Personal Banking

Support for our Personal Banking Customers

Last updated 13/05/20

Financial Relief Options

Our Customer Assistance Program is designed to help if you have been impacted by COVID-19. If you have not been impacted, we strongly recommend that you continue to make your payments so that you decrease your mortgage, loans or credit card debt.  

You have the option to defer payments on your Mortgages and Real Estate Loans for up to 6 months. Get started by reading the FAQs below and signing in to Scotia OnLine Banking.

Credit Card Relief

No sign up is needed.

Minimum payment requirements on Credit Cards have been automatically waived for 3 months for all qualifying customers.

For details on credit card payments and payment deferrals check out our FAQs.

 



Credit Card Relief FAQs

Request Deferral on Scotia OnLine banking

The best way to defer your payments is through Scotia Online Banking.

For faster processing, please log into Scotia Online Banking to defer your payments.

If you’re unable to access OnLine Banking, please enroll and register today by following our easy step-by-step guide.

Sign in to Scotia OnLine

Frequently Asked Questions

I have questions about financial relief measures because of COVID-19.


For customers in good standing, secured and unsecured Loans payments will be automatically deferred for an initial 3 months.

During the deferral period, interest will continue to accrue on the outstanding balance of the loan starting on the date of acceptance into the relief programme.

If you choose to continue making payments on your term & auto loans, please log in to Scotia Online or electronically submit your request via our website. You may also contact us at 625-3566 or 62-SCOTIA, or via email at scotiasupport@scotiabank.com.

Loans maturing after December 31, 2022

The interest accrued and loan insurance premium, if applicable, during this relief programme will be payable via:

Lump sum(s), with no interest accruing on the deferred amount; or

A separate 24-month interest-free loan starting January 31, 2021.

Loans maturing before December 31, 2022

The interest accrued and loan insurance premium, if applicable, during the relief programme will be payable as a lump-sum at the end of the loan or may be repaid via several lump-sums during the term of the loan, at your option, without penalty. No interest will accrue on the deferred amount.

 

 

Minimum payment requirements will be automatically waived for 3 months for all customers. Credit card interest rates have been reduced, and late fees will be waived for the deferral period. You will still see a minimum payment amount on your statement, however during the deferral period from March 30 until June 30 you will not be required to pay it.

If you do not wish to postpone your payments, there’s no need to contact us. Continue making payments at any time.

For customers in good standing, you have the option to postpone payments on your mortgage (principal, interest, insurance premium, if applicable) for up to 6 months.

If you choose to defer payments on your Mortgage, you may do so online using Scotia Online or our website. You may also contact us at 625-3566 or via email at scotiasupport@scotiabank.com.

During the time you defer your mortgage payments, interest will continue to accrue on the outstanding balance of the mortgage starting on the date of acceptance into the financial relief programme. This amount will be payable at a later date.

Mortgages maturing after December 31, 2022

The interest accrued and loan insurance premium, if applicable, during this relief programme will be payable via:

  • Lump sum(s), with no interest accruing on the deferred amount; or
  • A separate 24-month interest-free loan starting January 31, 2021

Other refinance arrangements may be discussed on a case by case basis.

Mortgages maturing before December 31, 2022

The interest accrued and loan insurance premium, if applicable, during the relief programme will be payable as a lump-sum at the end of the mortgage or may be repaid via several lump-sums during the term of the mortgage, at your option, without penalty. No interest will accrue on the deferred amount.

Customers in good standing with a mortgage, less than 90 days in arrears, who are impacted by the COVID-19 pandemic, can seek relief from Scotiabank. Customers will answer a few questions without having to provide supporting documentation to prove hardship.

No credit application is required, but please make sure that you have your up to date property insurance on hand.

For customers with mortgages 90 days or more in arrears, please contact us to discuss options that may be available to you.

