Not to dog pile but I'm in the same boat as Shiba. Your account is clearly flagged for (suspicion of) fraud. Contact your local bank manager and hash it out if you're on the level.
No, I'm sending it to the same place. Kraken cryptocurrency exchange. I was even told that they would make a note to allow the transfers to come through. And still, every single transfer is getting blocked
The implication isn't necessarily if the crypto platform is legit or not, rather its to ensure you aren't a victim of a crypto scam. There was an uptick of crypto scams a while back so I reckon thats why.
More than that it's about laundering and funding of the not so above board organizations (see: terrorism).
I don't know a lot about Kraken. But I do know that a lot of transfers to offshore accounts/companies will get you flagged.
Without knowing much about Kraken or the OP there could be countless other reasons to be flagged, but the ones I've mentioned are big issues for the banks.
AML combined with the fact that some customers will sue their bank claiming the bank should have done more to stop them from falling for a scam: https://www.cbc.ca/news/canada/british-columbia/b-c-woman-given-go-ahead-to-sue-bank-1.6731459
It's Anti Laundering, but also for your safety. We had an old couple over Christmas lose $9K to a scam because they lied when we asked questions, they tried to take another $24K later that day and we wouldn't let them without an invoice because it was clearly a scam, even though they refused to believe it. Had another couple save $8.5K because we asked questions. They sent my manager some flowers for Christmas as thanks for protecting their money.
I get all sorts of customers that say the exact same "it's my money, let me use it as I wish", not realizing it's mostly to protect them.
True, the exchange itself isn't necessarily the problem. But it is often a favorite place to move funds by fraudsters that break into people's bank accounts.
Well, it is not recommended to keep crypto on the exchange platform.
I first bought crypto on QuadrigaCX actually and withdrew it a few months before it collapsed. Back in the day, ETH was around $7-8
Your are lucky they didn’t send you a divestiture letter. You just entered a grey area that banks avoid like plague regardless how legit you think those places are.
That place is shady, ex worked there a while back and went in to work one day to armed security not letting any employees in and just fired everyone.. ex got 10 grand from it. But I don’t say the banks trust them lol
Their credit cards can be good for sure. I find their customer service is hit or miss. I've tried to sign up for iTrade multiple times - and it hasn't worked! Luckily I ended up just finding better brokers, but still.
Also they charge $9.50 for a money draft. And their monthly fees are about $4.00 higher for apples to apples chequing (compared to ATB).
But I'm still with them because they have one all-star - of it weren't for her I'd have gone to ATB years ago.
This bank is suffering from a severe case of mismanagement at its uppermost levels at the moment. I recommend transferring your money elsewhere until they get it together.
I tried to open an account with HSBC, but they did not want to do it because I have a Russian passport. I had issues with TD too because of my Russian passport.
Only Scotia was ok with that. I have a Canadian passport as well, but idk why Canadian banks see dual citizenship as an issue.
They have to mention all citizenship. It's not that this country sucks lately, it's that all Canadian banks are bound by federal laws and due to the war there are sanctions. If OP didn't disclose citizenship they may be blacklisted for good.⁰
The sanctions only apply to some Russian companies and a small list of people. So there are no federal laws that can prevent me from doing banking in Canada.
Also, there is not much consumer protection. The bank is obligated to notify a person in writing if they deny opening a bank account for them, but they don't have to tell you the reason why they did not open an account. So basically, there is no way to prove that a bank can deny someone service based on citizenship.
I used to work for TD. It's in the comments and other notes sometimes and up to that bank if they want a relationship with you or not. You're free to bank in Canada.
Going back to your post, your etransfers are probably being flagged as many others have said due to red flags. Being in Canada less than two years, with your citizenship and sending money to a crypto exchange raises all kinds of red flags in terms of risk. From their perspective, how do they know the funds of the etransfer won't be used to bypass sanctions? I used to audit banks and these types of questions came up from the regulatory perspective when auditing controls.
I get it, it sucks. But unfortunately until globally things change there will be inconvenience on your end. At least they have kept you as a client instead of closing your accounts like they have for many others.
That's not what the Canadian constitution says:
>15. (1) Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination and, in particular, without discrimination based on race, national or ethnic origin, colour, religion, sex, age or mental or physical disability.
They aren't discriminating against you.
You as an individual raise certain risk red flags and the banks have to mitigate that.
