account Increase’||The excess of MomentumPLUS Savings Account Balance over MomentumPLUS Savings Account Starting Balance on any day during the Campaign Offer Period.|
|‘MomentumPLUS Savings Account Balance’||On any particular day, the combined end of day balance in all MomentumPLUS Savings Accounts.|
|‘MomentumPLUS Savings Account Starting Balance’||The MomentumPLUS Savings Account Balance on September 9, 2018, provided that any MomentumPLUS Savings Account(s) not open on that date will be deemed to have a $0 end of day balance|
April 1, 2015
April 6, 2013
I suspect it is because of limits to the English language. Can't convey everything they wanted to precisely in just three sentences. I guess the marketing material could have mentioned that bonus interest was on new Momentum PLUS Savings Account deposits that were also "net new" and remained "net new".
As for the customer reps, they may not be given much more information than what we customers get.