No, they are different. A mortgage payment deferral means that payments are postponed, during which time interest is accrued to the outstanding balance of the mortgage. Mortgage forgiveness by comparison means that a lender cancels or forgives part of the debt. Scotiabank is extending mortgage payment deferrals, not mortgage forgiveness.

All customers with term loans (excluding mortgages) have had their payments automatically deferred for an initial 3 month period. This means that your next payment date has been moved to a period three months from now, the maturity date of the loan has been extended by three months, and any Scotiabank autodebit or Scotiabank standing order that was in place to pay the loan has been cancelled.

On expiry of the deferral period, regular payments will be due and your autodebits or standing orders will be reinstated. Interest that accrued during the deferral period will be due for payment on or before the maturity date of the loan.

For term loans that were automatically deferred, payments will be due three months later. For example, if your loan was due for payment on April 5, the payments for April 5, May 5 and June 5 have been deferred, and your regular instalment will now be due on July 5.

For mortgages, the next payment date will depend on the date you called to request the deferral. Your Scotiabank advisor will provide you with the relevant information.

For credit cards and Scotialine, minimum payment requirements will resume from the July statements.

If you do not wish to take advantage of the automatic loan payment deferrals, please contact us to reinstate your original payment dates and Scotiabank autodebit or Scotiabank standing order.  This may be done through Scotia Online, or via our website, via email at scotiasupport@scotiabank.com or by phone at 625-3566. You may submit your request at any time during the initial 3 month payment deferral period.

You may also make manual loan payments at any point during the deferral period at any of our open branches, with no need to call us and with no penalty.

You may submit your request through Scotia online banking, or via our website. You may also contact us via email at scotiasupport@scotiabank.com or via phone at 625-3566.

Until your request is processed, you can make manual payments through any of our open branches.

Effective March 23, 2020, both the automatic deferrals and the mortgage deferrals are available.

There are no fees or penalties as a result of having your payments deferred.

Interest will continue to accrue on the principal balance of any mortgage, loan, credit card or Scotialine during the deferral period, and will be payable once the deferral period is over. Options for repayment of this accrued interest will vary depending on the type of facility, and are explained under the other FAQs

For all products, regular payments will resume unless you have requested and are qualified for refinance or consolidation options.

On a case by case basis, deferrals for a further 3 month period may be considered.

You can request a mortgage payment deferral at any time from now until September 30, 2020, via Scotia Online banking or our website.

You can also call us at 625-3566 or email us at scotiasupport@scotiabank.com.

A payment deferral means that you will not be required to make regular payments on your loan (principal, interest, loan insurance premium, if applicable). The deferral period is the time you did not make payments.

If you accept one of these measures, you may want to speak to a financial advisor to ensure you understand the financial implications.  In some cases, there may be other options available to you, like restructuring your debt. For more details, please see the FAQ “What financial relief measures are in place to help me?”.

Debt consolidation and Fixed Payment Plans are also available for customers requiring long-term financial assistance. Loan fees and penalties for late payments are waived on customer assistance facilities.

You will receive an email within 7 business days after submitting your application. If you do not receive an email, please call 625-3566 or email scotiasupport@scotiabank.com

I have questions about how and where I should bank right now.

 

Whether it's online, mobile, by phone or at an ATM, we've got the option that best suits you. Visit our Digital Banking Page.

As the situation evolves rapidly, we will be adjusting our hours and in some cases there may be a need for us to close some of our branches. If a branch is required to be temporarily closed, we will post a sign on the door informing our customers.

Stay informed at the Branch Updates page.

You can complete many of your everyday banking needs from home, 24 hours a day, via online or mobile banking

At this time all merchants are accepting credit and debit and our ATMs will continue to operate as normal. We are continuing to monitor the situation as needed to ensure that you are able to withdraw cash if you need it.

Stay informed on ATMs

Stay informed on ScotiaCard

Terms & Conditions

By submitting a request to defer your regular ScotiaPlan, Auto Loans, mortgage or real estate
secured loan payments you agree to the following Terms & Conditions.