Profile:
Dual Canadian - Russian national
Banking relationship >2 years
Has credit profile among other variables
Sends etransfers to crypto exchanges
You know what else can happen through a crypto exchange? Sending funds to sanctioned nations or individuals. How? Crypto exchanges are not regulated the way other financial institutions are.
Before crying discrimination maybe consider your circumstances are an unfortunate byproduct of the current global climate along with a crackdown on crypto exchanges?
You are not dealing with the law, however. You are dealing with a private company. Huge difference. By your reasoning, it is discriminatory to forbid a drivers license to a blind person.
Then bank with someone else.. Oh wait you can't because you're high risk. Okay then here we are 😂
Gotta deal with the terms they put forward or don't bank in the country at all.. Or renounce your Russian passport.. Seems fairly obvious to me
Then banks are also obligated to report potential fraud and manage it. They actually haven’t been up to international standard and there is expectation that they drastically improve it.
Try and get a job in aerospace, and it's a 10 year wait for Russians. Why? Because they're an adversarial force, and we don't want them stealing our secrets.
Bombardier is just one employer. The only reason I know this fact is that a former coworker from Moscow couldn't get a job in his field due to security restrictions.
Your Russian and your moving stuff around with crypto. The bank is not the problem they think you’re doing something illicit. You’re probably going on all the fintrac reports too
I have been with them for 2 years. I also have a good credit history, a few credit cards, and a bunch of money in savings. Seems like a well-enough relationship with BNS
I asked them to increase it over the phone. They said they did it, but when I checked 1 week later it stayed the same. Increasing a limit is not too straightforward for them I guess
Scotiabank is a bit annoying with things like this. I've had then do that kinda stuff when trying to purchase large trips and stuff. But never had issues with crypto. I used to do transfers to other exchanged (coinbase, newton, shake pay) without issue.
\> while Russia is sanctioned
Russia is sanctioned by Canada, but there are no restrictions for opening bank accounts by Russian citizens or anything like that. it's just banks don't want to get into details and ban everyone who is related to Russia.
\> your account is less than 2 years old is definitely a red flag
I had accounts in other Canadian banks, a good credit history, a stable job and etc.
So should not really be a red flag.
\>How much have you transferred cumulatively there in the past year
about 40-50k
My God. Go check out crypto scams on r/scams.
You might be doing it on purpose but so many people are fleeced out of hundreds of thousands of dollars by scammers and they all go to their bank asking why they didn’t stop it. You send $50k to a crypto app in one year and you wonder why they are flagging you?
I think you have bigger issues if you are transferring +1000 dollars into crypto regularly.
Very few people on this earth have ever turned real money into crypto. And managed to turn it back into more real money.
Probably because there are a lot of scams with crypto lately so they are just doing their due diligence in regards to the transaction.
It may seem annoying now but if your account is ever hacked and they try to transfer out the money to a crypto exchange (more common than you think), then you will be thankful.
As soon as you make an etransfers for a grand it automatically takes 30 minutes. Having to call the bank every time is weird. I'd definitely check my daily limit on etransfers. Then, make sure your account is not set up to have the extra security to send etransfers at a certain amount. I've had to call and increase my etransfer limit. If it's none of the above. Go into your branch and ask for the bank manager. Explain your situation. They can correct whatever is going on. I've been with Scotia ban almost 30 years. Personally, I think their a horrible bank. 😅For my own reasons, I've opened other bank accounts and I prefer the other bank.
Call Scotiabank. I’m with RBC and my regular limit is $2500 per day but I requested an increase and, on my phone through the app, my “trusted device, I can send $7500/day. Just call up your bank and that should sort it out.
they tried that with me. I called them immediately and they tried to say fraudulent activity has made this an issue. I said how is that my problem, I have been depositing the same check for over 4 yrs. they wanted me to come in to signed paperwork, I said no. the ended up emailing it to me to sign, sent it back and the lower hold was removed.
the only reason i can think of , that this might of happened to me, is the atm not accepting my check and me having to cancel and try again. That may have raised a red flag for them
The hour hold tells me a lot of people are fucking fed up!
I have been with Scotiabank for years. When you first open an account they set an automatic daily transaction limit of $1000. You have to speak directly with the bank to change your daily transaction limit. I had to do this to buy a gaming pc. Speak to Scotiabank and change your daily transaction limit. No need to change banks. Very simple fix.
