scotia question ?

[cube11]

i just opened a chequing account at scotiabank ..i have been banking with td fro the last 1 year and have credit cards and unsecured loc etc...the person who opened my account and i were talking and i did mention that in a 6 months tme i will be looking for a mortgage...from that time that person has been bugging me fro employment verification and pay stubs..i asked whether he needed it for mortgage pre-approval and he says no its our policy to verify all that if you open an account..now i don't believe that..never has td or pcf asked me for my pay stubs for account opening..any ideas..is it a normal or is he trying to do paperwork so he can force sell mortgage as he knows my main account is with td..

[nchopra]

All the banks would be asking for such information nowadays in relation to new clients as they are focusing on the kyc (know your customer) principle in relation to tightened regulatory requirements under Basel.

i just opened a chequing account at scotiabank ..i have been banking with td fro the last 1 year and have credit cards and unsecured loc etc...the person who opened my account and i were talking and i did mention that in a 6 months tme i will be looking for a mortgage...from that time that person has been bugging me fro employment verification and pay stubs..i asked whether he needed it for mortgage pre-approval and he says no its our policy to verify all that if you open an account..now i don't believe that..never has td or pcf asked me for my pay stubs for account opening..any ideas..is it a normal or is he trying to do paperwork so he can force sell mortgage as he knows my main account is with td..

[dragan69]

To open an account all that is required is a couple of peices of ID, your address, occupation and DOB. There should be no need to verify your employment or income unless you are doing a credit app.

It would be a violation if the bank rep did the application without your consent (consent is given by you signing a credit application).

[suntzu]

Employment is not a requirement for opening an account, but they are required by law to ask about your occupation and address.

In accordance with Bank Act requirements and the Access to Basic Banking Services Regulations, the following conditions are to be met by individuals who are requesting the opening of a retail deposit account.

1. Provide to the bank:

(a) Two pieces of original, valid identification from among those set out in Part A (primary) or B (secondary) of the schedule in the Access to Basic Banking Regulations. (See Below). At least one of the two pieces of identification must be from those set out in Part A of the schedule; or

(b) One piece of identification from among those set out in Part A of the schedule, if the identity of the individual is also confirmed by a customer in good standing with the bank or by an individual of good standing in the community where the bank is situated.
2. Disclose to the bank, orally or in writing, their name, date of birth, address (if any) and occupation (if any), if the information is not available on the pieces of identification presented.

3. Consent to the bank's verifying the pieces of identification presented and the bank's verifying whether any of the following circumstances apply to the individual opening a retail deposit account. The bank may refuse to open an account in the following circumstances:

(a) If the bank has reasonable grounds to believe that the account will be used for illegal or fraudulent purposes;

(b) If the individual has a history of illegal or fraudulent activity in relation to providers of financial services and if the most recent instance of such activity occurred less than seven years before the day on which the request to open a retail deposit account is made;

(c) If the bank has reasonable grounds to believe that the individual, for the purpose of opening the account, knowingly made a material misrepresentation in the information provided to the member bank;

(d) If the bank has reasonable grounds to believe that it is necessary to refuse to open a retail deposit account in order to protect the customers or employees of the bank from physical harm, harassment or other abuse.
This list is provided per the 'Access to Basic Banking Services Regulations' under the Bank Act.
Part A

A valid driver's licence issued in Canada, as permitted to be used for identification purposes under provincial law. (In Quebec, legislation prevents the bank from asking for your driver's licence, however, you may volunteer it)


A valid Canadian passport.


A Certificate of Canadian Citizenship or a Certification of Naturalization, in the form of a paper document or card, but not a commemorative issue.


A Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000, IMM 1442 or IMM 5292.


A provincial health insurance card, as permitted to be used for identification purposes under provincial law. (Legislative restrictions prohibit the Bank from collecting or recording Government Health Insurance Card numbers in the provinces of Ontario, Manitoba and Prince Edward Island. In the province of Quebec, if you voluntarily provide your card as identification, they may record the number)
A Social Insurance Number card issued by the Government of Canada


An Old Age Security card issued by the Government of Canada.


A certificate of Indian Status issued by the Government of Canada.


A birth certificate issued in Canada.


A document or card, bearing the individual's photograph and signature, issued by any of the following authorities:



Insurance Corporation of British Columbia


Alberta Registries


Saskatchewan Government Insurance


Department of Service Nova Scotia and Municipal Relations


Department of Transportation and Public Works of the Province of Prince Edward Island


Service New Brunswick


Department of Government Services and Lands of the Province of Newfoundland and Labrador


Department of Transportation of the Northwest Territories


Department of Community Government and Transportation of the Territory of Nunavut

Part B

A credit card, issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the individual and bearing the individual's signature.


A Canadian National Institute for the Blind (CNIB) client card bearing the individual's photograph and signature.


An employee identity card, issued by an employer that is well known in the community, bearing the individual's photograph.


A bank or automated banking machine or client card, issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the individual and bearing the individual's signature.


A foreign passport.

[Crowbarfoot]

The person is either a noob or trying to sell you something.

[ericw]

No way he should ask u for paystub. If he does that again, tell him you'd like to talk to the manager.

[oeketer]

there are many reasons why he could of asked for your paystub/employment verification.

If he is giving you cashback for one, (its so you can dep cheques upto a certain amount without a hold)...and he didn't pull your credit when he opened the account (you either said yes/no when he asked), then the only way to give out cashback is to verify employment. If you have steady employment, and the pay is deposited into your account, then they will start you out with $200 or so.

To one of the above posters, authorization to do a credit check can be VERBAL or consent by you physically signing a credit app.

Also, the fact that you are planning to get a mortgage in 6 months, doing a pre-approval now is pointless as they are only good for 120 days. But he will problly be calling you closer to that point to see if you want to do a pre-approval. He would have needed a lot more info than you provided to open an account to even do a pre-approval, so I doubt that is the case.

It is the banks policy to verify employment for any type of credit product. If you want ODP, cashback or anything else, it is policy to do so. Cashback is considered a credit feature on the account, becasue the bank trusts that you will not be depositing empty envelopes into an ATM and then taking the cash.

Hope this clears it up a little for you. If you have any other questions, pls ask.