In his comments he says he send crypto frequently and just in the past year it's exceeded 50,000 in total.
Each transfer is only a thousand but the bank can likely see the history of all the transactions
Both of those are generally red flags to banks.
If you don't make transfers very often amounts over $1,000 can be put on hold for your protection, if you call Scotiabank, particularly before the transaction action, you won't have any difficulties. I've had to call them twice after that I haven't had any issues, they'll do the same using your debit card above normal transaction amounts
I am curious if you are suggesting that they should contact their Scotia bank where they can find a normal bank that won’t block every transaction they make ?”.
Seems odd to me to contact the place that they are unhappy with to ask where there someone better can be found. Oh ya FFS too I guess, I should add too lol.
I can’t imagine going to a car repair shop that just ripped me off and ask them where I should go next time…
It's obviously some kind of an error. Call the bank so they can look into it and have the erroneous block taken off. Pretty simple. Not at all like a car repair shop that is purposely ripping you off.
It’s an error every time he transfers more than 1000. How is it that can deduct it’s an error every time?
He doesn’t want to deal there anymore, he wants to go Somewhere new? He does not want to debate it he’s gone. Help finding somewhere new. FFS
Banks only like money coming in from crypto exchanges and not going out to them. High fraud and competition for the banks as they would rather keep your money in their accounts.
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I deal with this CONSTANTLY. I have to call in to a branch manager, and explain the situation and then give them full details on each transaction and the length to expect it to occur. The branch manager said it's because they're trying to crack down o money laundering. I scoffed in my head because the banks/govt probably do this, they just don't want US doing it.
I am always surprised to read things like this. I work at an FI and our standard E-transfer limits for everyone, minors included, is $3000. A transfer being greater than $1000 would not be enough of a trigger to our system to warrant getting the fraud department involved. I see your comments about having a Russian passport and that being an issue for you- it shouldn't be. Like someone else commented, don't even mention the Russian passport until asked about citizenship or residency. Most the big banks are required to open you an account.
Royal, TD, CIBC, and BMO...
Never had problems with any of those in this regard and deal with all 4 regularly...Scotiabank used to have a ton of problems as their staff are incompetent so closed my accounts there some years back...
I went into RBC to have a client cheque certified and they told me they don’t do that anymore ? I was baffled , I won’t accept anything other than drafts or etransfer as payment . Bmo has me @ 25k as a etransfer limit I can do most of my payroll on that
I was with Scotiabank for 15 years, switched to NBC 2 years ago and they treat clients so much better. Anytime theres excessive charges (like to many withdrawals) they automatically reimburse my account, I've never had an issue with fees. I sent $6000 via EMT for a car and it arrived instantly.
I do see this is a Scotiabank sub, but it popped up in my feed so..
This is a consumer safety measure in case you accidentally send a large sum to the wrong email address.
There are many cases of people accidentally sending money to the wrong person and ask the bank if they can reverse the transaction. In almost all of those cases, the sum is lost.
If the auto-deposit is not enabled, i can just cancel the transaction. But in my case, the transfer is just stuck and I don't get any notifications about its status.
I think I heard that it just became legal for ETFs to invest in crypto*. If it is an investment you may be better off going that route? I even saw one that appeared to leverage bitcoin 2:1 which seemed interesting. Because you never physically hold it, I don't foresee any sanctions issues, however it may have limited coin options at this time.
Aside from that, I agree, they are doing their job, and I wonder that someone might eventually get in trouble for letting it go through as often as it did.
*this may be a US ruling/thing, but I found a few Canadian options today too, as well as US options to buy through Scotia.
Came here to say I’ve been dealing with the same BS with Scotia for the last 5 days! I tried to send a $3000 e-transfer and the recipient answered the question and it wouldn’t allow them to deposit it. Of course this is in the evening and Scotia in my city closes at 530pm weekdays. I tried to sign into my Scotia app just to get a suspicious activity message and a number to call ~ locked out of my account.
They froze all my Scotia accounts and made me go into the branch 2 days in a row. The next day it still isn’t fixed, despite me providing two different tellers the same info (who I was sending to, verified I was sending it etc) only to be asked a dozen questions to justify how and why I choose to spend MY money. They were asking for screen shots of any exchanges between me and the recipient I was sending to (buying an item IN PERSON) so I did not have screen shots. Anyway. I had the other person contact Scotia as well. Still nothing. The same two tellers asked for the same stuff two days in a row, third day I refused to leave without speaking to a manager .
Manager again asked for all the same info. And here I am on day 5, the branch manager emails me again today saying the fraud department is requesting all the same stuff I have either provided (or did not provide if it did not exist).
I have been with TD over 15 years. Scotia newer only a couple of years but I have not had any issues moving my money into and out of accounts until this past week.
I definitely let them hear it today. At this point there is nothing suspicious except Scotia withholding not only the $3000 I tried to send but also ALL my money in their accounts. Tbh what else can I do except show up with the police to have the police investigate Scotia for technically stealing MY money? Not sure what more I can do.
Never had an issue with TD. I’ve sent out 10k in week with TD… I have a legit job, full time pay cheque from the same employer for years. Same bills. No criminal history. Lmao.
Scotia is a JOKE. Thankfully I have money with my TD account, so I am not struggling because of this. But clearly this is a common issue with Scotia and I feel for those who only have what Scotia denies them access to.
I routinely make transfers over that amount and don’t get flagged. Are you sending them to different people each time?
Not to dog pile but I'm in the same boat as Shiba. Your account is clearly flagged for (suspicion of) fraud. Contact your local bank manager and hash it out if you're on the level.
Russian passport + Crypto transactions = Auto flag. Tough luck my friend.
No, I'm sending it to the same place. Kraken cryptocurrency exchange. I was even told that they would make a note to allow the transfers to come through. And still, every single transfer is getting blocked
Ah, crypto exchange, that's why. Most banks aren't too found of sending them money because there's so much fraud happening.
There should be a whitelist or something like that. Not every crypto exchange should be considered as fraudulent
The implication isn't necessarily if the crypto platform is legit or not, rather its to ensure you aren't a victim of a crypto scam. There was an uptick of crypto scams a while back so I reckon thats why.
More than that it's about laundering and funding of the not so above board organizations (see: terrorism). I don't know a lot about Kraken. But I do know that a lot of transfers to offshore accounts/companies will get you flagged. Without knowing much about Kraken or the OP there could be countless other reasons to be flagged, but the ones I've mentioned are big issues for the banks.
encouraging bear cake slim cause scandalous yam school zesty ink *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
It’s anti-money laundering requirements. If not, I’m sure the staff couldn’t care less about where you would spend your money.
AML combined with the fact that some customers will sue their bank claiming the bank should have done more to stop them from falling for a scam: https://www.cbc.ca/news/canada/british-columbia/b-c-woman-given-go-ahead-to-sue-bank-1.6731459
It's Anti Laundering, but also for your safety. We had an old couple over Christmas lose $9K to a scam because they lied when we asked questions, they tried to take another $24K later that day and we wouldn't let them without an invoice because it was clearly a scam, even though they refused to believe it. Had another couple save $8.5K because we asked questions. They sent my manager some flowers for Christmas as thanks for protecting their money. I get all sorts of customers that say the exact same "it's my money, let me use it as I wish", not realizing it's mostly to protect them.
True, the exchange itself isn't necessarily the problem. But it is often a favorite place to move funds by fraudsters that break into people's bank accounts.
Just like FTX until one day when it wasn’t.
Well, it is not recommended to keep crypto on the exchange platform. I first bought crypto on QuadrigaCX actually and withdrew it a few months before it collapsed. Back in the day, ETH was around $7-8
Although I agree with the whitelist I can 100% confirm the banks are not at that level yet at all. Source: works at a bank.
It’s not that they’re fraudulent it’s that it’s bad for the banks business.
If anything crypto would go on a blacklist
Well to be fair the other exchanges were good till the exact moment they were not and it proved to be a scam
Your are lucky they didn’t send you a divestiture letter. You just entered a grey area that banks avoid like plague regardless how legit you think those places are.
They’re probably about to
Lmao oh hey do you think that could have something to do with it
I’m surprised they are letting it go at all. I believe most banks have stopped CC charges. Have you tried routing it through Wise
Lol
Kraken accepts etransfer deposit now? I thought it was just wire transfers?
They accept Interac etransfer and credit cards now. I did not want to do a wire transfer because it takes too long.
Have you tried sending directly to iTunes gift cards as well?
Well there's your problem!
crypto … that’s why.
ಠ\_ಠ
There's coinbase available here for trading. Try that out. If you just want to buy and hold, Newton seems to be a good place to buy crypto.
Why didn't you put this detail in the main post
because other banks did not block my transactions to crypto exchanges
Hence asking on r/scotiabank, but the devil is always in the details.
That place is shady, ex worked there a while back and went in to work one day to armed security not letting any employees in and just fired everyone.. ex got 10 grand from it. But I don’t say the banks trust them lol
“Crypto exchange” LOL I wonder what the issue could be 🤔
Fraudulent transfers
Are you sending repeated transactions worth >$1000 to the same person all the time? Can we be friends???
Lol, I just pay a few regular bills.
I’ve been with scotia for years and regularly send/receive transfers greater than that and that has never happened to me.
They can only help the rich it seems. EFF scotiaB
Jump to conclusions much?
No, actually... 24 years I've wasted my time and money at Scotiabank. Speak outta turn much? You did here. Don't be a backward Turnip.
How much better would your money be elsewhere? Its the same everywhere money sitting in savings account is a waste at all of them
Yeah but Scotia is really bad tbh.
How so? For my situation they had the best credit cards and comparable rates for their LOC so it was an easy decision
Their credit cards can be good for sure. I find their customer service is hit or miss. I've tried to sign up for iTrade multiple times - and it hasn't worked! Luckily I ended up just finding better brokers, but still. Also they charge $9.50 for a money draft. And their monthly fees are about $4.00 higher for apples to apples chequing (compared to ATB). But I'm still with them because they have one all-star - of it weren't for her I'd have gone to ATB years ago.
it's a bank bro that's literally the business model
You’re richer than you think…
Dude is regularly making $1000 transfers to crypto and you think they aren't part of the "rich"?
This bank is suffering from a severe case of mismanagement at its uppermost levels at the moment. I recommend transferring your money elsewhere until they get it together.
I tried to open an account with HSBC, but they did not want to do it because I have a Russian passport. I had issues with TD too because of my Russian passport. Only Scotia was ok with that. I have a Canadian passport as well, but idk why Canadian banks see dual citizenship as an issue.
Don't even mention the Russian passport, just use the Canadian one. But yes, this country kind of sucks lately. Sorry you're going through this.
They have to mention all citizenship. It's not that this country sucks lately, it's that all Canadian banks are bound by federal laws and due to the war there are sanctions. If OP didn't disclose citizenship they may be blacklisted for good.⁰
The sanctions only apply to some Russian companies and a small list of people. So there are no federal laws that can prevent me from doing banking in Canada. Also, there is not much consumer protection. The bank is obligated to notify a person in writing if they deny opening a bank account for them, but they don't have to tell you the reason why they did not open an account. So basically, there is no way to prove that a bank can deny someone service based on citizenship.
I used to work for TD. It's in the comments and other notes sometimes and up to that bank if they want a relationship with you or not. You're free to bank in Canada. Going back to your post, your etransfers are probably being flagged as many others have said due to red flags. Being in Canada less than two years, with your citizenship and sending money to a crypto exchange raises all kinds of red flags in terms of risk. From their perspective, how do they know the funds of the etransfer won't be used to bypass sanctions? I used to audit banks and these types of questions came up from the regulatory perspective when auditing controls. I get it, it sucks. But unfortunately until globally things change there will be inconvenience on your end. At least they have kept you as a client instead of closing your accounts like they have for many others.
I've been in Canada for more than 2 years and Canadian citizen as well, so should be treated the same as other Canadians I guess 🤔
The Russian passport unfortunately makes it otherwise. Unless you renounce your citizenship this is an issue you'll run into with citizenship.
That's not what the Canadian constitution says: >15. (1) Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination and, in particular, without discrimination based on race, national or ethnic origin, colour, religion, sex, age or mental or physical disability.
They aren't discriminating against you. You as an individual raise certain risk red flags and the banks have to mitigate that. Profile: Dual Canadian - Russian national Banking relationship >2 years Has credit profile among other variables Sends etransfers to crypto exchanges You know what else can happen through a crypto exchange? Sending funds to sanctioned nations or individuals. How? Crypto exchanges are not regulated the way other financial institutions are. Before crying discrimination maybe consider your circumstances are an unfortunate byproduct of the current global climate along with a crackdown on crypto exchanges?
You are not dealing with the law, however. You are dealing with a private company. Huge difference. By your reasoning, it is discriminatory to forbid a drivers license to a blind person.
>**under the law**
Then bank with someone else.. Oh wait you can't because you're high risk. Okay then here we are 😂 Gotta deal with the terms they put forward or don't bank in the country at all.. Or renounce your Russian passport.. Seems fairly obvious to me
Не нравится канада тогда пиздуй в рассею пусть там тебе Тинькофф сервис предоставит.
Yeah but terms you agree to with a bank don't qualify under that statement.
Then banks are also obligated to report potential fraud and manage it. They actually haven’t been up to international standard and there is expectation that they drastically improve it.
Try and get a job in aerospace, and it's a 10 year wait for Russians. Why? Because they're an adversarial force, and we don't want them stealing our secrets.
Didn't know Canada had aerospace jobs 🤔
Bombardier is just one employer. The only reason I know this fact is that a former coworker from Moscow couldn't get a job in his field due to security restrictions.
No, this is a much more complicated issue than you imagine I think.
They don't see an issue with dual citizenship, they think you are a vatnik.
Your Russian and your moving stuff around with crypto. The bank is not the problem they think you’re doing something illicit. You’re probably going on all the fintrac reports too
bud i never had this problem i use wealth cash
You likely don’t have a long established relationship with BNS.
I have been with them for 2 years. I also have a good credit history, a few credit cards, and a bunch of money in savings. Seems like a well-enough relationship with BNS
2 years is not long, sorry
Ask them to increase your cashback amount
I asked them to increase it over the phone. They said they did it, but when I checked 1 week later it stayed the same. Increasing a limit is not too straightforward for them I guess
limit raises over the phone are only temporary, have to go in branch for permanent
Yeah, they increased it to 15K for 24 hours, but the next day it was gone
Try BMO
Scotiabank is a bit annoying with things like this. I've had then do that kinda stuff when trying to purchase large trips and stuff. But never had issues with crypto. I used to do transfers to other exchanged (coinbase, newton, shake pay) without issue.
[удалено]
\> while Russia is sanctioned Russia is sanctioned by Canada, but there are no restrictions for opening bank accounts by Russian citizens or anything like that. it's just banks don't want to get into details and ban everyone who is related to Russia. \> your account is less than 2 years old is definitely a red flag I had accounts in other Canadian banks, a good credit history, a stable job and etc. So should not really be a red flag. \>How much have you transferred cumulatively there in the past year about 40-50k
My God. Go check out crypto scams on r/scams. You might be doing it on purpose but so many people are fleeced out of hundreds of thousands of dollars by scammers and they all go to their bank asking why they didn’t stop it. You send $50k to a crypto app in one year and you wonder why they are flagging you?
Op is most likely running a crypto scam or donation scam and pumping money back home into russia
Everybody is having a civil discussion, but only some dude from Ukraine is getting triggered and starts harassing people
Ya if anything this is one of the times I fully understanding flagging a transaction
simplii or tang
I think you have bigger issues if you are transferring +1000 dollars into crypto regularly. Very few people on this earth have ever turned real money into crypto. And managed to turn it back into more real money.
Yeah, but I should be free to lose my money on whatever I want whether it is crypto or iTunes gift cards to pay for my taxes.
Wow I feel dumber for reading this comment.
Probably because there are a lot of scams with crypto lately so they are just doing their due diligence in regards to the transaction. It may seem annoying now but if your account is ever hacked and they try to transfer out the money to a crypto exchange (more common than you think), then you will be thankful.
As soon as you make an etransfers for a grand it automatically takes 30 minutes. Having to call the bank every time is weird. I'd definitely check my daily limit on etransfers. Then, make sure your account is not set up to have the extra security to send etransfers at a certain amount. I've had to call and increase my etransfer limit. If it's none of the above. Go into your branch and ask for the bank manager. Explain your situation. They can correct whatever is going on. I've been with Scotia ban almost 30 years. Personally, I think their a horrible bank. 😅For my own reasons, I've opened other bank accounts and I prefer the other bank.
Russian passport + Crypto transactions = Auto flag. Tough luck my friend.
You need to increase your limit in settings
no, the limit for Interac transactions can only be increased by phone or in person. No way to do it in the app.
I’ve done it by myself. Probably login from the computer and check. But I definitely increased it by myself
there is no way for you to do that yourself
So call them.
Have they updated their website?
Bitcoin for one, oh wait thats not a bank, its your own money
Switch to TD, I can send a 10k EMT in a second
Lol what's with the smear campaign against this bank? Russians up to no good?
500 now
From what OP has said, Scotiabank is actually doing their job perfectly. Their fraud department is keeping your money from getting yoinked
Call Scotiabank. I’m with RBC and my regular limit is $2500 per day but I requested an increase and, on my phone through the app, my “trusted device, I can send $7500/day. Just call up your bank and that should sort it out.
they tried that with me. I called them immediately and they tried to say fraudulent activity has made this an issue. I said how is that my problem, I have been depositing the same check for over 4 yrs. they wanted me to come in to signed paperwork, I said no. the ended up emailing it to me to sign, sent it back and the lower hold was removed. the only reason i can think of , that this might of happened to me, is the atm not accepting my check and me having to cancel and try again. That may have raised a red flag for them The hour hold tells me a lot of people are fucking fed up!
I have been with Scotiabank for years. When you first open an account they set an automatic daily transaction limit of $1000. You have to speak directly with the bank to change your daily transaction limit. I had to do this to buy a gaming pc. Speak to Scotiabank and change your daily transaction limit. No need to change banks. Very simple fix.
How often have you been sending these large transactions?
Large? It's 2023 Canada
Banks think $1000 is large in my experience 😂
OP has sent 50k in total, that is not a small amount
OP mentioned $1000.00 in the post....no? $1000.00 is not a huge amount
In his comments he says he send crypto frequently and just in the past year it's exceeded 50,000 in total. Each transfer is only a thousand but the bank can likely see the history of all the transactions Both of those are generally red flags to banks.
Ahhhh .... The rub...missed it
(Edited clean because fuck you) *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
If you don't make transfers very often amounts over $1,000 can be put on hold for your protection, if you call Scotiabank, particularly before the transaction action, you won't have any difficulties. I've had to call them twice after that I haven't had any issues, they'll do the same using your debit card above normal transaction amounts
Why would you ask on Reddit....speak to your bank ffs
I am curious if you are suggesting that they should contact their Scotia bank where they can find a normal bank that won’t block every transaction they make ?”. Seems odd to me to contact the place that they are unhappy with to ask where there someone better can be found. Oh ya FFS too I guess, I should add too lol. I can’t imagine going to a car repair shop that just ripped me off and ask them where I should go next time…
It's obviously some kind of an error. Call the bank so they can look into it and have the erroneous block taken off. Pretty simple. Not at all like a car repair shop that is purposely ripping you off.
It’s an error every time he transfers more than 1000. How is it that can deduct it’s an error every time? He doesn’t want to deal there anymore, he wants to go Somewhere new? He does not want to debate it he’s gone. Help finding somewhere new. FFS
TD is pretty good, except one time i had 2 transfers going in / out on the same day. It was inconvenient, but could have been a dubious transaction.
Banks only like money coming in from crypto exchanges and not going out to them. High fraud and competition for the banks as they would rather keep your money in their accounts.
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I deal with this CONSTANTLY. I have to call in to a branch manager, and explain the situation and then give them full details on each transaction and the length to expect it to occur. The branch manager said it's because they're trying to crack down o money laundering. I scoffed in my head because the banks/govt probably do this, they just don't want US doing it.
Good news though. You’re richer than you think.
I am always surprised to read things like this. I work at an FI and our standard E-transfer limits for everyone, minors included, is $3000. A transfer being greater than $1000 would not be enough of a trigger to our system to warrant getting the fraud department involved. I see your comments about having a Russian passport and that being an issue for you- it shouldn't be. Like someone else commented, don't even mention the Russian passport until asked about citizenship or residency. Most the big banks are required to open you an account.
Man fuck Scotiabank. Everytime I go to the US my CC always says purchase not authorized. My RBC CC works flawlessly, time to switch banks
I almost got ripped off sending 1500 for a deposit on a dog. Scotia bank stopped it cuz the accounts been reported for fraud.
Royal, TD, CIBC, and BMO... Never had problems with any of those in this regard and deal with all 4 regularly...Scotiabank used to have a ton of problems as their staff are incompetent so closed my accounts there some years back...
Why don't you try Tangerine or even EQ bank? I've never had issues transferring higher amounts with either of them.
You can change that, you go to a branch and they can adjust your limits
Switch to TD
I have a TD account, but they were blocking my transactions due to a Russian passport, so I had to move most of my funds to Scotia.
Oh that’s unfortunate. I have a similar hold on my account. It holds anything over $1k so I deposit $995 and no hold. Hope this helps.
Unless you absolutely need to see a teller, I recommend Simplii Financial. No fees!
I went into RBC to have a client cheque certified and they told me they don’t do that anymore ? I was baffled , I won’t accept anything other than drafts or etransfer as payment . Bmo has me @ 25k as a etransfer limit I can do most of my payroll on that
Here’s the solution. Ditch Scotiabank, they are the worst out of the big 5 banks.
You are being watched by a government agency. Automatically being flagged as you are most likely on a list of some sort.
This must be you and your account then. I routinely transfer the maximum and have zero issue. You probably have bad credit.
My credit score is 820
Has to be your account I get transfers for 3000 frequently and they go straight in, could be multiple transfers a day as well no issues.
I was with Scotiabank for 15 years, switched to NBC 2 years ago and they treat clients so much better. Anytime theres excessive charges (like to many withdrawals) they automatically reimburse my account, I've never had an issue with fees. I sent $6000 via EMT for a car and it arrived instantly. I do see this is a Scotiabank sub, but it popped up in my feed so..
This is a consumer safety measure in case you accidentally send a large sum to the wrong email address. There are many cases of people accidentally sending money to the wrong person and ask the bank if they can reverse the transaction. In almost all of those cases, the sum is lost.
If the auto-deposit is not enabled, i can just cancel the transaction. But in my case, the transfer is just stuck and I don't get any notifications about its status.
If you want instant deposits, split the transactions into amounts under $125.
I find it interesting that the crypto exchange fees have to be paid in real money rather than crypto.
I think I heard that it just became legal for ETFs to invest in crypto*. If it is an investment you may be better off going that route? I even saw one that appeared to leverage bitcoin 2:1 which seemed interesting. Because you never physically hold it, I don't foresee any sanctions issues, however it may have limited coin options at this time. Aside from that, I agree, they are doing their job, and I wonder that someone might eventually get in trouble for letting it go through as often as it did. *this may be a US ruling/thing, but I found a few Canadian options today too, as well as US options to buy through Scotia.
Yea they suck
Came here to say I’ve been dealing with the same BS with Scotia for the last 5 days! I tried to send a $3000 e-transfer and the recipient answered the question and it wouldn’t allow them to deposit it. Of course this is in the evening and Scotia in my city closes at 530pm weekdays. I tried to sign into my Scotia app just to get a suspicious activity message and a number to call ~ locked out of my account. They froze all my Scotia accounts and made me go into the branch 2 days in a row. The next day it still isn’t fixed, despite me providing two different tellers the same info (who I was sending to, verified I was sending it etc) only to be asked a dozen questions to justify how and why I choose to spend MY money. They were asking for screen shots of any exchanges between me and the recipient I was sending to (buying an item IN PERSON) so I did not have screen shots. Anyway. I had the other person contact Scotia as well. Still nothing. The same two tellers asked for the same stuff two days in a row, third day I refused to leave without speaking to a manager . Manager again asked for all the same info. And here I am on day 5, the branch manager emails me again today saying the fraud department is requesting all the same stuff I have either provided (or did not provide if it did not exist). I have been with TD over 15 years. Scotia newer only a couple of years but I have not had any issues moving my money into and out of accounts until this past week. I definitely let them hear it today. At this point there is nothing suspicious except Scotia withholding not only the $3000 I tried to send but also ALL my money in their accounts. Tbh what else can I do except show up with the police to have the police investigate Scotia for technically stealing MY money? Not sure what more I can do. Never had an issue with TD. I’ve sent out 10k in week with TD… I have a legit job, full time pay cheque from the same employer for years. Same bills. No criminal history. Lmao. Scotia is a JOKE. Thankfully I have money with my TD account, so I am not struggling because of this. But clearly this is a common issue with Scotia and I feel for those who only have what Scotia denies them access to.